Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
05-14-2025 Administration Committee Meeting Complete Agenda Packet
SPECIAL NOTICE PUBLIC ATTENDANCE & PARTICIPATION AT PUBLIC MEETINGS Administration Committee Meeting Wednesday, May 14, 2025 5:00 p.m. Your participation is always welcome. OC San offers several ways in which to interact during meetings. You will find information as to these opportunities below. IN-PERSON MEETING ATTENDANCE You may attend the meeting in-person at the following location: Orange County Sanitation District Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 ONLINE MEETING PARTICIPATION You may join the meeting live via Teams on your computer or similar device or web browser by using the link below: Click here to join the meeting We suggest testing joining a Teams meeting on your device prior to the commencement of the meeting. For recommendations, general guidance on using Teams, and instructions on joining a Teams meeting, please click here. Please mute yourself upon entry to the meeting. Please raise your hand if you wish to speak during the public comment section of the meeting. The Clerk of the Board will call upon you by using the name you joined with. Meeting attendees are not provided the ability to make a presentation during the meeting. Please contact the Clerk of the Board at least 48 hours prior to the meeting if you wish to present any items. Additionally, camera feeds may be controlled by the meeting moderator to avoid inappropriate content. HOW TO PARTICIPATE IN THE MEETING BY TELEPHONE To join the meeting from your phone: Dial (213) 279-1455 When prompted, enter the Phone Conference ID: 989 568 782# All meeting participants may be muted during the meeting to alleviate background noise. If you are muted, please use *6 to unmute. You may also mute yourself on your device. Please raise your hand to speak by use *5, during the public comment section of the meeting. The Clerk of the Board will call upon you by using the last 4 digits of your phone number as identification. NOTE: All attendees will be disconnected from the meeting at the beginning of Closed Session. If you would like to return to the Open Session portion of the meeting, please login or dial-in to the Teams meeting again and wait in the Lobby for admittance. WATCH THE MEETING ONLINE The meeting will be available for online viewing at: https://ocsd.legistar.com/Calendar.aspx SUBMIT A COMMENT You may submit your comments and questions in writing for consideration in advance of the meeting by using the eComment feature available online at: https://ocsd.legistar.com/Calendar.aspx or sending them to OCSanClerk@ocsan.gov with the subject line “PUBLIC COMMENT ITEM # (insert the item number relevant to your comment)” or “PUBLIC COMMENT NON-AGENDA ITEM”. You may also submit comments and questions for consideration during the meeting by using the eComment feature available online at: https://ocsd.legistar.com/Calendar.aspx. The eComment feature will be available for the duration of the meeting. All written public comments will be provided to the legislative body and may be read into the record or compiled as part of the record. For any questions and/or concerns, please contact the Clerk of the Board’s office at 714-593-7433. Thank you for your interest in OC San! May 7, 2025 NOTICE OF REGULAR MEETING ADMINISTRATION COMMITTEE ORANGE COUNTY SANITATION DISTRICT Wednesday, May 14, 2025 – 5:00 P.M. Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 ACCESSIBILITY FOR THE GENERAL PUBLIC Your participation is always welcome. Specific information as to how to participate in this meeting is detailed on the Special Notice attached to this agenda. In general, OC San offers several ways in which to interact during this meeting: you may participate in person, join the meeting live via Teams on your computer or similar device or web browser, join the meeting live via telephone, view the meeting online, and/or submit comments for consideration before or during the meeting. The Regular Meeting of the Administration Committee of the Orange County Sanitation District will be held at the above location and in the manner indicated on Wednesday, May 14, 2025 at 5:00 p.m. ADMINISTRATION COMMITTEE MEETING DATE BOARD MEETING DATE 05/14/25 05/28/25 06/11/25 06/25/25 07/09/25 07/23/25 AUGUST DARK 08/27/25 09/10/25 09/24/25 10/08/25 10/22/25 11/12/25 11/19/25 * 12/10/25 12/17/25 * JANUARY DARK 01/28/26 02/11/26 02/25/26 03/11/26 03/25/26 04/08/26 04/22/26 * Meeting will be held on the third Wednesday of the month ROLL CALL ADMINISTRATION COMMITTEE Finance, Information Technology, Environmental Services and Human Resources Meeting Date: May 14, 2025 Time: 5:00 p.m. COMMITTEE MEMBERS (13) Christine Marick, Chair Glenn Grandis, Vice-Chair Melinda Liu Jose Medrano Jordan Nefulda Andrew Nguyen David Shawver Chad Wanke Erik Weigand John Withers Jordan Wu Ryan Gallagher (Board Chair) Jon Dumitru (Board Vice-Chair) OTHERS Scott Smith, General Counsel STAFF Rob Thompson, General Manager Lorenzo Tyner, Assistant General Manager Jennifer Cabral, Director of Communications Mike Dorman, Director of Engineering Laura Maravilla, Director of Human Resources Riaz Moinuddin, Director of Operations & Maintenance Wally Ritchie, Director of Finance Lan Wiborg, Director of Environmental Services Kelly Lore, Clerk of the Board ORANGE COUNTY SANITATION DISTRICT Effective 2/11/2025 BOARD OF DIRECTORS Complete Roster AGENCY/CITIES ACTIVE DIRECTOR ALTERNATE DIRECTOR Anaheim Carlos A. Leon Ryan Balius Brea Christine Marick Cecilia Hupp Buena Park Joyce Ahn Lamiya Hoque Cypress Scott Minikus Bonnie Peat Fountain Valley Glenn Grandis Ted Bui Fullerton Jamie Valencia Shana Charles Garden Grove Stephanie Klopfenstein Cindy Ngoc Tran Huntington Beach Pat Burns Gracey Van Der Mark Irvine Melinda Liu Kathleen Treseder La Habra Jose Medrano Rose Espinoza La Palma Debbie Baker Vikesh Patel Los Alamitos Jordan Nefulda Tanya Doby Newport Beach Erik Weigand Michelle Barto Orange Jon Dumitru John Gyllenhammer Placentia Chad Wanke Ward Smith Santa Ana Johnathan Ryan Hernandez Jessie Lopez Seal Beach Lisa Landau Ben Wong Stanton David Shawver John D. Warren Tustin Ryan Gallagher Austin Lumbard Villa Park Jordan Wu Kelly McBride Sanitary/Water Districts Costa Mesa Sanitary District Bob Ooten Art Perry Midway City Sanitary District Andrew Nguyen Tyler Diep Irvine Ranch Water District John Withers Dan Ferons Yorba Linda Water District Tom Lindsey Gene Hernandez County Areas Board of Supervisors Doug Chaffee Janet Nguyen ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 14, 2025 - 5:00 PM Board Room Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 ACCOMMODATIONS FOR THE DISABLED: If you require any special disability related accommodations, please contact the Orange County Sanitation District (OC San) Clerk of the Board’s office at (714) 593-7433 at least 72 hours prior to the scheduled meeting. Requests must specify the nature of the disability and the type of accommodation requested. AGENDA POSTING: In accordance with the requirements of California Government Code Section 54954.2, this agenda has been posted outside OC San's Headquarters located at 18480 Bandilier Circle, Fountain Valley, California, and on the OC San’s website at www.ocsan.gov not less than 72 hours prior to the meeting date and time above. All public records relating to each agenda item, including those distributed less than 72 hours prior to the meeting to a majority of the Board of Directors, are available for public inspection with the Clerk of the Board. AGENDA DESCRIPTION: The agenda provides a brief general description of each item of business to be considered or discussed. The recommended action does not indicate what action will be taken. The Board of Directors may take any action which is deemed appropriate. MEETING RECORDING: A recording of this meeting is available within 24 hours after adjournment of the meeting at https://ocsd.legistar.com/Calendar.aspx or by contacting the Clerk of the Board. NOTICE TO DIRECTORS: To place items on the agenda for a Committee or Board Meeting, the item must be submitted to the Clerk of the Board: Kelly A. Lore, MMC, (714) 593-7433 / klore@ocsan.gov at least 14 days before the meeting. For any questions on the agenda, Board members may contact staff at: General Manager: Rob Thompson, rthompson@ocsan.gov / (714) 593-7110 Asst. General Manager: Lorenzo Tyner, ltyner@ocsan.gov / (714) 593-7550 Director of Communications: Jennifer Cabral, jcabral@ocsan.gov / (714) 593-7581 Director of Engineering: Mike Dorman, mdorman@ocsan.gov / (714) 593-7014 Director of Environmental Services: Lan Wiborg, lwiborg@ocsan.gov / (714) 593-7450 Director of Finance: Wally Ritchie, writchie@ocsan.gov / (714) 593-7570 Director of Human Resources: Laura Maravilla, lmaravilla@ocsan.gov / (714) 593-7007 Director of Operations & Maintenance: Riaz Moinuddin, rmoinuddin@ocsan.gov / (714) 593-7269 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 14, 2025 CALL TO ORDER PLEDGE OF ALLEGIANCE ROLL CALL AND DECLARATION OF QUORUM: Clerk of the Board PUBLIC COMMENTS: Your participation is always welcome. Specific information as to how to participate in a meeting is detailed in the Special Notice attached to this agenda. In general, OC San offers several ways in which to interact during meetings: you may participate in person, join the meeting live via Teams on your computer or similar device or web browser, join the meeting live via telephone, view the meeting online, and/or submit comments for consideration before or during the meeting. REPORTS: The Committee Chairperson and the General Manager may present verbal reports on miscellaneous matters of general interest to the Directors. These reports are for information only and require no action by the Directors. CONSENT CALENDAR: Consent Calendar Items are considered to be routine and will be enacted, by the Committee, after one motion, without discussion. Any items withdrawn from the Consent Calendar for separate discussion will be considered in the regular order of business. 1.2025-4253APPROVAL OF MINUTES RECOMMENDATION: Approve minutes of the Special meeting of the Administration Committee held April 9, 2025. Originator:Kelly Lore Agenda Report 04-09-2025 Administration Committee Meeting Minutes Attachments: 2.2024-3833CONSOLIDATED FINANCIAL REPORT FOR THE THIRD QUARTER ENDED MARCH 31, 2025 RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Orange County Sanitation District Third Quarter Financial Report for the period ended March 31, 2025. Originator:Wally Ritchie Page 1 of 8 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 14, 2025 Agenda Report Third Quarter Financial Report Attachments: 3.2025-4268GENERAL MANAGER APPROVED PURCHASES AND ADDITIONS TO THE PRE-APPROVED OEM SOLE SOURCE LIST RECOMMENDATION: Recommend to the Board of Directors to: A. Receive and file Orange County Sanitation District (OC San) purchases made under the General Manager’s authority for the period of January 1, 2025 to March 31, 2025; and B. Approve the following additions to the pre-approved Original Equipment Manufacturers (OEM) Sole Source List: ·MANITOWOC CRANE - Crane and Heavy Equipment Parts and Service ·MODEC USA INC - Portable Valve Actuators and Associated Equipment ·PITBULL INDUSTRIAL PUMPS - Pumps and Parts ·SPAANS BABCOCK - Parts and Equipment Originator:Wally Ritchie Agenda ReportAttachments: 4.2025-4260MIGRATE PRIMAVERA P6 PROFESSIONAL TO PRIMAVERA P6 ENTERPRISE PROJECT PORTFOLIO MANAGEMENT RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a Purchase Order Contract to Mythics VIII, LLC for the purchase of Primavera P6 Enterprise Project Portfolio Management software licenses, utilizing the cooperative OMNIA Contract No. 182233-002 for a total amount not to exceed $112,728; B. Approve a Purchase Order Contract to Mythics VIII, LLC for Phase II Primavera Migration Services utilizing the cooperative OMNIA Contract No. 182233-002, for a total amount not to exceed $121,599; C. Approve a Purchase Order Contract to Carahsoft Technology Corp., for Phase III Primavera P6 Enterprise Project Portfolio Management system integrations utilizing Naspo ValuePoint Master Contract AR2472-CAR001-101, for a total amount not to exceed $101,271; and D. Approve a 10% contingency for each contract. Originator:Wally Ritchie Agenda ReportAttachments: Page 2 of 8 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 14, 2025 5.2025-4281INTERNAL AUDIT UPDATE RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Orange County Sanitation District Enterprise Risk Assessment Report. Originator:Wally Ritchie Agenda Report Enterprise Risk Assessment Report - April 2025 Presentation - Enterprise Risk Assessment Attachments: 6.2025-4223PURCHASE ORDER FOR CALIFORNIA RECREATION COMPANY MARINA SLIP RENTAL AGREEMENT RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a purchase order to California Recreation Company (CRC) Marinas for the rental of an end tie boat slip in Newport Beach Harbor, in an amount not to exceed $159,794 for the period of July 1, 2025, through June 30, 2026, with nine (9) optional one-year renewals; and B. Approve an annual increase not to exceed 10% of the previous year’s amount. Originator:Lan Wiborg Agenda ReportAttachments: 7.2025-4225OCEAN ACIDIFICATION AND HYPOXIA MINI-MOORING RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a Sole Source Service Contract with The Regents of the University of California on behalf of its San Diego campus’ Scripps Institution of Oceanography to build and maintain an ocean acidification and hypoxia (OAH) mini-mooring and to provide field and data support, in an amount not to exceed $290,000 for the period July 1, 2025, to June 30, 2026; B. Approve three (3) optional one-year renewals to maintain and calibrate the mini-mooring sensors as well as provide field and data support, in an amount not to exceed $130,000 for each renewal; and C. Approve a 10% contingency per year. Originator:Lan Wiborg Page 3 of 8 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 14, 2025 Agenda Report Draft Sole Source Service Contract Attachments: 8.2025-4262TRIPLE QUADRUPOLE INDUCTIVELY COUPLED PLASMA MASS SPECTROMETER RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a Purchase Order to Avantor (VWR) for the purchase of a Triple Quadrupole Inductively Coupled Plasma Mass Spectrometer (TQ-ICP/MS) System using NASPO Master Agreement No. MA2024005 for a total amount not to exceed $328,000; and B. Approve a contingency of $16,400 (5%). Originator:Lan Wiborg Agenda ReportAttachments: 9.2025-4152PUBLIC AFFAIRS UPDATE FOR THE MONTH OF APRIL 2025 RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Public Affairs Update for the month of April 2025. Originator:Jennifer Cabral Agenda Report Outreach and Media Report for April 2025 Attachments: 10.2025-4025ELECTRONIC RECORDING MEMORANDUM OF UNDERSTANDING COUNTY OF ORANGE CLERK-RECORDER’S OFFICE RECOMMENDATION: Recommend to the Board of Directors to: A. Approve the Memorandum of Understanding with the counties of Los Angeles, Orange, Riverside, and San Bernardino, for the use of the Statewide Electronic Courier Universal Recording Environment (SECURE) Government to Government (G2G) Portal for a term of five (5) years beginning June 15, 2025 through June 15, 2030; and B. Authorize the Clerk of the Board, or designee, to transmit/record any and all required Orange County Sanitation District real property documents in an electronic format with the County of Orange Clerk-Recorder’s Office. Originator:Jennifer Cabral Agenda Report MOU - SECURE G2G Portal Attachments: Page 4 of 8 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 14, 2025 11.2025-4272IBM TIVOLI MAXIMO ANNUAL SUBSCRIPTION AND SUPPORT, SPECIFICATION NO. S-2025-681BD RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a Purchase Order Contract to Lantrasoft, Inc. to purchase IBM Tivoli Maximo application point licenses, Specification No. S-2025-681BD, for a total amount not to exceed $290,000; with four (4) one-year renewal options; and B. Approve an annual contingency in the amount of $43,500 (15%). Originator:Wally Ritchie Agenda ReportAttachments: NON-CONSENT: 12.2025-4139LEGISLATIVE AFFAIRS UPDATE FOR THE MONTH OF APRIL 2025 RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Legislative Affairs Update for the month of April 2025. Originator:Jennifer Cabral Agenda Report Federal Legislative Update Federal Matrix State Legislative Update State Matrix Local Legislative Update Presentation - State Legislative Update Attachments: 13.2025-4214ADOPT ORANGE COUNTY SANITATION DISTRICT’S DEBT POLICY RECOMMENDATION: Recommend to the Board of Directors to: Adopt Resolution No. OC SAN 25-XX entitled: “A Resolution of the Board of Directors of the Orange County Sanitation District Adopting the Orange County Sanitation District’s Debt Policy and Repealing Resolution No. OC SAN 23-22”. Originator:Wally Ritchie Agenda Report OC San Debt Policy (Clean) OC San Debt Policy (Redline) Proposed Resolution No. OC SAN 25-XX Attachments: Page 5 of 8 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 14, 2025 INFORMATION ITEMS: 14.2025-4246INSURANCE UPDATE RECOMMENDATION: Information Item. Originator:Wally Ritchie Agenda Report Presentation - Insurance Update Attachments: 15.2025-4285FY 2025-26 CAPITAL IMPROVEMENT PROGRAM BUDGET UPDATE RECOMMENDATION: Information Item. Originator:Mike Dorman Agenda Report Presentation - FY 2025-26 CIP Budget Update Attachments: 16.2025-4286OC SAN - OPERATIONS & MAINTENANCE WASTEWATER 101 PART 1: TREATMENT AND RECYCLING RECOMMENDATION: Information Item. Originator:Riaz Moinuddin Agenda Report Presentation - Wastewater Treatment Process Attachments: 17.2025-4287STRATEGIC PLANNING - CORE VALUES RECOMMENDATION: Information Item. Originator:Laura Maravilla Agenda Report OC San's 2023 Strategic Plan General Manager's FY 2024-25 Work Plan Presentation - Core Values Attachments: Page 6 of 8 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 14, 2025 DEPARTMENT HEAD REPORTS: CLOSED SESSION: During the course of conducting the business set forth on this agenda as a regular meeting of the Board, the Chairperson may convene the Board in closed session to consider matters of pending real estate negotiations, pending or potential litigation, or personnel matters, pursuant to Government Code Sections 54956.8, 54956.9, 54957 or 54957.6, as noted. Reports relating to (a) purchase and sale of real property; (b) matters of pending or potential litigation; (c) employment actions or negotiations with employee representatives; or which are exempt from public disclosure under the California Public Records Act, may be reviewed by the Board during a permitted closed session and are not available for public inspection. At such time the Board takes final action on any of these subjects, the minutes will reflect all required disclosures of information. CONVENE IN CLOSED SESSION. CS-1 2025-4279CONFERENCE WITH REAL PROPERTY NEGOTIATORS - GOVERNMENT CODE SECTION 54956.8 RECOMMENDATION: Convene in Closed Session: Property: 10700 Spencer Street, Fountain Valley, CA - APN No.156-154-07 and 156-163-16. Agency negotiators: General Manager Rob Thompson; Assistant General Manager Lorenzo Tyner; and Director of Finance Wally Ritchie. Negotiating parties: Shabtai Itzhak Tr Ins Tr Under negotiation: Price and terms of payment Agenda Report Administration CS Memo re Real Property 05-14-25 Attachments: RECONVENE IN REGULAR SESSION. CONSIDERATION OF ACTION, IF ANY, ON MATTERS CONSIDERED IN CLOSED SESSION: OTHER BUSINESS AND COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY: BOARD OF DIRECTORS INITIATED ITEMS FOR A FUTURE MEETING: At this time Directors may request staff to place an item on a future agenda. Page 7 of 8 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 14, 2025 ADJOURNMENT: Adjourn the meeting until the Regular Meeting of the Administration Committee on June 11, 2025 at 5:00 p.m. Page 8 of 8 ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4253 Agenda Date:5/14/2025 Agenda Item No:1. FROM:Robert Thompson, General Manager Originator: Kelly A. Lore, Clerk of the Board SUBJECT: APPROVAL OF MINUTES GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Approve minutes of the Special meeting of the Administration Committee held April 9, 2025. BACKGROUND In accordance with the Board of Directors Rules of Procedure,an accurate record of each meeting will be provided to the Directors for subsequent approval at the following meeting. RELEVANT STANDARDS ·Resolution No. OC SAN 24-09 ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·April 9, 2025 Administration Committee meeting minutes Orange County Sanitation District Printed on 5/1/2025Page 1 of 1 powered by Legistar™ Orange County Sanitation District Minutes for the ADMINISTRATION COMMITTEE Wednesday, April 9, 2025 4:00 PM Plant No. 2 - Operations Center 22212 Brookhurst Street Huntington Beach, CA 92646 (714) 593-7433 Special Meeting - Tour of Plant No. 2 CALL TO ORDER A special meeting of the Administration Committee of the Orange County Sanitation District was called to order by Committee Chairwoman Christine Marick on Wednesday, April 9, 2025 at 4:00 p.m. in the Operations Center at Plant No. 2 of the Orange County Sanitation District. RECESS - TOUR OF PLANT NO. 2 Chair Marick recessed the meeting at 4:01 p.m. to proceed to the tour of Plant No. 2. RECONVENE Chair Marick reconvened the meeting of the Administration Committee at 5:04 p.m.. and led the Pledge of Allegiance. ROLL CALL AND DECLARATION OF QUORUM: Clerk of the Board Kelly Lore declared a quorum present as follows: PRESENT:Jon Dumitru, Ryan Gallagher, Glenn Grandis, Melinda Liu, Christine Marick, Jose Medrano, Andrew Nguyen, David Shawver, Chad Wanke, John Withers, Michelle Barto (Alternate), Tanya Doby (Alternate) and Kelly McBride (Alternate) ABSENT:None STAFF PRESENT: Rob Thompson, General Manager; Lorenzo Tyner, Assistant General Manager; Jennifer Cabral, Director of Communications; Mike Dorman, Director of Engineering; Laura Maravilla, Director of Human Resources; Riaz Moinuddin, Director of Operations and Maintenance; Wally Ritchie, Director of Finance; Lan Wiborg, Director of Environmental Services; Kelly Lore, Clerk of the Board; Morti Caparas; Jackie Castro; Daisy Covarrubias; Thys DeVries; Mark Kawamoto; Rebecca Long; Tom Meregillano; Rob Michaels; Vianey Sorto-Gaona; Jonathon Powell; Thomas Vu; and Ruth Zintzun were present in the Operations Center.. OTHERS PRESENT: Scott Smith, General Counsel and Peter Whittingham, Whittingham Public Affairs Advisors were present in the Operations Center. Cori Takkinen, Townsend Public Affairs, was present telephonically. Page 1 of 6 ADMINISTRATION COMMITTEE Minutes April 9, 2025 PUBLIC COMMENTS: None. REPORTS: Chair Marick announced that a Special Board of Directors meeting would be held on Wednesday, April 16th, at 5:00 p.m. for the second of two Strategic Plan Workshops. She stated that all Directors and Alternate Directors were invited to attend. General Manager Rob Thompson did not provide a report. CONSENT CALENDAR: 1.APPROVAL OF MINUTES 2025-4204 Originator: Kelly Lore MOVED, SECONDED, AND DULY CARRIED TO: Approve minutes of the Special meeting of the Administration Committee held March 12, 2025. AYES:Jon Dumitru, Ryan Gallagher, Glenn Grandis, Melinda Liu, Christine Marick, Jose Medrano, Andrew Nguyen, David Shawver, Chad Wanke, John Withers, Michelle Barto (Alternate) and Kelly McBride (Alternate) NOES:None ABSENT:Tanya Doby (Alternate) ABSTENTIONS:None 2.ON-CALL EMISSIONS TESTING AND RATA SERVICES, SPECIFICATION NO. S-2024-656BD 2025-4202 Originator: Lan Wiborg MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: A. Approve a General Services Contract to Alliance Technical Group, LLC, to perform On-Call Emissions Testing and Relative Accuracy Test Audits (RATA) Services, Specification No. S-2024-656BD, in accordance with SCAQMD requirements for a one (1) year period, effective May 1, 2025, through April 30, 2026, for a total amount not to exceed $200,000; and B. Approve two (2) optional one-year renewals in the amount of $225,000 for option year one and $250,000 for option year two to accommodate escalating air testing requirements in years two and three. Page 2 of 6 ADMINISTRATION COMMITTEE Minutes April 9, 2025 AYES:Jon Dumitru, Ryan Gallagher, Glenn Grandis, Melinda Liu, Christine Marick, Jose Medrano, Andrew Nguyen, David Shawver, Chad Wanke, John Withers, Michelle Barto (Alternate) and Kelly McBride (Alternate) NOES:None ABSENT:Tanya Doby (Alternate) ABSTENTIONS:None 3.PLANT NO. 1 AND PUMP STATION INDUSTRIAL CONTROL SYSTEM NETWORK REFRESH 2025-4211 Originator: Wally Ritchie MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: A. Approve a Purchase Order Contract to World Wide Technology, LLC for the purchase of Network Infrastructure Hardware for the Plant No.1 and Pump Station Industrial Control System Network Refresh using the OMNIA Cooperative Purchasing Agreement, Contract No. R210407, for a total amount not to exceed $1,516,873 (includes sales tax); and B. Approve a contingency in the amount of $151,687 (10%). AYES:Jon Dumitru, Ryan Gallagher, Glenn Grandis, Melinda Liu, Christine Marick, Jose Medrano, Andrew Nguyen, David Shawver, Chad Wanke, John Withers, Michelle Barto (Alternate) and Kelly McBride (Alternate) NOES:None ABSENT:Tanya Doby (Alternate) ABSTENTIONS:None 4.PUBLIC AFFAIRS UPDATE FOR THE MONTH OF MARCH 2025 2025-4151 Originator: Jennifer Cabral MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: Receive and file the Public Affairs Update for the month of March 2025. AYES:Jon Dumitru, Ryan Gallagher, Glenn Grandis, Melinda Liu, Christine Marick, Jose Medrano, Andrew Nguyen, David Shawver, Chad Wanke, John Withers, Michelle Barto (Alternate) and Kelly McBride (Alternate) NOES:None ABSENT:Tanya Doby (Alternate) Page 3 of 6 ADMINISTRATION COMMITTEE Minutes April 9, 2025 ABSTENTIONS:None Alternate Director Tanya Doby arrived at the meeting at approximately 5:08 p.m. NON-CONSENT: 5.ORANGE COUNTY SANITATION DISTRICT’S 2025 SEWER SYSTEM MANAGEMENT PLAN 2025-4217 Originator: Lan Wiborg Director of Environmental Services Lan Wiborg provided a PowerPoint presentation on OC San's Sewer System Management Plan which included a comprehensive overview of recent updates. MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: Approve the Orange County Sanitation District’s 2025 Sewer System Management Plan (SSMP) as required by the Statewide Sanitary Sewer Systems General Order 2022-0103-DWQ. AYES:Jon Dumitru, Ryan Gallagher, Glenn Grandis, Melinda Liu, Christine Marick, Jose Medrano, Andrew Nguyen, David Shawver, Chad Wanke, John Withers, Michelle Barto (Alternate), Tanya Doby (Alternate) and Kelly McBride (Alternate) NOES:None ABSENT:None ABSTENTIONS:None 6.LEGISLATIVE AFFAIRS UPDATE FOR THE MONTH OF MARCH 2025 2025-4138 Originator: Jennifer Cabral Board Chairman Ryan Gallagher provided a brief report on his attendance at Advocacy Day in Sacramento with Mr. Thompson and Senior Public Affairs Specialist Rebecca Long. Director of Communications Jennifer Cabral introduced Peter Whittingham, Whittingham Public Affairs Advisors, who provided a PowerPoint presentation regarding the local legislative report. MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: Receive and file the Legislative Affairs Update for the month of March 2025. AYES:Jon Dumitru, Ryan Gallagher, Glenn Grandis, Melinda Liu, Christine Marick, Jose Medrano, Andrew Nguyen, David Shawver, Chad Wanke, John Withers, Michelle Barto (Alternate), Tanya Doby (Alternate) and Kelly McBride (Alternate) Page 4 of 6 ADMINISTRATION COMMITTEE Minutes April 9, 2025 NOES:None ABSENT:None ABSTENTIONS:None INFORMATION ITEMS: 7.FY 2025-26 OPERATING BUDGET EXPENDITURES 2024-3831 Originator: Wally Ritchie Director of Finance Wally Ritchie introduced the item and introduced Finance Manager Ruth Zintzun who provided a PowerPoint presentation which included an overview of budget expenses including: salaries, wages and benefits, repairs and maintenance, operating materials and supplies, contractual services, utilities, professional services, other components, cost allocation, a summary of operating expenses, and key meeting dates. ITEM RECEIVED AS AN: Information Item. DEPARTMENT HEAD REPORTS: None. CLOSED SESSION: None. OTHER BUSINESS AND COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY: None. BOARD OF DIRECTORS INITIATED ITEMS FOR A FUTURE MEETING: None. ADJOURNMENT: Chair Marick declared the meeting adjourned at 5:40 p.m. to the next Regular Administration Committee meeting to be held on Wednesday, May 14, 2025 at 5:00 p.m. Page 5 of 6 ADMINISTRATION COMMITTEE Minutes April 9, 2025 Submitted by: __________________ Kelly A. Lore, MMC Clerk of the Board Page 6 of 6 ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3833 Agenda Date:5/14/2025 Agenda Item No:2. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: CONSOLIDATED FINANCIAL REPORT FOR THE THIRD QUARTER ENDED MARCH 31, 2025 GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Orange County Sanitation District Third Quarter Financial Report for the period ended March 31, 2025. BACKGROUND Included in this consolidated report are the following quarterly financial reports for the period ended March 31, 2025: ·Third Quarter Budget Review The Budget Review Summary provides the Directors,staff,and general public with a comprehensive overview of the financial results of the Orange County Sanitation District (OC San) through the third quarter ended March 31, 2025. ·Third Quarter Treasurer’s Report This section reports on financial portfolio performance with respect to OC San’s funds.The report also contains information on the U.S.and global economic outlook from OC San’s investment manager,Insight Investment.Additionally,the Section 115 Trust quarterly performance report is included.The Section 115 trust is administered by Public Agency Retirement Services,managed by PFM Asset Management,and was established to prefund pension obligations. ·Third Quarter Certificates of Participation (COP) Report The report includes a summary of each outstanding debt issuance. RELEVANT STANDARDS ·Quarterly financial reporting Orange County Sanitation District Printed on 5/6/2025Page 1 of 2 powered by Legistar™ File #:2024-3833 Agenda Date:5/14/2025 Agenda Item No:2. ADDITIONAL INFORMATION The Third Quarter Treasurer’s Report contained within the Third Quarter Financial Report for the period ended March 31,2025,is being submitted in accordance with OC San’s Investment Policy that requires the report be submitted to the governing body following the end of each quarter.None of the portfolios are currently invested in reverse repurchase agreements.All investments are in compliance with the Investment Policy and the California Government Code.Sufficient funds are available for OC San to meet its operating expenditure requirements for the next six months. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Third Quarter Financial Report for period ended March 31, 2025 Orange County Sanitation District Printed on 5/6/2025Page 2 of 2 powered by Legistar™ Orange County, California Third Quarter Financial Report For the period ended March 31, 2025 Orange County Sanitation District Table of Contents Executive Summary ...................................................................................................................... 1 Budget Review Section 1 – Consolidated Financial Reports .......................................................................... 1 Section 2 – Operating Budget Review Chart of Cost per Million Gallons by Department ..................................................... 1 Chart of Collection, Treatment, & Disposal Expenses by Major Category ............... 1 Divisional Contributions to Cost Per Million Gallons ................................................ 2 Comparison of Expenses by Department ................................................................. 3 Summary of Collection, Treatment, & Disposal Expenses by Major Category ......... 4 Summary of Revenues ............................................................................................. 5 Summary of Collection, Treatment, & Disposal Expenses by Line Item .................. 6 Summary of Collection, Treatment, & Disposal Expenses by Process .................... 8 Chart of Staffing Trends ........................................................................................... 9 Section 3 – Capital Improvement Program Budget Review Chart of Capital Improvement Program By Process Area and Project Driver .......... 1 Summary of Capital Improvement Construction Requirements – Current Year ....... 2 Summary of Capital Improvement Construction Requirements – Project Life ......... 6 Section 4 – Capital Assets Schedule & Debt Service Budget Review Capital Assets Schedule .......................................................................................... 1 Debt Service Budget Review .................................................................................... 1 Section 5 – Self Insurance Budget Review General Liability and Property Fund Budget Review ................................................ 1 Workers’ Compensation Fund Budget Review ......................................................... 2 Treasurer’s Report ........................................................................................................................ 1 Certificates of Participation (COP) Report .................................................................................... 1 FY 2024-25 Third Quarter Financial Report This Page Intentionally Left Blank Executive Summary Page 1 Consolidated Financial Reports For the Third Quarter Ended March 31, 2025 Included in this consolidated report are the following quarterly financial reports for the period ended March 31, 2025: Budget Review: The Consolidated Financial Reports Section 1 provides the Directors, staff, and the general public with a comprehensive overview of the financial results of the Orange County Sanitation District (OC San) through the third quarter ended March 31, 2025. Contained within the Budget Review Sections 2 through 5 is the budget-to-actual status of the Collection, Treatment and Disposal Operations, Capital Improvement Program, Debt Service, and Self-Insurance Program. Also included is a Capital Assets Schedule as of March 31, 2025. The chart below provides for a summary of these activities. Various detail information can be found in this report. Below is a descriptive summary of these activities through March 31, 2025: a) Most major expense categories are anticipated to approximate budget. b) Total revenues are at 70.0 percent of the $524.3 million budget. Except for Intra District Sewer Use-IRWD, and Other Revenues, most revenue sources FY 2024-25 Third Quarter Financial Report Page 2 are currently tracking close to or exceeding the proportionate budget through March 31. Overall, total revenues are projected to approximate budget at year-end. More detailed information on revenues is provided within Section 1 – Pages 3 through 5. c) Collection, Treatment and Disposal Costs: As indicated within the Consolidated Financial Reports Section of this report, the net operating requirements through the third quarter of $166.1 million is currently tracking at 71.4 percent of the $232.7 million budget. In addition, net operating expenses have increased $7.7 million or 4.8 percent in comparison with the same period last year. Overall, staff expects the total operating costs to remain at or slightly below budget throughout the remainder of the year. More detailed information on operating expenses is provided within Section 1 – Pages 1 through 3. The total cost per million gallons is $3,289 based on flows of 184 million gallons per day. This is $158 per million gallons, or 4.6 percent less than the budgeted cost per million gallons per day. A further description of these costs and benchmarking with other agencies is contained within Section 1 – Pages 6 through 8. d) The total projected capital outlay cash flow of the Capital Improvement Program (CIP) for FY 2024-25 has been revised to $213.2 million, or 95.6 percent of the board approved cash outlay of $223.1 million. The actual cash outlay spending through the third quarter is $150.6 million, or 67.5 percent of the total budgeted outlay. More detailed information on the CIP budget review can be found in Section 1 – Page 9 and Section 3. Treasurer’s Report This section reports on financial portfolio performance with respect to OC San’s funds. Both Long-Term and Liquid Operating Portfolios are summarized. The report also contains information on the national economic outlook from OC San’s money manager, Insight Investment (Insight). Insight notes the Long-Term Portfolio quarterly return of 213 basis points outperformed the ICE BofA 1-5 Year AAA-A US Corp & Govt Index return of 200 basis points, while the Liquid Operating Portfolio quarterly return of 112 basis outperformed the ICE BofA 3-Month US Treasury Bill Index return of 102 basis points. Economic Review and Outlook Insight further notes the first quarter of 2025 was centered around the effects and intentions of the new US administration, as Donald Trump resumed the presidency, with announcements introducing material economic and market uncertainty. The on/off imposition of import tariffs on US trade partners became a focus for many market participants as they attempted to identify the path forward for global economies, central bank actions and markets generally. The ongoing US policy pivots have heavily influenced policy pronouncements in many other Executive Summary Page 3 countries, not least in Europe, where greater government commitments to spending on defense have been pushed up within domestic agendas. The US Federal Reserve was alone among the major central banks in not changing interest rates, with the European Central Bank, the Banks of England and Canada, the Swiss Central Bank, and the Reserve Bank of Australia all cutting rates, while the Bank of Japan raised rates during the quarter. The Fed held interest rates unchanged throughout the quarter as economic data remained mixed. Inflation rose in January but then moderated, with the headline rate ending at 2.4%. Although progress on reducing the core inflation rate is slow, it fell back to 2.8%, which is the lowest level in almost four years. In the labor market, the economy continued to add jobs while wage growth moderated to 3.8% per year for average hourly earnings. The unemployment rate finished the first quarter at 4.2%. However, immediate effects of the layoffs driven by the Department of Government Efficiency (DOGE) may begin to be apparent. While it is not clear what the full effects of the new administration’s policies will be, the imposition of tariffs could see some switch in demand to domestically produced goods, as well as some relocating of production into the US. However, it is also not clear what effects any reciprocal tariffs imposed by trade partners could have on US exports. Either way, it seems reasonable to assume that the slow descent of inflation towards the 2% target level will not be helped by tariffs. The effects from tariffs and resulting degradation in confidence puts the US economy at greater risk for a slowdown. Insight believes growth will be less than 2% this year and may decelerate further in 2026. Meanwhile, the progress on inflation is expected to stall, migrating back towards 3% from the more-benign current levels. The Federal Reserve, having cut rates by 100bp in the second half of 2024, is likely to retain its cautious approach. Insight estimates just two rate cuts of 25bp in the remainder of 2025. If downside risks to the economy should emerge, Insight’s view is that the Fed will respond to a deteriorating labor market and look through the tariff-induced shock to inflation. Notwithstanding this risk to higher inflation, Insight believes the prospect of softer growth ahead will see US Treasury yields fall back over the course of the next year. Market Review and Outlook Government bond markets were mixed during the first quarter. News, events and reactions were largely centered on the announcements and policies of the incoming Republican administration. Concerns that the US might be more exposed to recession through the imposition of tariffs helped push 10-year US Treasury yields lower by 36 basis points (bp). Treasury yields at the front-end of the curve remained stable. Political developments also exerted considerable influence on credit markets. The option-adjusted spread (OAS) over governments for the Bloomberg US Corporate Index ended the quarter 14bp wider at 94bp. Despite the uncertainty, FY 2024-25 Third Quarter Financial Report Page 4 many corporates have strong fundamentals, and the high absolute level of yields should draw investors towards credit markets. Insight expects issuance to remain elevated through the first half of 2025 as corporate treasurers seek to take advantage of demand. After a strong start to the year, US asset-backed securities markets experienced some volatility as the threat of tariffs weighed on US consumer confidence. However, demand showed little sign of waning, with buyers quickly emerging to take advantage of spreadwidening opportunities. Spreads appear attractive relative to similarly rated corporate credits, and Insight’s preference remains for issues with seniority in the capital structure and robust features that divert cashflow in the event of underperformance in the underlying asset pool. Strong underwriting and servicing policies may also act to insulate investors if the economy unexpectedly weakens. In an increasingly uncertain environment, investors can find reassurance in the substantial reserves and cash balances accumulated by state and local governments over recent years. Insight believes these reserves should enable issuers to navigate periods of softer economic conditions. At a sector and issuer level, Insight sees significant opportunities for relative value trades. Airports and toll roads generally offer good value, while mass-transit systems remain challenged due to the number of workers still operating remotely. Insight continues to favor essential utilities such as public power and water providers over state obligations. These utilities typically benefit from stable revenue streams and predictable cashflows. Certificates of Participation (COP) Report The report includes a summary of each outstanding debt issuance. Consolidated Financial Reports Section 1 - Page 1 Third Quarter Financial Report March 31, 2025 The Financial Management Division is pleased to present the FY 2024-25 third quarter financial report. This report provides a comprehensive overview of the financial activities of the Orange County Sanitation District (OC San) and reports on the status of all capital projects in progress. A summary of the sections contained within this report is provided below. Operating Budget Review: This section reports on collection, treatment, and disposal net operating requirements. At March 31, 2025, 71.4 percent, or $166.1 million of the FY 2024-25 net operating budget of $232.7 million has been expended. Net operating expenses increased from the same period last year by $7.7 million, or 4.8 percent, mainly due to an increase of $6.3 million in Salaries and Benefits, $1.9 million in Repairs and Maintenance, $1.5 million in Professional Services, $874,000 in Other Operating Supplies, $771,000 in Training & Meetings, $509,000 in Contractual Services, $258,000 in Operating Materials and Supplies, $253,000 in Administrative Expenses, and $145,000 in Research and Monitoring, partially offset by an increase of $4.5 million in indirect costs allocated out to capital projects and a decrease of $304,000 in Utilities. These and other variances that factor into this net increase in expenses are discussed in more detail below. Overall, staff expects the total operating costs to remain at or slightly below budget through the remainder of the year. At March 31, 2025, 70.0 percent, or $367.2 million of the FY 2024-25 budgeted total revenues of $524.3 million has been recognized. Revenues increased from the same period last year by $10.6 million, or 3.0 percent, mainly due to an increase of $10.1 million in Service Fees, $2.3 million in Property Taxes, $1.7 million in Interest Earnings, $529,000 in CIP Reimbursements, and $327,000 in Intra District Sewer Use-IRWD, partially offset by a decrease of $2.3 million in Other Revenues, $1.6 million in Capital Facilities Capacity Charges, and $401,000 in Intra District Sewer Use-SAWPA & SBSD. These and other variances that factor into this net increase in revenues are discussed in more detail below. Overall, staff expects the total revenues to approximate budget at the end of the fiscal year. Significant operating results as of March 31, 2025, include the following: Salaries, Wages and Benefits – Personnel costs of $90.0 million are on target at 72.6 percent of the budget through the third quarter of FY 2024-25. The budget is based on a five percent vacancy factor, and staffing is 33.5 full-time equivalents (FTEs), or 5.0 percent below the total 663.5 FTEs approved in the FY 2024-25 budget. Salary and benefit costs are $6.3 million, or 7.5 percent higher than the $83.7 million incurred in the same period last year, mainly due to an increase of $4.9 million in Salaries and Wages, $923,000 in Group Insurances, $360,000 in Retirement, $146,000 in Employee Supplemental Benefits, and $89,000 in Uniform Rental, partially offset by a decrease of $143,000 in Workers’ Compensation. Net FY 2024-25 Third Quarter Financial Report Section 1 - Page 2 operating personnel costs are expected to approximate budget throughout the remainder of the year. Administrative Expenses – Administrative Expenses totaled $1.5 million, or 56.1 percent of the $2.7 million budget through March 31. These costs are $253,000, or 20.1 percent higher at March 31 in comparison with the prior year, mainly due to an increase of $116,000 in Small Computer Items, $71,000 in Minor Furniture & Fixtures, and $52,000 in Memberships. It is anticipated that administrative costs will approximate or be below budget at year-end. Printing and Publication Expenses – Printing and Publication Expenses totaled $172,000 or 43.2 percent of the $398,000 budget through March 31. These costs are $32,000, or 15.7 percent lower at March 31 in comparison with the prior year, primarily due to a decrease of $16,000 in Notices & Ads and $13,000 in Printing- Outside. Printing and publication costs are expected to be below budget at year-end. Training and Meetings – Training and meetings of $1.3 million is below target at 67.7 percent of the $2.0 million budget through March 31. This account is lower than the proportionate budget due to the timing and need for training throughout the year. Compared to the same period last year, costs have risen by $771,000, or 133.9 percent, largely because the training budget increased by $757,000, or 70.7 percent, and management has strongly encouraged the pursuit of training opportunities. Total training and meeting costs are anticipated to approximate budget at year-end. Operating Materials and Supplies – Operating materials and supplies of $22.8 million is on target at 73.1 percent of the $31.2 million budget through March 31. Operating Materials and Supplies is higher than the prior year by $258,000, or 1.1 percent, mostly due to an increase of $420,000 in Odor & Corrosion Control, $193,000 in Tools, and $137,000 in Lab Chemicals & Supplies, partially offset by a decrease of $352,000 in Chemical Coagulants, $100,000 in Chemicals – Miscellaneous, and $76,000 Safety Equipment/Tools. Based on current processes, operating materials and supplies are anticipated to approximate budget at year-end. Contractual Services – Contractual services is on target at $16.5 million, or 70.2 percent of the $23.5 million budget through March 31. Solids Removal costs, budgeted at $14.4 million, comprise the majority of this expense category at $10.4 million, or 72.4 percent of its budget at March 31. Contractual Services is higher by $509,000, or 3.2 percent over the same period last year, mainly due to an increase of $357,000 in Security Services, $245,000 in Janitorial, $190,000 in Other Waste Disposal, $132,000 in Outside Lab Services, and $121,000 in Other Contractual Services, partially offset by a decrease of $237,000 in Solids Removal, $162,000 in Oxygen, and $114,000 in Temporary Services. County Service Fees totaled only $31,000, or 7.5 percent of the $410,000 budget through the third quarter, as the preponderance of these fees are billed by the County in the fourth quarter. Total contractual services costs are anticipated to approximate budget at year-end. Consolidated Financial Reports Section 1 - Page 3 Professional Services – Professional services costs totaled $5.5 million, or 69.6 percent of the $7.9 million budget through March 31. Professional services costs, such as Environmental Scientific Consulting, Labor Negotiation Services, Other Professional Services, Industrial Hygiene Services, and Software Program Consulting are proportionately low through March 31 due to a variety of factors such as timing of services and re-evaluation of need for services. These costs are $1.5 million, or 36.8 percent higher at March 31 in comparison with the prior year, mainly due to an increase of $630,000 in Engineering, $564,000 in Legal, $156,000 in Other Professional Services, and $77,000 in Software Program Consulting. It is anticipated that the costs for this category will approximate budget at year- end. Research and Monitoring – Research and monitoring costs totaled $1.2 million, or 54.3 percent of the $2.1 million budget through March 31. These costs are $145,000, or 14.3 percent higher at March 31 in comparison with the prior year, due to an increase of $120,000 in Air Quality Monitoring, $14,000 in Environmental Monitoring, and $10,000 in Research. Total research and monitoring costs are anticipated to approximate or be below budget at year-end. Repairs and Maintenance – Repairs and maintenance costs totaled $29.7 million, or 81.9 percent of the $36.3 million budget through March 31. These costs are $1.9 million, or 6.7 percent higher at March 31 in comparison with the prior year, mainly due to an increase of $1.9 million in Materials and Services. It is anticipated that the costs for this category will approximate or be slightly above budget at year-end. Utilities – Utilities costs totaled $11.2 million, or 69.4 percent of the $16.1 million budget through March 31. These costs are $304,000, or 2.6 percent lower at March 31 in comparison with the prior year, primarily due to a decrease of $731,000 in Power, partially offset by an increase of $324,000 in Natural Gas, $56,000 in Telephone, and $42,000 in Water. It is anticipated that the costs will approximate budget at year-end. Other Operating Supplies – Other operating supplies costs totaled $5.0 million, or 79.8 percent of the $6.2 million budget through March 31. Property and General Liability Insurance, budgeted at $3.6 million, comprise the majority of this expense category at $3.3 million. Overall, Other Operating Supplies is $874,000, or 21.3 percent higher at March 31 in comparison with the prior year, primarily due to an increase of $854,000 in Property and General Liability Insurance, and $13,000 in Regulatory Operating Fees. It is anticipated that other operating supplies costs will be above budget at year-end. Revenues – Service Fees and Property Taxes – Through March 31, revenues from Service Fees are at $213.0 million, or 63.7 percent of the $334.3 million budget and Property Taxes are at $84.3 million, or 71.7 percent of the $117.6 million budget. These items comprise the majority of OC San’s revenues and are mostly collected by the County through the property tax roll and distributed to OC San throughout the year based on a set distribution schedule that begins in November of each year. The increase of $10.1 million, or 5.0 percent in service fee FY 2024-25 Third Quarter Financial Report Section 1 - Page 4 revenue over the prior year is primarily due to the timing of receipts. The property tax revenue increase of $2.3 million, or 2.8 percent over the prior year is mainly a result of the timing of secured tax receipts. These revenues are expected to approximate budget at year-end. Revenues – Permit Fees – Permit Fees are at $11.3 million, or 72.6 percent of the $15.5 million budget. The revenues through the third quarter are higher than the same period last year by $35,000, or 0.3 percent, due to the fluctuation in the number of permittees from year to year as businesses establish or cease their operations and a decrease in operation and maintenance charges based on flows received from these customers. Permit Fees revenues are expected to approximate budget at year-end. Revenues – Inter District Sewer Use – SAWPA and SBSD – Inter District Sewer Use-SAWPA and SBSD are at $2.4 million, or 79.0 percent of the $3.0 million budget. This revenue is derived from charges to the Santa Ana Watershed Protection Agency (SAWPA) and Sunset Beach Sanitary District (SBSD) for treatment of flows. The revenues through the third quarter are lower than the same period last year by $401,000, or 14.4 percent, due to a decrease in operation and maintenance charges based on flows received from these agencies. These revenues are expected to approximate or be above budget at year-end. Revenues – Intra District Sewer Use – IRWD – Intra District Sewer Use-IRWD are at $1.5 million, or 19.0 percent of the $8.1 million budget. This revenue is derived from charges to the Irvine Ranch Water District (IRWD) for treatment of flows. The revenues through the third quarter are higher than the same period last year by $327,000, or 27.2 percent, due to an increase of $309,000 in operating and maintenance charges and a decrease of $54,000 in interest income allocated to IRWD, partially offset by an increase of $36,000 in property tax income allocated to IRWD. These revenues are expected to be below budget at year-end. Revenues – Capital Assessments – IRWD – Capital Assessments-IRWD are at $4.5 million, or 62.1 percent of the $7.2 million budget. The revenues through the third quarter are lower than the same period last year by $4,000, or 0.1 percent, due to a decrease in capital costs charged to IRWD. These revenues are expected to approximate or be below budget at year-end. Revenues – Capital Facilities Capacity Charges (CFCC) – CFCC are at $9.6 million, or 61.9 percent of the $15.5 million budget. The revenues through the third quarter are lower than the same period last year by $1.6 million, or 14.3 percent, due to a decrease in capacity charges collected from local agencies. These revenues are expected to be below budget at year-end. Revenues – Interest Earnings – Interest Earnings are at $38.1 million, or 222.2 percent of the $17.1 million budget. The revenues through the third quarter are higher than the same period last year by $1.7 million, or 4.6 percent, due to the higher rate of return experienced in the current year. It is estimated that interest earnings will exceed budget at year-end. Consolidated Financial Reports Section 1 - Page 5 Revenues – CIP Reimbursements – CIP Reimbursements are at $1.2 million and does not have a budget. This revenue is $529,000 or 81.4 percent higher than the same period last year due to timing of reimbursements for construction projects, such as from Orange County Water District for J-117B Outfall Low Flow Pump Station and for P2-122 Headworks Modifications at Plant No. 2 for GWRS Final Expansion. Revenues – Wastehauler – Wastehauler revenues are at $631,000 and does not have a budget. This revenue is derived from fees charged to wastehaulers, allowing them to dump waste into OC San’s system. The revenues through the third quarter mirror those of the same period last year, with an increase of $16,000, or 2.7 percent. Revenues – CNG Sales – CNG Sales revenues are at $121,000 and does not have a budget. This revenue is derived from public sales at OC San’s Compressed Natural Gas (CNG) fueling station. The revenues through the third quarter are lower than the same period last year by $4,000, or 3.2 percent, due to a decrease in compressed natural gas sales. Revenues – Rents & Leases – Rents & Leases revenues are at $323,000 and does not have a budget. The revenues through the third quarter are higher than the same period last year by $5,000, or 1.6 percent. Revenues – Other – Other revenues are at $216,000, or 3.6 percent of the $6.0 million budget. These revenues are $2.3 million, or 91.3 percent lower than the same period last year, primarily due to prior year insurance proceeds for a machinery breakdown claim on Central Generation Engine #1. These revenues are expected to be below budget at year-end. Revenues – Power Sales – Power Sales revenues are at $41,000 and does not have a budget. The revenues through the third quarter are lower than the same period last year by $32,000, or 43.9 percent, due to a decrease in the buyback of surplus generated energy exported to Southern California Edison. FY 2024-25 Third Quarter Financial Report Section 1 - Page 6 Comparison of Third Quarter Cost per Million Gallon Results with Budget Last Five Years As demonstrated in the preceding graph for the current and each of the last four fiscal years, the cost per million gallons at the end of the third quarter has been between 5.8 percent lower and 1.1 percent higher than the annual budget. The FY 2024-25 third quarter cost per million gallons of $3,289 is 4.6 percent lower when compared with this year’s budget. The increase in cost per million gallons of $283 from the previous year is primarily due to an increase in operating expenses, which are 4.8 percent higher than the same period last year, and by a decrease in flows, which are 4.2 percent lower than the same period last year. Staff believes that overall operating costs will be at or slightly below budget at year-end. The total cost per million gallons at March 31 is $3,289 based on flows of 184 million gallons per day. This is $158 per million gallons, or 4.6 percent less than the budgeted cost per million gallons of $3,446. The lower cost per million gallons is due to net expenses being 4.8 percent lower than the proportionate budget through March 31, partially offset by flows of 184 million gallons per day being 0.4 percent lower than the budgeted flow of 185 million gallons per day, which has an inverse relationship to the cost per unit of collection, treatment, and disposal. More detailed information on operating revenues, costs, and related information is provided within Section 2. $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 $2,800 $3,000 $3,200 $3,400 $3,600 20-21 21-22 22-23 23-24 24-25 $2 , 5 4 0 $2 , 6 8 1 $2 , 9 7 9 $3 , 1 9 0 $3 , 4 4 6 $2 , 5 3 0 $2 , 7 1 1 $2 , 8 9 6 $3 , 0 0 6 $3 , 2 8 9 Fiscal Year Budget Third Quarter Consolidated Financial Reports Section 1 - Page 7 Following are data tables showing the last five years of Single Family Residential User Fees (SFR) and the cost per million gallons (MG) to collect, treat, and dispose of wastewater for the Orange County Sanitation District and similar agencies. The agencies used in the tables were determined to be those that most closely resembled OC San in terms of services provided and treatment levels. The summaries demonstrate that OC San’s SFR and cost per MG are each one of the lowest in their respective groups. 2020 2021 2022 2023 2024 Agency SFR SFR SFR SFR SFR Notes San Francisco 1,169$ 1,270 1,270 1,337 1,409 Vallejo Sanitation/Flood Control District 715$ 747 769 885 1,018 City of San Diego 573$ 573 687 714 742 (1) City of Los Angeles 636$ 636 636 636 736 (2) Central Contra Costa Sanitary District 598$ 660 690 697 725 Union Sanitary District 421$ 524 530 570 612 (3) East Bay MUD 439$ 457 475 515 559 City of Hayward 430$ 446 463 495 530 Dublin San Ramon Services District 469$ 486 496 495 516 Sacramento County 444$ 444 444 444 486 Irvine Ranch Water District 313$ 313 357 399 441 (4) Oro Loma Sanitary District 296$ 318 342 368 423 Orange County Sanitation District 339$ 343 347 358 371 City of Fresno 309$ 309 309 309 309 (5) Los Angeles County 213$ 226 226 217 234 (6) Notes: (1) - Data represents the base sewer fee plus the average usage of 9 hundred cubic feet per month. (2) - Data is for the typical SFR customer rate using approximately 9 hundred cubic feet per month. (3) - Deferred rate increase for July 2020 incorporated into July 2021 rate. (4) - Data represents the usage of 10 hundred cubic feet per unit. (5) - Data represents the minimum SFR rate not including flow. (6) - Data represents the average service charge rates for the prior fiscal year. Benchmark Study Five-Year Single Family Residential Rate Rates as of July FY 2024-25 Third Quarter Financial Report Section 1 - Page 8 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 Agency Svc. Trt. Cost/MG Cost/MG Cost/MG Cost/MG Cost/MG Notes San Francisco B 2 7,573$ 9,456 7,152 5,895 12,958 Vallejo Sanitation/Flood Control District B 2 8,682$ 9,108 9,595 6,280 9,154 (1) Union Sanitary District B 2 5,655$ 5,569 5,623 6,822 7,871 Central Contra Costa Sanitary District B 3 5,284$ 6,513 6,353 7,043 5,854 Sacramento County T 3 3,407$ 3,470 2,819 2,953 5,504 (2) City of San Diego B 3 3,977$ 4,219 4,263 4,450 5,213 East Bay MUD T 2 3,122$ 4,052 3,674 3,959 5,043 (3) City of Los Angeles B 3 3,021$ 2,763 3,120 3,625 3,718 Dublin San Ramon Services District B 3 3,441$ 3,570 3,406 3,889 3,528 Los Angeles County B 3 2,343$ 2,338 2,786 3,081 3,152 Orange County Sanitation District B 2 2,422$ 2,428 2,255 2,961 3,054 City of Fresno B 3 1,993$ 2,100 2,235 2,454 2,725 Legend for Service Provided and Treatment Level: B - Agency operates both collection and treatment facilities T - Agency provides treatment services but not collection 2 - Secondary treatment 3 - Advanced secondary or secondary with some tertiary treatment Notes: (2) - FY23-24 operating expense increased $160 million due to the merger of Sacramento Regional County Sanitation District and Sacramento Area Sewer District. (3) - FY23-24 operating expense increased $6.9 million. Benchmark Study Five-Year Cost per MG (1) - In FY22-23, a decrease in treatment cost is reported in Agency's Annual Comprehensive Financial Report (ACFR). Consolidated Financial Reports Section 1 - Page 9 Capital Outlay Review: As depicted by the preceding chart, Capital Outlays totaled $150.6 million, or 67.5 percent of the capital outlay cash flow budget for FY 2024-25 as of March 31, 2024. While the overall expenditures for the Capital Improvement Program are tracking with the proportionate budget through the third quarter, individual projects may experience significant fluctuations due to the various stages they are in throughout the year. The most significant deviations from the 75.0 percent target at March 31 include 5- 67 Bay Bridge Pump Station Replacement and 2-72 Newhope-Placentia Trunk Replacement, which are over the proportionate budget by $14.4 million and $7.5 million, respectively, and 7-65 Gisler Red-Hill Interceptor & Baker Force Main Rehabilitation and P1-105 Headworks Rehabilitation at Plant No. 1, which are under the proportionate budget by $9.5 million and $5.6 million, respectively. Overall, the capital outlay costs of the capital improvement program are expected to approximate $213.2 million, or 95.6 percent of the capital outlay cash flow budget at year-end. More detailed information on the capital improvement program is provided within Section 3. Capital Assets Schedule and Debt Service Budget Review: Section 4 is the Capital Assets Schedule and Debt Service Section. This section shows the cost value of OC San’s capital facilities at March 31, 2025, as well as the debt service costs resulting from the need to provide funding for the construction of capital facilities. Principal payments on debt issues are due in February, during the third quarter of each fiscal year. As of March 31, 2025, principal payments of $34.1 million, or 100.0 percent $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 03/31/25 Actual Capital Outlay $150,591,502 Projected 2024-25 Capital Outlay $213,229,000 2024-25 Capital Outlay Cashflow Budget $223,075,453 FY 2024-25 Third Quarter Financial Report Section 1 - Page 10 of the budget have been made. Interest costs are expensed ratably throughout the fiscal year and are expected to approximate budget at year-end. Self-Insurance Budget Review: Section 5 is the Self-Insurance Section. Through March 31, the Self-Insurance Fund revenues totaled $3.8 million, or 74.2 percent of the budget, while expenses are at $4.4 million, or 85.9 percent of the budget. Separate fund accounting is used for recording the revenue and expenses incurred in managing these liability claims. The revenues to these funds represent charges to operating divisions. Expenses to these funds include actual claims paid, claims administration, and excess loss policies. Operating Budget Review $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 Ge n e r a l M a n a g e r ' s Ad m i n i s t r a t i v e S e r v i c e s Co m m u n i c a t i o n s Hu m a n R e s o u r c e s En v i o r n m e n t a l S e r v i c e s En g i n e e r i n g Op e r a t i o n s & M a i n t e n a n c e Cost per Million Gallons by Department Budget and Actual March 31, 2025 Budget Actual $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 Sa l a r y & W a g e s Em p l o y e e B e n e f i t s Ad m i n i s t r a t i v e E x p e n s e s Pr i n t i n g & P u b l i c a t i o n Tr a i n i n g & M e e t i n g s Op e r a t i n g M a t e r i a l s & S u p p l i e s Co n t r a c t u a l S e r v i c e s Pr o f e s s i o n a l S e r v i c e s Re s e a r c h & M o n i t o r i n g Re p a i r s & M a i n t e n a n c e Ut i l i t i e s Ot h e r M a t e r i a l s , S u p p l i e s , & S v c s Collection, Treatment, & Disposal Expenses by Major Category Budget and Actual (in thousands) March 31, 2025 Budget Actual Section 2 - Page 1 Divisional Contributions to Cost Per Million Gallons For the Nine Months Ended March 31, 2025 2024-25 03/31/23 03/31/24 Annual 03/31/25 Actual Actual Budget Actual Flow in Million Gallons 50,886.92 52,709.42 67,525.00 50,506.44 Flow in Million Gallons per Day 185.71 191.67 185.00 184.33 General Manager's Department General Management Administration 34.11$ 42.57$ 35.41$ 39.98$ Subtotal 34.11 42.57 35.41 39.98 Administrative Services Department Administrative Services 9.11 7.19 14.18 5.94 Consolidated Services 112.90 125.89 211.44 203.02 Financial Management 67.91 69.41 69.77 71.55 Contracts, Purchasing, & Materials Mgmt. 76.89 65.19 79.36 80.33 Information Technology 212.89 219.78 236.83 234.37 Facilities Maintenance - - - 77.28 Subtotal 479.70 487.46 611.58 672.49 Communications Department Communications Administration - - 4.74 5.75 Board Services 14.02 15.66 19.59 19.24 Public Affairs 23.66 19.71 29.13 24.97 Subtotal 37.68 35.37 53.46 49.96 Human Resources Department Human Resources Administration - - 5.13 5.74 Human Resources 63.33 61.46 66.66 55.32 Risk Management 65.76 60.53 48.84 44.66 Subtotal 129.09 121.99 120.63 105.72 Environmental Services Department Environmental Services Administration 69.64 72.74 19.86 29.75 Resource Protection 83.45 84.26 112.69 97.44 Environmental Laboratory & Ocean Monitoring 134.87 141.46 172.90 156.08 Environmental Compliance - - 74.48 58.84 Subtotal 287.96 298.46 379.93 342.11 Engineering Department Engineering Administration 17.45 9.25 9.50 9.28 Planning 59.65 58.53 69.19 66.93 Project Management Office 65.24 65.15 72.04 72.43 Design 88.57 98.89 119.73 116.95 Construction Management 112.34 116.49 140.23 134.05 Subtotal 343.25 348.31 410.69 399.64 Operations & Maintenance Department Operations & Maintenance Administration 6.92 5.03 9.28 6.10 Collections Facilities O & M 289.66 237.98 304.86 233.91 Maintenance Support Services - - - 22.89 Fleet Services 35.60 36.30 39.93 12.16 Plant No. 1 Operations 589.14 591.94 649.12 606.82 Plant No. 2 Operations 306.08 313.76 324.37 341.16 Plant No. 1 Maintenance 402.05 434.67 482.94 530.56 Plant No. 2 Maintenance 233.48 326.06 339.90 300.26 Subtotal 1,862.93 1,945.74 2,150.40 2,053.86 Total Operating Expenses 3,174.72 3,279.90 3,762.10 3,663.76 Cost Allocation (278.81) (274.35) (316.10) (375.19) Net Operating Requirements 2,895.91$ 3,005.55$ 3,446.00$ 3,288.57$ FY 2024-25 Third Quarter Financial Report Section 2 - Page 2 Comparison of Expenses by Department For the Nine Months Ended March 31, 2025 2024-25 03/31/23 03/31/24 Year to Date Budget % Department and Division Actual Actual Budget 03/31/25 Realized General Manager's Department General Management Administration 1,735,942$ 2,244,056$ 2,391,106$ 2,019,354$ 84.45% Subtotal 1,735,942 2,244,056 2,391,106 2,019,354 84.45% Administrative Services Department Administrative Services 463,816 378,924 957,325 300,121 31.35% Consolidated Services 5,745,245 6,635,468 14,277,812 10,253,763 71.82% Financial Management 3,455,891 3,658,477 4,710,887 3,613,516 76.71% Contracts, Purchasing, & Materials Mgmt.3,912,548 3,436,209 5,359,090 4,056,995 75.70% Information Technology 10,833,206 11,584,670 15,991,713 11,837,409 74.02% Facilities Maintenance - - - 3,903,048 N/A Subtotal 24,410,706 25,693,748 41,296,827 33,964,852 82.25% Communications Department Communications Administration - - 320,274 290,368 90.66% Board Services 713,647 825,504 1,322,596 971,607 73.46% Public Affairs 1,203,883 1,038,699 1,966,701 1,260,967 64.12% Subtotal 1,917,530 1,864,203 3,609,571 2,522,942 69.90% Human Resources Department Human Resources Administration - - 346,220 290,021 83.77% Human Resources 3,222,729 3,239,303 4,501,045 2,794,249 62.08% Risk Management 3,346,163 3,190,496 3,298,191 2,255,779 68.39% Subtotal 6,568,892 6,429,799 8,145,456 5,340,049 65.56% Environmental Services Department Environmental Services Administration 3,543,938 3,834,244 1,340,930 1,502,454 112.05% Resource Protection 4,246,335 4,441,552 7,609,491 4,921,240 64.67% Environmental Laboratory & Ocean Monitoring 6,862,881 7,456,394 11,675,367 7,882,815 67.52% Environmental Compliance - - 5,029,311 2,972,033 59.09% Subtotal 14,653,154 15,732,190 25,655,099 17,278,542 67.35% Engineering Department Engineering Administration 887,783 487,586 641,184 468,501 73.07% Planning 3,035,641 3,085,232 4,671,881 3,380,582 72.36% Project Management Office 3,319,911 3,433,818 4,864,814 3,658,358 75.20% Design 4,506,923 5,212,329 8,084,688 5,906,823 73.06% Construction Management 5,716,799 6,139,889 9,469,248 6,770,291 71.50% Subtotal 17,467,057 18,358,854 27,731,815 20,184,555 72.78% Operations & Maintenance Department Operations & Maintenance Administration 352,206 264,962 626,574 308,079 49.17% Collections Facilities O & M 14,739,975 12,543,746 20,585,540 11,813,858 57.39% Maintenance Support Services - - - 1,156,252 N/A Fleet Services 1,811,427 1,913,349 2,696,485 614,285 22.78% Plant No. 1 Operations 29,979,543 31,201,038 43,831,774 30,648,425 69.92% Plant No. 2 Operations 15,575,238 16,538,131 21,902,873 17,230,772 78.67% Plant No. 1 Maintenance 20,459,159 22,911,373 32,610,821 26,796,566 82.17% Plant No. 2 Maintenance 11,881,267 17,186,528 22,951,578 15,165,253 66.07% Subtotal 94,798,815 102,559,127 145,205,645 103,733,490 71.44% Total Operating Expenses 161,552,096 172,881,977 254,035,519 185,043,784 72.84% Cost Allocation (14,188,009) (14,461,246) (21,361,020) (18,949,654) 88.71% Net Operating Requirements 147,364,087$ 158,420,731$ 232,674,499$ 166,094,130$ 71.38% Operating Budget Review Section 2 - Page 3 Summary of Collection, Treatment, & Disposal Expenses by Major Category For the Nine Months Ended March 31, 2025 Expense Expense Increase Increase Percent Budget Through Through (Decrease) (Decrease)Budget Remaining 2024-25 03/31/25 03/31/24 $% Realized Budget Salary & Wages 96,380,855$ 69,459,187 64,537,771 4,921,416$ 7.63% 72.07% 26,921,668$ Employee Benefits 27,714,692 20,574,917 19,182,202 1,392,715 7.26% 74.24% 7,139,775 Administrative Expenses 2,694,297 1,510,829 1,258,061 252,768 20.09% 56.08% 1,183,468 Printing & Publication 398,196 171,871 203,792 (31,921) -15.66% 43.16% 226,325 Training & Meetings 1,989,398 1,347,593 576,128 771,465 133.91% 67.74% 641,805 Operating Materials & Supplies 31,214,002 22,814,133 22,556,545 257,588 1.14% 73.09% 8,399,869 Contractual Services 23,491,390 16,497,419 15,988,289 509,130 3.18% 70.23% 6,993,971 Professional Services 7,917,396 5,511,680 4,028,892 1,482,788 36.80% 69.61% 2,405,716 Research & Monitoring 2,135,754 1,159,271 1,014,670 144,601 14.25% 54.28% 976,483 Repairs & Maintenance 36,305,899 29,735,987 27,880,323 1,855,664 6.66% 81.90% 6,569,912 Utilities 16,132,374 11,202,393 11,506,216 (303,823) -2.64% 69.44% 4,929,981 Other Materials, Supplies, and Services 7,661,266 5,058,504 4,149,088 909,416 21.92% 66.03% 2,602,762 Net Cost Allocation (21,361,020) (18,949,654) (14,461,246) (4,488,408) 31.04% 88.71% (2,411,366) Net Operating Requirements 232,674,499 166,094,130 158,420,731 7,673,399 4.84% 71.38% 66,580,369 Gallonage Flow (MG)67,525.00 50,506.44 52,709.42 (2,202.98) -4.18% Gallonage Flow (MGD)185.00 184.33 191.67 (7.34) -3.83% Gallonage Flow ($'s /MG) $3,446.00 $3,288.57 $3,005.55 $283.02 9.42% Description FY 2024-25 Third Quarter Financial Report Section 2 - Page 4 Revenue Percent Revenue Increase Increase Budget Through Budget Remaining Through (Decrease) (Decrease) Description 2024-25 03/31/25 Realized Budget 03/31/24 $% Service Fees 334,282,867$ 212,987,892$ 63.71% 121,294,975$ 202,871,528$ 10,116,364$ 4.99% Permit Fees 15,506,269 11,257,104 72.60% 4,249,165 11,222,056 35,048 0.31% Inter District Sewer Use-SAWPA & SBSD 3,018,000 2,383,192 78.97% 634,808 2,784,392 (401,200) -14.41% Intra District Sewer Use-IRWD 8,067,337 1,530,919 18.98% 6,536,418 1,203,688 327,231 27.19% Sludge Disposal-IRWD - - N/A - 72,315 (72,315) -100.00% Capital Assessments-IRWD 7,211,000 4,480,077 62.13% 2,730,923 4,483,911 (3,834) -0.09% Capital Facilities Capacity Charges 15,485,595 9,592,039 61.94% 5,893,556 11,187,372 (1,595,333) -14.26% Property Taxes 117,624,920 84,347,088 71.71% 33,277,832 82,068,568 2,278,520 2.78% Interest Earnings 17,133,000 38,066,011 222.18% (20,933,011) 36,387,612 1,678,399 4.61% CIP Reimbursements - 1,178,246 N/A (1,178,246) 649,724 528,522 81.35% Wastehauler - 630,597 N/A (630,597) 614,105 16,492 2.69% CNG Sales - 120,923 N/A (120,923) 124,930 (4,007) -3.21% Rents & Leases - 322,980 N/A (322,980) 317,927 5,053 1.59% Other Revenues 6,014,651 216,012 3.59% 5,798,639 2,486,403 (2,270,391) -91.31% Power Sales - 41,132 N/A (41,132) 73,362 (32,230) -43.93% Other Sales - 38,308 N/A (38,308) 35,732 2,576 7.21% Total Revenues 524,343,639$ 367,192,520$ 70.03% 157,151,119$ 356,583,625$ 10,608,895$ 2.98% Summary of Revenues For the Nine Months Ended March 31, 2025 Operating Budget Review Section 2 - Page 5 FY 2024-25 Third Quarter Financial Report Summary of Collection, Treatment, & Disposal Expenses by Line Item For the Nine Months Ended March 31, 2025 Expense Percent Expense Increase Budget Through Budget Remaining Through (Decrease) Description 2024-25 03/31/25 Expensed Budget 03/31/24 $ Salaries, Wages & Benefits Salaries & Wages 96,380,855$ 69,459,187$ 72.07% 26,921,668$ 64,537,771$ 4,921,416$ 7.63% Employee Benefits Retirement 12,846,492 8,971,058 69.83% 3,875,434 8,610,913 360,145 4.18% Group Insurances 12,009,427 9,386,678 78.16% 2,622,749 8,463,988 922,690 10.90% Tuition & Certification Reimb 84,192 63,619 75.56% 20,573 67,702 (4,083) -6.03% Edu. degrees, Cert. & Lic. 632,324 498,363 78.81% 133,961 468,959 29,404 6.27% Uniform Rental 281,237 320,089 113.81% (38,852) 231,374 88,715 38.34% Workers' Compensation 905,678 494,663 54.62% 411,015 637,876 (143,213) -22.45% Unemployment Insurance 17,122 9,801 57.24% 7,321 16,745 (6,944) -41.47% Employee Supplemental Benefits 938,220 830,646 88.53% 107,574 684,645 146,001 21.33% Total Benefits 27,714,692 20,574,917 74.24% 7,139,775 19,182,202 1,392,715 7.26% Salaries, Wages & Benefits 124,095,547 90,034,104 72.55% 34,061,443 83,719,973 6,314,131 7.54% Matl, Supplies, & Services Administrative Expenses Memberships 706,626 597,701 84.59% 108,925 545,739 51,962 9.52% Office Exp - Supplies 73,981 46,637 63.04%27,344 39,676 6,961 17.54% Postage 48,700 38,309 78.66%10,391 34,621 3,688 10.65% Books & Publications 33,240 16,330 49.13%16,910 11,652 4,678 40.15% Forms 2,000 102 5.10%1,898 972 (870) -89.51% Small Computer Items 1,300,750 678,626 52.17% 622,124 563,021 115,605 20.53% Minor Furniture & Fixtures 529,000 133,124 25.17% 395,876 62,380 70,744 113.41% Subtotal 2,694,297 1,510,829 56.08% 1,183,468 1,258,061 252,768 20.09% Printing & Publication Repro-In-House 202,993 117,113 57.69%85,880 120,430 (3,317) -2.75% Printing-Outside 42,203 6,858 16.25%35,345 19,570 (12,712) -64.96% Notices & Ads 153,000 47,900 31.31% 105,100 63,792 (15,892) -24.91% Subtotal 398,196 171,871 43.16% 226,325 203,792 (31,921) -15.66% Training & Meetings Meetings 160,985 96,111 59.70%64,874 62,353 33,758 54.14% Training 1,828,413 1,251,482 68.45% 576,931 513,775 737,707 143.59% Subtotal 1,989,398 1,347,593 67.74% 641,805 576,128 771,465 133.91% Operating Mat'ls & Supplies Chemical Coagulants 15,855,536 12,697,906 80.08% 3,157,630 13,049,762 (351,856) -2.70% Odor & Corrosion Control 10,476,895 6,514,443 62.18% 3,962,452 6,094,896 419,547 6.88% Disinfection 611,300 460,924 75.40% 150,376 432,999 27,925 6.45% Chemicals - Misc & Cogen 490,200 251,891 51.39% 238,309 351,543 (99,652) -28.35% Gasoline, Diesel & Oil 894,340 502,004 56.13% 392,336 520,702 (18,698) -3.59% Tools 698,642 701,550 100.42%(2,908) 508,878 192,672 37.86% Safety equipment/tools 1,007,568 708,375 70.31% 299,193 784,832 (76,457) -9.74% Solv, Paints & Jan. Supplies 134,106 108,735 81.08%25,371 96,805 11,930 12.32% Lab Chemicals & Supplies 754,325 666,494 88.36%87,831 529,907 136,587 25.78% Misc. Operating Supplies 274,590 191,688 69.81%82,902 174,574 17,114 9.80% Property Tax Fees 16,500 10,123 61.35%6,377 11,647 (1,524) -13.08% Subtotal 31,214,002 22,814,133 73.09% 8,399,869 22,556,545 257,588 1.14% Contractual Services Solids Removal 14,356,000 10,397,538 72.43% 3,958,462 10,634,590 (237,052) -2.23% Other Waste Disposal 1,219,990 907,584 74.39% 312,406 717,648 189,936 26.47% Groundskeeping 215,200 131,314 61.02%83,886 156,504 (25,190) -16.10% Janitorial 1,929,800 1,306,001 67.68% 623,799 1,060,520 245,481 23.15% Outside Lab Services 444,000 342,358 77.11% 101,642 210,175 132,183 62.89% Oxygen 1,332,000 870,713 65.37% 461,287 1,032,540 (161,827) -15.67% County Service Fee 410,300 30,827 7.51% 379,473 30,104 723 2.40% Temporary Services 355,000 211,429 59.56% 143,571 325,078 (113,649) -34.96% Security Services 2,487,100 1,657,466 66.64% 829,634 1,300,220 357,246 27.48% Other 742,000 642,189 86.55% 99,811 520,910 121,279 23.28% Subtotal 23,491,390 16,497,419 70.23% 6,993,971 15,988,289 509,130 3.18% Increase (Decrease) % Section 2 - Page 6 (Continued) Operating Budget Review Summary of Collection, Treatment, & Disposal Expenses by Line Item For the Nine Months Ended March 31, 2025 Expense Expense Increase Increase Budget Through Remaining Through (Decrease) (Decrease) Description 2024-25 03/31/25 Expensed Budget 03/31/24 $ % Continued: Professional Services Legal 1,487,000 2,037,254 137.00% (550,254) 1,473,124 564,130 38.29% Audit & Accounting 180,000 155,550 86.42% 24,450 125,300 30,250 24.14% Engineering 1,698,150 1,854,759 109.22% (156,609) 1,225,006 629,753 51.41% Enviro Scientific Consulting 1,091,500 103,333 9.47% 988,167 139,913 (36,580) -26.14% Software Prgm Consulting 976,100 437,225 44.79% 538,875 359,767 77,458 21.53% Energy Consulting 22,000 15,750 71.59% 6,250 18,250 (2,500) -13.70% Advocacy Efforts 278,600 199,000 71.43% 79,600 159,600 39,400 24.69% Industrial Hygiene Services 100,000 43,006 43.01% 56,994 28,438 14,568 51.23% Labor Negotiation Services 60,000 10,672 17.79% 49,328 - 10,672 N/A Other 2,024,046 655,131 32.37% 1,368,915 499,494 155,637 31.16% Subtotal 7,917,396 5,511,680 69.61% 2,405,716 4,028,892 1,482,788 36.80% Research & Monitoring Environmental Monitoring 1,248,000 414,041 33.18% 833,959 400,049 13,992 3.50% Air Quality Monitoring 300,000 182,476 60.83% 117,524 62,258 120,218 193.10% Research 587,754 562,754 95.75% 25,000 552,363 10,391 1.88% Subtotal 2,135,754 1,159,271 54.28% 976,483 1,014,670 144,601 14.25% Repairs & Maintenance Materials & Services 27,998,162 23,948,187 85.53% 4,049,975 22,003,854 1,944,333 8.84% Svc. Mtc. Agreements 8,307,737 5,787,800 69.67% 2,519,937 5,876,469 (88,669) -1.51% Subtotal 36,305,899 29,735,987 81.90% 6,569,912 27,880,323 1,855,664 6.66% Utilities Telephone 513,400 415,591 80.95%97,809 359,521 56,070 15.60% Diesel For Generators 62,000 42,465 68.49%19,535 37,114 5,351 14.42% Natural Gas 3,035,000 2,095,332 69.04% 939,668 1,771,306 324,026 18.29% Power 11,266,947 7,679,283 68.16% 3,587,664 8,410,640 (731,357) -8.70% Water 1,255,027 969,722 77.27% 285,305 927,635 42,087 4.54% Subtotal 16,132,374 11,202,393 69.44% 4,929,981 11,506,216 (303,823) -2.64% Other Operating Supplies Outside Equip Rental 95,000 35,570 37.44%59,430 31,470 4,100 13.03% Insurance Premiums 53,000 51,415 97.01%1,585 49,251 2,164 4.39% Prop & Gen Liab Insurance 3,567,300 3,286,485 92.13% 280,815 2,432,250 854,235 35.12% Freight 207,000 147,541 71.28%59,459 144,875 2,666 1.84% Misc. Operating Expense 479,398 259,610 54.15% 219,788 261,166 (1,556) -0.60% Regulatory Operating Fees 1,823,610 1,189,273 65.22% 634,337 1,176,768 12,505 1.06% Subtotal 6,225,308 4,969,894 79.83% 1,255,414 4,095,780 874,114 21.34% General Mgr Contingency & Reappropriations 1,294,788 - 0.00% 1,294,788 - - N/A Other Non-Oper Expense 141,170 88,610 62.77% 52,560 53,308 35,302 66.22% Total Materials, Supplies & Services 129,939,972 95,009,680 73.12% 34,930,292 89,162,004 5,847,676 6.56% Total Expenditures 254,035,519 185,043,784 72.84% 68,991,735 172,881,977 12,161,807 7.03% Cost Allocation (21,361,020) (18,949,654) 88.71% (2,411,366) (14,461,246) (4,488,408) 31.04% Net Operating Requirements 232,674,499$ 166,094,130$ 71.38% 66,580,369$ 158,420,731$ 7,673,399$ 4.84% Percent Budget Section 2 - Page 7 FY 2024-25 Third Quarter Financial Report Summary of Collection, Treatment, & Disposal Expenses by Process For the Nine Months Ended March 31, 2025 Increase Increase Actual Actual (Decrease) (Decrease) 03/31/25 03/31/24 $ % Process: Preliminary Treatment 10,843,785$ 8,889,936$ 1,953,849$ 21.98% Primary Treatment 21,761,230 20,595,979 1,165,251 5.66% Secondary Treatment 11,507,975 10,900,069 607,906 5.58% Oxygen Generation Facility (Plant 2)1,655,782 2,061,383 (405,601) -19.68% Effluent Disposal 941,976 1,013,903 (71,927) -7.09% Solids Handling 45,472,055 46,160,264 (688,209) -1.49% Cogeneration 20,962,059 20,520,070 441,989 2.15% Utilities 3,920,812 4,067,620 (146,808) -3.61% Electrical Distribution 2,502,830 2,123,835 378,995 17.84% Miscellaneous Buildings 10,730,372 10,009,417 720,955 7.20% External Location 28,190 115,373 (87,183) -75.57% Nerissa Vessel 284,498 319,546 (35,048) -10.97% Laboratory 12,542,623 11,734,071 808,552 6.89% Collections 22,939,943 19,909,265 3,030,678 15.22% Net Operating Requirements 166,094,130$ 158,420,731$ 7,673,399$ 4.84% Section 2 - Page 8 Staffing Trends Full Time Equivalents (FTE) March 31, 2025 At March 31, 2025, the total head count was 652 employees, or a full time equivalency of 630. Operating Budget Review 450 500 550 600 650 700 750 6/30/21 6/30/22 6/30/23 6/30/24 3/31/25 618.5 594.5 583 623.25 630 20.5 44.5 64 31.75 33.5 Actual Vacant Budgeted FTE 639 639 647 655 663.5 Section 2 - Page 9 FY 2024-25 Third Quarter Financial Report This Page Intentionally Left Blank Section 2 - Page 10 Capital Improvement Program By Process Area and Project Driver For the Nine Months Ended March 31, 2025 Capital Improvement Program Budget Review Total Capital Improvement Outlays by Project Driver - $150,591,502 Rehabilitation and Replacement: 82.6% Strategic Initiatives: 9.5% Additional Capacity: 5.5% Regulatory: 2.4% Total Capital Improvement Outlays by Process Area - $150,591,502 Collections Facilities: 35.6% Liquid Treatment: 38.4% Solids Handling & Digestion: 1.5% Utility Systems: 7.2% Support Facilities: 10.9% Other: 6.4% Section 3 - Page 1 FY 2024-25 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2025 2024-25 2024-25 2024-25 Cashflow Actual at Projected Budget 3/31/2025 Outlay Collection System Improvement Projects Collections Facilities Santa Ana Trunk Sewer Rehabilitation 1,098,804$ 982,375$ 1,198,400$ Greenville-Sullivan Trunk Improvements 132,179 16,745 16,800 Taft Branch Capacity Improvements 6,327,358 1,381,586 2,504,900 Newhope-Placentia Trunk Replacement - 7,501,335 7,501,400 Yorba Linda Dosing Station Installation 248,738 28,939 71,600 Knott - Miller Holder - Artesia Branch Rehabilitation 648,678 272,762 363,400 Westminster Blvd Force Main Replacement 169,215 7,107 7,200 Rehabilitation of Western Regional Sewers 4,063,118 1,262,221 3,832,500 Interstate 405 Widening Project Impacts on OC San Sewers 34,158 - 4,000 Seal Beach Pump Station Replacement 14,196,085 7,880,940 11,486,900 Bay Bridge Pump Station Replacement 3,323,255 16,313,261 16,960,800 Newport Beach Pump Station Pressurization Improvements 436,401 170,676 200,600 Fairview Trunk Sewer Rehabilitation 599,292 322,350 463,700 MacArthur Pump Station Rehabilitation 187,422 9,613 34,400 Gisler Red-Hill Interceptor & Baker Force Main Rehabilitation 26,796,764 10,647,386 16,863,200 MacArthur Force Main Improvement 2,728,325 1,968,339 2,441,700 North Trunk Improvements 637,625 163,696 190,800 Edinger Pumping Station Replacement 1,143,575 575,737 1,011,700 Small Construction Projects Program - Collections 4,932,646 2,145,050 4,235,700 Operations & Maintenance Capital Program - Collections - 100,933 101,000 Planning Studies Program - Collections 347,627 101,349 299,800 Sunflower and Red Hill Interceptor Repairs 3,391 4,790 4,800 Additional Charges to CIP Closed at 6/30/24 - 1,156,098 1,156,100 Subtotal - Collections Facilities 68,054,656 53,013,288 70,951,400 Revenue Area 14 Bay Bridge Pumping Station Rehabilitation (3.62%) 124,820 612,721 637,100 Newport Beach Pump Station Pressurization Improve (0.27%) 1,181 462 600 Subtotal - Revenue Area 14 126,001 613,183 637,700 Total Collection System Improvement Projects 68,180,657 53,626,471 71,589,100 Section 3 - Page 2 (Continued) Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2025 2024-25 2024-25 2024-25 Cashflow Actual at Projected Budget 3/31/2025 Outlay Treatment & Disposal Projects Headworks Headworks Rehabilitation at Plant 1 40,947,431 25,108,331 30,965,100 Headworks Modifications at P2 for GWRS Final Expansion 180,259 72,709 72,800 Subtotal - Headworks 41,127,690 25,181,040 31,037,900 Primary Treatment Primary Sedimentation Basins 3-5 Replacement at Plant 1 4,652,825 4,314,225 5,428,500 Primary Sedimentation Basins 6-31 Reliability Improv at P1 2,296,476 722,151 973,100 Primary Treatment Rehabilitation at Plant 2 19,483,658 14,924,482 19,782,600 Subtotal - Primary Treatment 26,432,959 19,960,858 26,184,200 Secondary Treatment Activated Sludge-1 Aeration Basin & Blower Rehab at P1 5,682,462 3,797,569 5,205,600 Trickling Filter Rehab at P1 483,777 286,773 420,300 Activated Sludge Aeration Basin Rehabilitation at Plant 2 3,163,385 625,961 1,306,000 Subtotal - Secondary Treatment 9,329,624 4,710,303 6,931,900 Solids Handling & Digestion Interim Food Waste Receiving Facility 223,531 2,922 31,800 TPAD Digester Facility at Plant 2 7,161,399 1,765,973 4,480,300 Digesters Rehabilitation at Plant No. 2 3,836,078 445,578 1,704,800 Truck Loading Bay Odor Control Improvements at Plant 2 108,872 121,405 148,500 Subtotal - Solids Handling & Digestion 11,329,880 2,335,878 6,365,400 Ocean Outfall Systems Ocean Outfall System Rehabilitation 10,269,146 6,872,845 8,790,700 120-inch Ocean Outfall Rehabilitation 326,842 375,041 736,300 Sodium Bisulfite Station Rehabilitation at Plant 2 672,673 654,910 655,000 Emergency Overflow Pipes & Windwall Rehabilitation at P2 173,297 8,518 15,400 Subtotal - Ocean Outfall Systems 11,441,958 7,911,314 10,197,400 Capital Improvement Program Budget Review Section 3 - Page 3 (Continued) FY 2024-25 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2025 2024-25 2024-25 2024-25 Cashflow Actual at Projected Budget 3/31/2025 Outlay Treatment & Disposal Projects (Continued) Utility Systems Electrical Power Distribution System Improvements 1,697,999 134,472 516,600 Digester Gas Facilities Rehabilitation 2,909,099 1,753,614 3,745,500 Central Generation Engine Overhauls at Plants 1 and 2 9,361,016 7,912,925 10,317,500 Central Generation Facilities & OOBS Seismic Upgrades 177,372 396 5,500 Uninterruptable Power Supply Improvements at Plant 1 2,855,350 1,005,872 1,575,200 12.47 kV Switchgear Replacement at CenGen at Plant 1 118,833 - - Industrial Control System & IT Data Center Relocation at P1 238,625 51,444 93,200 Headworks Electrical Distribution Improvements at P2 64,508 1,839 115,100 Subtotal - Utility Systems 17,422,802 10,860,562 16,368,600 Information Management Systems Process Control Systems Upgrades 7,365,033 1,916,524 3,165,900 Project Management Information System 61,318 47,700 60,700 Process Control System Alarm Optimization 115,523 - 58,000 Information Technology Capital Program 1,371,024 593,878 819,800 EAM Software and Process Implementation 246,436 - - Subtotal - Information Management Systems 9,159,334 2,558,102 4,104,400 Strategic & Master Planning Planning Studies Program 3,443,719 1,086,409 2,845,400 Subtotal - Strategic & Master Planning 3,443,719 1,086,409 2,845,400 Research Research Program 1,849,805 127,307 1,525,500 Subtotal - Research 1,849,805 127,307 1,525,500 Section 3 - Page 4 (Continued) Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2025 2024-25 2024-25 2024-25 Cashflow Actual at Projected Budget 3/31/2025 Outlay Treatment & Disposal Projects (Continued) Support Facilities Small Construction Projects Program 21,132,557 7,083,261 13,528,900 Operations & Maintenance Capital Program 4,625,784 2,616,067 4,686,600 Laboratory Rehabilitation at Plant 1 - 1,064 190,400 Headquarters Complex 2,340,333 1,810,161 4,254,400 South Perimeter Security & Utility Improvements at Plant 1 258,560 (120,328) (43,200) Support Buildings Seismic Improvements at Plant 1 1,119,403 449,726 605,000 Administrative Facilities & Power Building 3A Demolition 62,006 81,462 107,900 Collections Yard Relocation 4,705,701 3,013,817 3,690,500 Operations and Maintenance Complex at Plant 2 3,412,770 1,475,575 3,754,000 Subtotal - Support Facilities 37,657,114 16,410,805 30,774,500 Others Capital Improvement Program Management Services 723,265 188,869 296,800 Subtotal - Others 723,265 188,869 296,800 Total Treatment and Disposal Projects 169,918,150 91,331,447 136,632,000 Capital Equipment Purchases 15,396,026 5,633,584 15,363,900 Total Collection, Treatment and Disposal Projects and Capital Equipment Purchases 253,494,833 150,591,502 223,585,000 Less: Savings and Deferrals (30,419,380) - (10,356,000) Net Collection, Treatment and Disposal Projects and Capital Equipment Purchases 223,075,453$ 150,591,502$ 213,229,000$ Capital Improvement Program Budget Review Section 3 - Page 5 FY 2024-25 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2025 Current Total Approved June 30, 2024 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2025 Budget Collection System Improvement Projects Collections Facilities Santa Ana Trunk Sewer Rehabilitation 54,620,000$ 2,979,726$ 1,198,400$ 4,178,126$ 50,441,874$ Greenville-Sullivan Trunk Improvements 48,600,000 2,123,554 16,800 2,140,354 46,459,646 Taft Branch Capacity Improvements 31,200,000 3,073,594 2,504,900 5,578,494 25,621,506 Newhope-Placentia Trunk Replacement - - 7,501,400 7,501,400 (7,501,400) Yorba Linda Dosing Station Installation 21,700,000 - 71,600 71,600 21,628,400 Santa Ana Canyon South River Trunk Rehabilitation 19,300,000 - - - 19,300,000 Knott - Miller Holder - Artesia Branch Rehabilitation 16,500,000 433,586 363,400 796,986 15,703,014 Westminster Blvd Force Main Replacement 43,900,000 43,488,084 7,200 43,495,284 404,716 Rehabilitation of Western Regional Sewers 96,300,000 41,150,153 3,832,500 44,982,653 51,317,347 Interstate 405 Widening Project Impacts on OC San Sewers 500,000 301,861 4,000 305,861 194,139 Seal Beach Pump Station Replacement 134,000,000 12,346,728 11,486,900 23,833,628 110,166,372 Los Alamitos Sub-Trunk Extension 119,600,000 - - - 119,600,000 Crystal Cove Pump Station Rehabilitation 14,500,000 - - - 14,500,000 Bay Bridge Pump Station Replacement 165,773,600 23,289,439 16,960,800 40,250,239 125,523,361 Newport Beach Pump Station Pressurization Improvements 2,692,710 2,152,305 200,600 2,352,905 339,805 East Coast Highway Sewer Rehabilitation 8,600,000 - - - 8,600,000 Fairview Trunk Sewer Rehabilitation 25,000,000 1,003,638 463,700 1,467,338 23,532,662 MacArthur Pump Station Rehabilitation 16,200,000 - 34,400 34,400 16,165,600 Main Street Pump Station Rehabilitation 37,700,000 - - - 37,700,000 Gisler Red-Hill Interceptor & Baker Force Main Rehabilitation 55,500,000 16,747,696 16,863,200 33,610,896 21,889,104 MacArthur Force Main Improvement 8,150,000 3,237,154 2,441,700 5,678,854 2,471,146 North Trunk Improvements 59,100,000 5,801 190,800 196,601 58,903,399 Edinger Pumping Station Replacement 36,500,000 1,835,268 1,011,700 2,846,968 33,653,032 Slater Pump Station Rehabilitation 45,600,000 16,480 - 16,480 45,583,520 Bolsa Chica/Edinger/Springdale Trunk Sewer Rehab 11,520,000 - - - 11,520,000 Small Construction Projects Program - Collections 6,865,000 4,936,694 4,235,700 9,172,394 (2,307,394) Operations & Maintenance Capital Program - Collections 660,000 224,687 101,000 325,687 334,313 Planning Studies Program - Collections 1,075,000 416,120 299,800 715,920 359,080 Sunflower and Red Hill Interceptor Repairs 6,750,000 6,691,812 4,800 6,696,612 53,388 Additional Charges to CIP Closed at 6/30/24 - 84,920 1,156,100 1,241,020 (1,241,020) Subtotal - Collections Facilities 1,088,406,310 166,539,300 70,951,400 237,490,700 850,915,610 Revenue Area 14: Bay Bridge Pumping Station Rehabilitation (3.62%) 6,226,400 874,743 637,100 1,511,843 4,714,557 Newport Beach Pump Station Pressurization Improve (0.27%) 7,290 5,827 600 6,427 863 Subtotal - Revenue Area 14 6,233,690 880,570 637,700 1,518,270 4,715,420 Total Collection System Improvement Projects 1,094,640,000 167,419,870 71,589,100 239,008,970 855,631,030 Section 3 - Page 6 (Continued) Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2025 Current Total Approved June 30, 2024 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2025 Budget Treatment & Disposal Projects Headworks Headworks Rehabilitation at Plant 1 340,000,000 176,468,994 30,965,100 207,434,094 132,565,906 Headworks Modifications at P2 for GWRS Final Expansion 30,400,000 28,779,424 72,800 28,852,224 1,547,776 Subtotal - Headworks 370,400,000 205,248,418 31,037,900 236,286,318 134,113,682 Primary Treatment Primary Sedimentation Basins 3-5 Replacement at Plant 1 183,000,000 5,987,189 5,428,500 11,415,689 171,584,311 Primary Sedimentation Basins 6-31 Reliability Improv at P1 12,100,000 10,081,017 973,100 11,054,117 1,045,883 Primary Treatment Rehabilitation at Plant 2 188,000,000 85,197,364 19,782,600 104,979,964 83,020,036 B/C-Side Primary Clarifiers Rehabilitation at Plant 2 306,093,000 - - - 306,093,000 Subtotal - Primary Treatment 689,193,000 101,265,570 26,184,200 127,449,770 561,743,230 Secondary Treatment Activated Sludge-1 Aeration Basin & Blower Rehab at P1 470,000,000 6,012,999 5,205,600 11,218,599 458,781,401 Trickling Filter Rehab at P1 47,000,000 111,452 420,300 531,752 46,468,248 Return Activated Sludge Piping Replacement at Plant 2 10,000,000 9,424,585 - 9,424,585 575,415 Activated Sludge Aeration Basin Rehabilitation at Plant 2 65,600,000 1,118,217 1,306,000 2,424,217 63,175,783 Subtotal - Secondary Treatment 592,600,000 16,667,253 6,931,900 23,599,153 569,000,847 Solids Handling & Digestion Interim Food Waste Receiving Facility 6,300,000 1,352,312 31,800 1,384,112 4,915,888 TPAD Digester Facility at Plant 2 588,000,000 34,694,206 4,480,300 39,174,506 548,825,494 Digesters Rehabilitation at Plant No. 2 45,000,000 3,873,832 1,704,800 5,578,632 39,421,368 Truck Loading Bay Odor Control Improvements at Plant 2 8,356,000 31,489 148,500 179,989 8,176,011 Subtotal - Solids Handling & Digestion 647,656,000 39,951,839 6,365,400 46,317,239 601,338,761 Ocean Outfall Systems Ocean Outfall System Rehabilitation 170,300,000 131,016,178 8,790,700 139,806,878 30,493,122 120-inch Ocean Outfall Rehabilitation 82,000,000 206,462 736,300 942,762 81,057,238 Sodium Bisulfite Station Rehabilitation at Plant 2 9,200,000 1,086,687 655,000 1,741,687 7,458,313 Emergency Overflow Pipes & Windwall Rehabilitation at P2 7,500,000 103,875 15,400 119,275 7,380,725 Subtotal - Ocean Outfall Systems 269,000,000 132,413,202 10,197,400 142,610,602 126,389,398 Capital Improvement Program Budget Review Section 3 - Page 7 (Continued) FY 2024-25 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2025 Current Total Approved June 30, 2024 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2025 Budget Treatment & Disposal Projects (Continued) Utility Systems Electrical Power Distribution System Improvements 29,000,000 4,250,356 516,600 4,766,956 24,233,044 Digester Gas Facilities Rehabilitation 190,000,000 17,383,954 3,745,500 21,129,454 168,870,546 Natural Gas Pipelines Replacement at Plants 1 and 2 2,173,718 2,173,717 - 2,173,717 1 Central Generation Engine Overhauls at Plants 1 and 2 72,200,000 21,578,599 10,317,500 31,896,099 40,303,901 Central Generation Facilities & OOBS Seismic Upgrades 17,500,000 - 5,500 5,500 17,494,500 Uninterruptable Power Supply Improvements at Plant 1 9,600,000 5,402,415 1,575,200 6,977,615 2,622,385 12.47 kV Switchgear Replacement at CenGen at Plant 1 16,000,000 - - - 16,000,000 Industrial Control System & IT Data Center Relocation at P1 16,500,000 52,741 93,200 145,941 16,354,059 Headworks Electrical Distribution Improvements at P2 34,652,000 - 115,100 115,100 34,536,900 Subtotal - Utility Systems 387,625,718 50,841,782 16,368,600 67,210,382 320,415,336 Information Management Systems Process Control Systems Upgrades 35,500,000 11,757,880 3,165,900 14,923,780 20,576,220 Project Management Information System 2,280,000 1,666,899 60,700 1,727,599 552,401 Process Control System Alarm Optimization 4,121,000 - 58,000 58,000 4,063,000 Information Technology Capital Program 10,000,000 669,755 819,800 1,489,555 8,510,445 EAM Software and Process Implementation 9,200,000 7,087,993 - 7,087,993 2,112,007 Subtotal - Information Management Systems 61,101,000 21,182,527 4,104,400 25,286,927 35,814,073 Strategic & Master Planning Planning Studies Program 23,925,000 8,895,681 2,845,400 11,741,081 12,183,919 Subtotal - Strategic & Master Planning 23,925,000 8,895,681 2,845,400 11,741,081 12,183,919 Water Management Projects GWRS Final Expansion Coordination 1,400,000 1,399,404 - 1,399,404 596 Subtotal - Water Management Projects 1,400,000 1,399,404 - 1,399,404 596 Research Research Program 10,000,000 4,227,762 1,525,500 5,753,262 4,246,738 Subtotal - Research 10,000,000 4,227,762 1,525,500 5,753,262 4,246,738 Section 3 - Page 8 (Continued) Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2025 Current Total Approved June 30, 2024 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2025 Budget Treatment & Disposal Projects (Continued) Support Facilities Small Construction Projects Program 102,513,000 23,234,482 13,528,900 36,763,382 65,749,618 Operations & Maintenance Capital Program 14,962,000 3,853,186 4,686,600 8,539,786 6,422,214 Laboratory Rehabilitation at Plant 1 103,800,000 - 190,400 190,400 103,609,600 Headquarters Complex 169,500,000 166,065,260 4,254,400 170,319,660 (819,660) South Perimeter Security & Utility Improvements at Plant 1 8,150,000 7,915,360 (43,200) 7,872,160 277,840 Support Buildings Seismic Improvements at Plant 1 27,600,000 1,910,233 605,000 2,515,233 25,084,767 Administrative Facilities & Power Building 3A Demolition 4,286,000 34,759 107,900 142,659 4,143,341 Collections Yard Relocation 8,800,000 4,368,666 3,690,500 8,059,166 740,834 Operations and Maintenance Complex at Plant 2 126,500,000 2,709,338 3,754,000 6,463,338 120,036,662 Subtotal - Support Facilities 566,111,000 210,091,284 30,774,500 240,865,784 325,245,216 Others Capital Improvement Program Management Services 1,500,000 911,345 296,800 1,208,145 291,855 Subtotal - Others 1,500,000 911,345 296,800 1,208,145 291,855 Total Treatment and Disposal Projects 3,620,511,718 793,096,067 136,632,000 929,728,067 2,690,783,651 Capital Equipment Purchases 29,593,863 - 15,363,900 15,363,900 14,229,963 Less: Savings and Deferrals (30,419,380) - (10,356,000) (10,356,000) (20,063,380) Total Collection, Treatment and Disposal Projects and Capital Equipment Purchases 4,714,326,201$ 960,515,937$ 213,229,000$ 1,173,744,937$ 3,540,581,264$ Capital Improvement Program Budget Review Section 3 - Page 9 FY 2024-25 Third Quarter Financial Report This Page Intentionally Left Blank Section 3 - Page 10 Capital Assets Schedule & Debt Service Budget Review For the Nine Months Ended March 31, 2025 Balance Year-to-Date Balance 07/01/24 Activity 03/31/25 CONSTRUCTION IN PROGRESS (CIP): Collection System 118,859,678$ 53,626,471$ 172,486,149$ Treatment Plant 558,222,491 96,965,031 655,187,522 Subtotal 677,082,169 150,591,502 827,673,671 PROPERTY, PLANT & EQUIPMENT (at cost): Land and Property Rights 58,153,170 - 58,153,170 Collection Lines and Pump Stations 1,013,172,599 - 1,013,172,599 Treatment Facilities 2,850,633,361 - 2,850,633,361 Effluent disposal facilities 96,161,634 - 96,161,634 Solids disposal facilities 3,329,893 - 3,329,893 General and administrative facilities 401,983,964 - 401,983,964 Lease right-to-use asset 109,897 - 109,897 Subscription right-to-use assets 3,474,003 - 3,474,003 Excess purchase price over book value on acquired assets 19,979,000 - 19,979,000 Subtotal 4,446,997,521 - 4,446,997,521 Total Property, Plant & Equipment & CIP 5,124,079,690$ 150,591,502$ 5,274,671,192$ 2024-25 Year-to-Date Remaining Budget Payments % of Budget Budget Principal Payments by Debt Issue: 2010A BABs -$ -$ --$ 2010C BABs - - -- 2016A COP 5,635,000 5,635,000 100.00%- 2017A COP - - -- 2021A COP 17,940,000 17,940,000 100.00%- 2022A COP - - -- 2024A COP 10,510,000 10,510,000 100.00%- Subtotal Principal Payments 34,085,000 34,085,000 100.00%- Interest Expense by Debt Issue: 2010A BABs 2,986,574 3,205,192 107.32%(218,618) 2010C BABs 971,230 468,792 48.27%502,438 2016A COP 5,757,550 4,271,150 74.18%1,486,400 2017A COP 3,290,750 2,468,150 75.00%822,600 2021A COP 4,732,250 3,399,650 71.84%1,332,600 2022A COP 4,081,000 3,060,800 75.00%1,020,200 2024A COP 5,123,067 5,121,226 99.96%1,841 Subtotal Interest Expense 26,942,421 21,994,960 81.64%4,947,461 Total Debt Service 61,027,421$ 56,079,960$ 91.89%4,947,461$ Capital Assets Schedule & Debt Service Budget Review Capital Assets Schedule Debt Service Budget Review Section 4 - Page 1 FY 2024-25 Third Quarter Financial Report This Page Intentionally Left Blank Section 4 - Page 2 General Liability and Property Fund Budget Review For the Nine Months Ended March 31, 2025 Actual Actual 2024-25 Through Through Budget 03/31/25 03/31/24 Revenues: In-Lieu Premiums 4,381,983$ 3,286,485$ 75.00% 1,095,498$ 2,432,250$ 854,235$ Service Department Allocations 25,000 2,430 9.72% 22,570 6,660 (4,230) Total Revenues 4,406,983 3,288,915 74.63%1,118,068 2,438,910 850,005 Expenses: Benefits/Claims 400,000 41,116 10.28% 358,884 995,852 (954,736) Professional Services 20,000 6,493 32.47% 13,507 16,500 (10,007) Subtotal 420,000 47,609 11.34%372,391 1,012,352 (964,743) Policy Premium Expense 3,622,500 3,477,986 96.01% 144,514 3,018,750 459,236 Total Expenses 4,042,500 3,525,595 87.21%516,905 4,031,102 (505,507) Excess Revenue (Expense)364,483 (236,680) 601,163$ (1,592,192) 1,355,512 Beginning Reserves 97,635,517 97,635,517 98,000,000 (364,483) Ending Reserves 98,000,000$ 97,398,837$ 96,407,808$ 991,029$ 03/31/25 Budget (Decrease) Self Insurance Budget Review Percent of Budget Remaining Through 2024-25 Increase Section 5 - Page 1 FY 2024-25 Third Quarter Financial Report Workers' Compensation Fund Budget Review For the Nine Months Ended March 31, 2025 Actual Actual 2024-25 Through Through Budget 03/31/25 03/31/25 03/31/24 Revenues: In-Lieu Premiums 659,546$ 494,659$ 75.00% 164,887$ 637,875$ (143,216)$ Service Department Allocations 100,000 47,628 47.63% 52,372 74,097 (26,469) Total Revenues 759,546 542,287 71.40%217,259 711,972 (169,685) Expenses: Benefits/Claims 600,000 392,254 65.38% 207,746 152,522 239,732 Legal Services 150,000 194,733 129.82% (44,733) 81,283 113,450 Professional Services 80,000 49,440 61.80% 30,560 88,296 (38,856) Subtotal 830,000 636,427 76.68%193,573 322,101 314,326 Policy Premium Expense 294,029 275,985 93.86% 18,044 245,024 30,961 Total Expenses 1,124,029 912,412 81.17%211,617 567,125 345,287 Excess Revenue (Expense)(364,483) (370,125) 5,642$ 144,847 (514,972) Beginning Reserves 2,364,483 2,364,483 2,000,000 364,483 Ending Reserves 2,000,000$ 1,994,358$ 2,144,847$ (150,489)$ Budget (Decrease) Percent of Budget Remaining Through 2024-25 Increase Section 5 - Page 2 April 30, 2025 STAFF REPORT Treasurer’s Report For the Period Ended March 31, 2025 SUMMARY Section 18.0 of the Orange County Sanitation District's (OC San) Investment Policy includes quarterly reporting requirements for OC San's two investment portfolios. These two funds, the "Liquid Operating Monies," and the "Long-Term Operating Monies" are managed by Insight Investment (Insight), OC San’s external money manager. The ongoing monitoring of OC San's investment program by staff and Callan LLC (Callan), OC San's independent investment advisor, indicates that OC San’s investments are in compliance with OC San's adopted Investment Policy and the California Government Code, and that overall performance has tracked with benchmark indices. In addition, sufficient liquidity and anticipated revenues are available for OC San to meet budgeted expenditures for the next six months. OC San’s portfolios do not include any reverse repurchase agreements or derivative securities. ADDITIONAL INFORMATION Performance Reports The Quarterly Investment Report, prepared by Insight, and the Investment Measurement Service Quarterly Review, prepared by Callan, as of March 31, 2025, are attached for reference. The Liquid Operating portfolio, with an average maturity of 110 days, consists entirely of high quality fixed income investments consistent with OC San’s investment policy. Also included within the attachments are: • Performance results in comparison with the ICE BAML 3-month treasury bill index for the liquid operating portfolio; and the ICE BAML Corp./Govt. 1-5 Year Bond index for the long-term portfolio as identified in the investment policy. • A listing of individual securities held at the end of each reporting period. Treasurer’s Report For the Period Ended March 31, 2025 Page 2 of 6 • Cost and market values of the portfolios: Liquid Operating Long-Term Cost $123.6 M $644.2 M Market Value $124.2 M $646.6 M • Modified duration of the portfolio compared to the Benchmark. Liquid Operating Long-Term OC San Policy < 0.50 < 5.00 Benchmark 0.16 2.48 Portfolio 0.22 2.69 • The percent of the Liquid Operating Monies portfolio maturing within 90 days: 42.6% • Average portfolio credit quality: Liquid Operating – AA- Long-Term – AA- • Percent of portfolio with credit ratings below “A” by any rating agency and a description of such securities: Liquid Operating – Percent of portfolio – 13.07% Long-Term – Percent of portfolio – 9.07% Morgan Stanley Corp Cost: $1,261,708.26 Maturity Date: 7/23/2025 Moody’s: A1 S&P: A- Percent of portfolio: 1.02% Morgan Stanley Corp Cost: $1,491,645.00 Maturity Date: 1/27/2026 Moody’s: A1 S&P: A- Percent of portfolio: 1.20% Intercontinental Corp Cost: $1,859,926.94 Maturity Date: 5/23/2025 Moody’s: A3 S&P: A- Percent of portfolio: 1.50% Intercontinental Corp Cost: $501,364.00 Maturity Date: 12/1/2025 Moody’s: A3 S&P: A- Percent of portfolio: 0.41% Treasurer’s Report For the Period Ended March 31, 2025 Page 3 of 6 Enterprise Prods LLC Corp Cost: $2,011,880.00 Maturity Date: 1/10/2026 Moody’s: A3 S&P: A- Percent of portfolio: 1.62% Abbvie Inc Corp Cost: $1,988,200.00 Maturity Date: 5/14/2025 Moody’s: A3 S&P: A- Percent of portfolio: 1.61% Bank of America Corp Cost: $1,989,540.00 Maturity Date: 8/1/2025 Moody’s: A1 S&P: A- Percent of portfolio: 1.61% Comcast Corp Cost: $991,010.00 Maturity Date: 8/15/2025 Moody’s: A3 S&P: A- Percent of portfolio: 0.80% Comcast Corp Cost: $779,000.00 Maturity Date: 10/15/2025 Moody’s: A3 S&P: A- Percent of portfolio: 0.63% Eog Resources Corp Cost: $1,713,207.76 Maturity Date: 4/1/2025 Moody’s: A3 S&P: A- Percent of portfolio: 1.39% US Bancorp Corp Cost: $1,582,848.00 Maturity Date:5/12/2025 Moody’s: A3 S&P: A Percent of portfolio: 1.28% Bank of America Corp Cost: $2,254,432.50 Maturity Date: 6/19/2026 Moody’s: A1 S&P: A- Percent of portfolio: 0.35% Bank of America Corp Cost: $5,907,613.65 Maturity Date: 1/20/2028 Moody’s: A1 S&P: A- Percent of portfolio: 0.96% Bank of America Corp Cost: $3,250,000.00 Maturity Date: 1/24/2028 Moody’s: A1 S&P: A- Percent of portfolio: 0.51% Bank of America Corp Cost: $4,305,375.00 Maturity Date: 3/5/2029 Moody’s: A1 S&P: A- Percent of portfolio: 0.68% Morgan Stanley Corp Cost: $9,753,225.60 Maturity Date: 4/13/2028 Moody’s: A1 S&P: A- Percent of portfolio: 1.54% Treasurer’s Report For the Period Ended March 31, 2025 Page 4 of 6 PNC Financial Services Corp Cost: $8,198,160.00 Maturity Date: 6/12/2029 Moody’s: A3 S&P: A- Percent of portfolio: 1.27% ERAC USA Fin LLC Corp Cost: $7,272,330.00 Maturity Date: 2/15/2029 Moody’s: A3 S&P: A- Percent of portfolio: 1.13% Virginia Electric Power Co Corp Cost: $5,736,523.40 Maturity Date: 5/15/2027 Moody’s: A2 S&P: BBB+ Percent of portfolio: 0.87% Realty Income Corp Cost: $5,462,290.00 Maturity Date: 12/15/2028 Moody’s: A3 S&P: A- Percent of portfolio: 0.85% Comcast Corp Cost: $4,785,920.00 Maturity Date: 5/1/2028 Moody’s: A3 S&P: A- Percent of portfolio: 0.75% American Honda Finance Corp Cost: $988,260.00 Maturity Date: 7/7/2028 Moody’s: A3 S&P: A- Percent of portfolio: 0.16% • All investments are in compliance with the investment policy and the California Government Code, except for the following Lehman Brother holdings that OC San is pursuing collection through the bankruptcy court: Lehman Brothers Note-Defaulted $600,000 par value purchased 9/19/2008 Lehman Brothers Note-Defaulted $2,000,000 par value purchased 9/18/2008 Treasurer’s Report For the Period Ended March 31, 2025 Page 5 of 6 Portfolio Market Values 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Long-Term ($) 689,065,781.68 685,660,419.69 632,610,453.12 646,622,785.81 Liquid Operating ($) 96,236,867.45 40,346,159.38 115,617,964.36 124,156,037.18 Total $785,302,649.13 $726,006,579.07 $748,228,417.48 $770,778,822.99 Orange County Sanitation District Account Balances as of March 31, 2025 Investment Accounts Balances March 31, 2025 Insight/U.S. Bank – Long-Term Portfolio Insight/U.S. Bank – Liquid Operating Portfolio State of California LAIF PARS Section 115 Trust - Moderate PARS Section 115 Trust - Balanced Banc of California – General Banc of California – Workers’ Compensation Banc of California – Property, Liability Claim, Exp U.S. Bank – Mount Langley BNY Mellon OCIP Reserve Petty Cash TOTAL Debt Service Reserves w/Trustees $ 646,622,786 124,156,037 53,602,857 10,835,035 5,507,891 5,292,490 100,000 50,000 303,067 250,000 1,500 $846,721,663 $287,226 Treasurer’s Report For the Period Ended March 31, 2025 Page 6 of 6 ATTACHMENTS 1. Insight Quarterly Review 2. Insight Quarterly Investment Report 3. Insight - U.S. Bank Month End Investment Detail with Accruals 4. Insight - U.S. Bank Transaction History 5. Callan Investment Measurement Service Quarterly Review Flash Report 6. Investment Transactions and Balances in LAIF 7. BNY Mellon Owner Controlled Insurance Program Escrow Account 8. PARS Section 115 Trust Account Report 9. PARS - U.S. Bank Month End Investment Detail with Accruals Insight Quarterly Review MARCH 2025 ORANGE COUNTY SANITATION DISTRICT (OC SAN) QUARTERLY REVIEW ECONOMIC REVIEW & OUTLOOK The first quarter of 2025 was centered around the effects and intentions of the new US administration, as Donald Trump resumed the presidency, with announcements introducing material economic and market uncertainty. The on/off imposition of import tariffs on US trade partners became a focus for many market participants as they attempted to identify the path forward for global economies, central bank actions and markets generally. The ongoing US policy pivots have heavily influenced policy pronouncements in many other countries, not least in Europe, where greater government commitments to spending on defense have been pushed up within domestic agendas. The US Federal Reserve was alone among the major central banks in not changing interest rates, with the European Central Bank, the Banks of England and Canada, the Swiss Central Bank, and the Reserve Bank of Australia all cutting rates, while the Bank of Japan raised rates during the quarter. The Fed held interest rates unchanged throughout the quarter as economic data remained mixed. Inflation rose in January but then moderated, with the headline rate ending at 2.4%. Although progress on reducing the core inflation rate is slow, it fell back to 2.8%, which is the lowest level in almost four years. Figure 1: Inflation outside of shelter is near Fed’s target (% year over year)1 In the labor market, the economy continued to add jobs while wage growth moderated to 3.8% per year for average hourly earnings. The unemployment rate finished the first quarter at 4.2%. However, immediate effects of the layoffs driven by the Department of Government Efficiency (DOGE) may begin to be apparent. 1 Source: Bureau of Labor Statistics, as of April 10, 2025. -6 -4 -2 0 2 4 6 8 10 12 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 All items less Shelter Shelter Figure 2: Federal government layoffs by department2 While it is not clear what the full effects of the new administration’s policies will be, the imposition of tariffs could see some switch in demand to domestically produced goods, as well as some relocating of production into the US. However, it is also not clear what effects any reciprocal tariffs imposed by trade partners could have on US exports. Either way, it seems reasonable to assume that the slow descent of inflation towards the 2% target level will not be helped by tariffs. The effects from tariffs and resulting degradation in confidence puts the US economy at greater risk for a slowdown. We believe growth will be less than 2% this year and may decelerate further in 2026. Meanwhile, the progress on inflation is expected to stall, migrating back towards 3% from the more-benign current levels. Figure 3: University of Michigan Consumer Sentiment, expected inflation rate, % year-over-year3 2 Source: Challenger. Gray and Christmas, Layoffs, as of April 3, 2025. 3 Source: University of Michigan, as of April 11, 2025. 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Next year Five years The Federal Reserve, having cut rates by 100bp in the second half of 2024, is likely to retain its cautious approach. We estimate just two rate cuts of 25bp in the remainder of 2025. If downside risks to the economy should emerge, our view is that the Fed will respond to a deteriorating labor market and look through the tariff-induced shock to inflation. Notwithstanding this risk to higher inflation, we believe the prospect of softer growth ahead will see US Treasury yields fall back over the course of the next year. MARKET REVIEW & OUTLOOK Governments Government bond markets were mixed during the first quarter. News, events and reactions were largely centered on the announcements and policies of the incoming Republican administration. Concerns that the US might be more exposed to recession through the imposition of tariffs helped push 10-year US Treasury yields lower by 36 basis points (bp). Treasury yields at the front-end of the curve remained stable. Figure 4: Comparative historical US Treasury yield curves4 Investment Grade Corporate Credit Political developments also exerted considerable influence on credit markets. The option-adjusted spread (OAS) over governments for the Bloomberg US Corporate Index ended the quarter 14bp wider at 94bp. Despite the uncertainty, many corporates have strong fundamentals, and the high absolute level of yields should draw investors towards credit markets. We expect issuance to remain elevated through the first half of 2025 as corporate treasurers seek to take advantage of demand. Structured credit / Secured finance After a strong start to the year, US asset-backed securities markets experienced some volatility as the threat of tariffs weighed on US consumer confidence. However, demand showed little sign of waning, with buyers quickly emerging to take advantage of spread- widening opportunities. Spreads appear attractive relative to similarly rated corporate credits, and our preference remains for issues with seniority in the capital structure and robust features that divert cashflow in the event of underperformance in the underlying asset pool. Strong underwriting and servicing policies may also act to insulate investors if the economy unexpectedly weakens. Municipal bonds In an increasingly uncertain environment, investors can find reassurance in the substantial reserves and cash balances accumulated by state and local governments over recent years. We believe these reserves should enable issuers to navigate periods of softer economic conditions. At a sector and issuer level, we see significant opportunities for relative value trades. Airports and toll roads generally offer good value, while mass-transit systems remain challenged due to the number of workers still operating remotely. We continue to favor essential utilities such as public power and water providers over state obligations. These utilities typically benefit from stable revenue streams and predictable cashflows. 4 Source: Bloomberg, as of March 31, 2025. LONG TERM PORTFOLIO The Long Term portfolio further increased the duration and maturity profile relative to the benchmark index. Portfolio duration extended from 2.57 years to 2.67 years to end the quarter. This long duration bias relative to the passive benchmark contributed to excess returns as Treasury yields fell. Alternatively, corporate and credit-related fixed income investments underperformed like-duration Treasuries. At issue for the “spread sectors” is the increasing federal policy uncertainty and growing risks concerning recession. Corporate yield spreads to Treasuries widened to compensate for these growing economic concerns, which could lead to increasing risks to ratings downgrades. The Long Term portfolio maintains an exposure to corporate securities of 24% versus a policy limit of 30%. As discussed during the February annual review, the next step for the Long Term portfolio was to build-in a better yield advantage versus the passive benchmark. This process was largely achieved during the quarter. The effort to increase yields focused on AAA-rated ABS and US agency MBS as investment grade corporate yield spreads were near historical lows and did not provide enough compensation for a change in economic outlook. The challenge, as was also discussed, is that recessionary fears can lead to further underperformance for the spread sectors. The Long Term portfolio remains well-positioned to add corporate securities again at more attractive yield spreads, and as the market adjusts to the changing economic environment. Figure 5: Long Term Portfolio Performance (gross of investment management fees) Portfolio Benchmark 3 months 2.13 2.00 6 months 1.46 1.28 9 months 4.81 4.76 12 months 5.65 5.65 Since Inception (annualized)5 5.69 5.60 Figure 6: Long Term Portfolio Characteristics March 2025 December 2024 Final Maturity (years) 3.36 2.96 Effective Duration (years) 2.67 2.57 Purchase Yield 4.02 3.35 Market Yield 4.22 4.45 Credit Quality (S&P) AA- AA Total Market Value ($, excludes accrued interest) 646,897,704 632,838,236 5 Performance inception date: February 29, 2024. LIQUID OPERATING PORTFOLIO OC San withdrew $22 million from the Liquid Operating portfolio in the beginning of January, and then contributed $29 million by month’s end, resulting in a net contribution of $7 million during the quarter. Estimated cash flows predict a sizeable contribution at the end of April, followed by monthly withdrawals through the summer. Less cash flow activity and the expectation for a contribution allowed the portfolio to “term out” maturities during the quarter. This resulted in a duration extension to 0.30 years from 0.23 years for the quarter. Yields on US-supported supranational agencies remain discounted to US agency and commercial paper offerings. While we recently outlined the credit protections afforded to supranational investors, federal policy unpredictability has heightened, leading us to pause further reinvestment in this sector. The upcoming April contribution will be well-timed as yield spreads have widened substantially. However, cash matching and an ample allocation to Treasury bills will be required to mitigate the growing illiquidity risks observed in all markets. Figure 7: Performance (gross of investment management fees) Portfolio Benchmark 3 months 1.12 1.02 6 months 2.32 2.21 9 months 3.75 3.60 12 months 5.18 4.97 Since Inception (annualized)6 5.21 5.01 Figure 8: Liquid Operating Portfolio Characteristics March 2025 December 2024 Final Maturity (years) 0.30 0.23 Effective Duration (years) 0.22 0.15 Purchase Yield 4.42 4.52 Market Yield 4.35 4.37 Credit Quality (S&P) AA- AA- Total Market Value ($, excludes accrued interest) 124,156,016 115,612,660 6 Performance inception date: February 29, 2024. BROAD MARKET DATA Source: Bloomberg. As of March 31, 2025. Bond yields (10-year) Quarterly change (bp) USA 4.21% -36 Germany 2.74% +37 Japan 1.49% +39 UK 4.68% +11 Bond spreads (over govts) Bloomberg US Corporate Index 94bp +14 Bloomberg Euro Corporate Index 98bp -4 Bloomberg Sterling Corporate Index 111bp +15 Bloomberg US Corporate High Yield Index 347bp +60 Bloomberg Pan-European High Yield Index 334bp +25 Equities Quarterly change (%) S&P 500 5,612 -4.6% Stoxx Europe 600 533.9 +5.2% FTSE 100 8,583 +5.0% Nikkei 225 35,618 -10.7% Hang Seng 23,120 +15.3% Currencies EUR/USD $1.082 +4.5% USD/JPY ¥150.0 -4.6% GBP/USD $1.292 +3.2% Commodities Oil price (Brent crude), $ per barrel 74.7 +0.1% Gold price, $ per oz. 3,124 +19.0% CRB Commodity Index 547 +2.0% Insight Investment 200 Park Avenue, 7th Floor New York, NY 10166 inquiries@insightinvestment.com company/insight-investment-north-america @InsightInvestUS www.insightinvestment.com IMPORTANT INFORMATION IMPORTANT DISCLOSURES This document has been prepared by Insight North America LLC (INA), a registered investment adviser under the Investment Advisers Act of 1940 and regulated by the US Securities and Exchange Commission. INA is part of ‘Insight’ or ‘Insight Investment’, the corporate brand for certain asset management companies operated by Insight Investment Management Limited including, among others, Insight Investment Management (Global) Limited, Insight Investment International Limited and Insight Investment Management (Europe) Limited (IIMEL). Opinions expressed herein are current opinions of Insight, and are subject to change without notice. Insight assumes no responsibility to update such information or to notify a client of any changes. Any outlooks, forecasts or portfolio weightings presented herein are as of the date appearing on this material only and are also subject to change without notice. Insight disclaims any responsibility to update such views. No forecasts can be guaranteed. Nothing in this document is intended to constitute an offer or solicitation to sell or a solicitation of an offer to buy any product or service (nor shall any product or service be offered or sold to any person) in any jurisdiction in which either (a) INA is not licensed to conduct business, and/or (b) an offer, solicitation, purchase or sale would be unavailable or unlawful. This document should not be duplicated, amended, or forwarded to a third party without consent from INA. This is a marketing document intended for institutional investors only and should not be made available to or relied upon by retail investors. This material is provided for general information only and should not be construed as investment advice or a recommendation. You should consult with your adviser to determine whether any particular investment strategy is appropriate. Assets under management (AUM) represented by the value of the client’s assets or liabilities Insight is asked to manage. These will primarily be the mark-to-market value of securities managed on behalf of clients, including collateral if applicable. Where a client mandate requires Insight to manage some or all of a client’s liabilities (e.g. LDI strategies), AUM will be equal to the value of the client specific liability benchmark and/or the notional value of other risk exposure through the use of derivatives. Regulatory assets under management without exposures can be provided upon request. Unless otherwise specified, the performance shown herein is that of Insight Investment (for Global Investment Performance Standards (GIPS), the ‘firm’) and not specifically of Insight North America. A copy of the GIPS composite disclosure page is available upon request. Past performance is not a guide to future performance, which will vary. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes). Future returns are not guaranteed and a loss of principal may occur. Targeted returns intend to demonstrate that the strategy is managed in such a manner as to seek to achieve the target return over a normal market cycle based on what Insight has observed in the market, generally, over the course of an investment cycle. In no circumstances should the targeted returns be regarded as a representation, warranty or prediction that the specific deal will reflect any particular performance or that it will achieve or is likely to achieve any particular result or that investors will be able to avoid losses, including total losses of their investment. The information shown is derived from a representative account deemed to appropriately represent the management styles herein. Each investor’s portfolio is individually managed and may vary from the information shown. The mention of a specific security is not a recommendation to buy or sell such security. The specific securities identified are not representative of all the securities purchased, sold or recommended for advisory clients. It should not be assumed that an investment in the securities identified will be profitable. Actual holdings will vary for each client and there is no guarantee that a particular client’s account will hold any or all of the securities listed. The quoted benchmarks within this document do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmark performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in volatility, and regulatory and legal restrictions between the indices shown and the strategy. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changes in market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment. Information herein may contain, include or is based upon forward-looking statements within the meaning of the federal securities laws, specifically Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include all statements, other than statements of historical fact, that address future activities, events or developments, including without limitation, business or investment strategy or measures to implement strategy, competitive strengths, goals expansion and growth of our business, plans, prospects and references to future or success. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘project’, ‘intend’, ‘plan’, ‘believe’, and other similar words are intended to identify these forward-looking statements. Forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining our actual future results or outcomes. Consequently, no forward-looking statement can be guaranteed. Our actual results or outcomes may vary materially. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Insight and BNY Mellon Securities Corporation (BNYMSC) are subsidiaries of BNY Mellon. BNYMSC is a registered broker and FINRA member. BNY Mellon is the corporate brand of the Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of the Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any government entity) and are not guaranteed by or obligations of the Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Mellon Corporation assumes no responsibility for the accuracy or completeness of the above data and disclaims all expressed or implied warranties in connection there with. Personnel of certain of our BNY Mellon affiliates may act as: (i) registered representatives of BNYMSC (in its capacity as a registered broker-dealer) to offer securities, (ii) officers of the Bank of New York Mellon (a New York chartered bank) to offer bank-maintained collective investment funds and (iii) associated persons of BNYMSC (in its capacity as a registered investment adviser) to offer separately managed accounts managed by BNY Mellon Investment Management firms. Disclaimer for Non-US Clients: Prospective clients should inform themselves as to the legal requirements and tax consequences within the countries of their citizenship, residence, domicile and place of business with respect to the purchase and ongoing provision of advisory services. No regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This document is directed and intended for ‘institutional investors’ (as such term is defined in various jurisdictions). By accepting this document, you agree (a) to keep all information contained herein (the ‘Information’) confidential, (b) not use the Information for any purpose other than to evaluate a potential investment in any product described herein, and (c) not to distribute the Information to any person other than persons within your organization or to your client that has engaged you to evaluate an investment in such product. Telephone conversations may be recorded in accordance with applicable laws. © 2025 Insight Investment. All rights reserved. Insight Quarterly Investment Report 1MPR0214 Insight Investment -Confidential -External Insight Investment -Confidential -External FOR PROFESSIONAL CLIENTS ONLY, NOT TO BE DISTRIBUTED TO RETAIL CLIENTS THIS DOCUMENT SHOULD NOT BE REPRODUCED IN ANY FORM WITHOUT PRIOR WRITTEN APPROVAL PLEASE REFER TO THE RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT Orange County Sanitation Client investment report: Q1 2025 This document has been prepared by Insight North America LLC (INA), a registered investment adviser under the Investment Advisers Act of 1940 and regulated by the US Securities and Exchange Commission. INA is part of ‘Insight’ or ‘Insight Investment’, the corporate brand for certain asset management companies operated by Insight Investment Management Limited including, among others, Insight Investment Management (Global) Limited and Insight Investment International Limited. The performance of Insight is being presented to show the historical performance of the portfolio management team responsible for managing the strategy. The track records presented include all accounts managed by Insight with substantially similar investment objectives, policies and strategies for which the strategy management teams were responsible. Advisory services referenced herein are available in the US only through INA. INA and its Insight affiliates are part of the GIPS® firm Insight Investment, which claims compliance with GIPS. Please refer to the important disclosures at the back of this document. 3MPR0214 •Economic review and outlook •Portfolio update •Compliance summary •Important disclosures Agenda Economic review and outlook 5MPR0214 Source: Bloomberg, Insight Investment, as of April 3, 2025. “Soft data” consists of survey and business cycle indicators, “Hard data” is an equally-weighted average of labor and housing market, industrial sector, consumer and trade sectors data. -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2022 2023 2024 2025 "Hard data" "Soft data" Economic surprise index The economic vibes are off However, the deteriorating sentiment and confidence are yet to show up in definitive "hard data" 6MPR0214 Source: International Trade Administration, as of February 3, 2025. Jobs supported by US goods exports, 2022 (in thousands) Millions of American jobs are tied to international trade The US imposed tariffs and tit-for-tat retaliation could upend the labor market 0 200 400 600 800 1,000 1,200 Chile Colombia Spain Switzerland Italy Australia Belgium India France Singapore Brazil Taiwan United Kingdom Netherlands Germany South Korea Japan China Mexico Canada 7MPR0214 Source: Challenger, Gray and Christmas, Layoffs.fyi, as of April 3, 2025. Federal government layoffs by DepartmentAnnounced job layoffs (in thousands) Meanwhile DOGE-related layoffs are picking up Elon Musk’s chainsaw approach to federal government could lead to economy-wide ripple effects 0 100 200 300 400 500 600 700 800 2019 2020 2021 2022 2023 2024 2025 Government Private sector 5,714 1,380 5,420 1,529 1,250 14,211 748 312 2,820 10,000 775 7,616 2,400 170 5,034 77,000 242 Agriculture Commerce Defense Education Energy Health and Human Services Homeland Security Housing and Urban Development Interior State Transportation Treasury Veterans Affairs Labor Other Agencies Deferred resignation program Non-DOGE firings 8MPR0214 Source: Bureau of Labor Statistics, as of April 10, 2025. Shelter and all items less Shelter, % year-over-year Inflation outside of Shelter is near Fed's target But tariff-induced prices increases loom large -6 -4 -2 0 2 4 6 8 10 12 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 All items less Shelter Shelter 9MPR0214 Consumer sentiment — expected inflation rate (%) The threat of Trump tariffs has spooked consumers The Fed may be reluctant to cut rates due to fears that inflation expectations are getting unanchored Source: University of Michigan, as of April 11, 2025. 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Next year Five years 10MPR0214 Source: Bloomberg, Insight Investment, as of April 9, 2025. Number of expected Fed hikes/cuts priced in Emotional rollercoaster The markets are now betting the Fed will cut several times this year amid fears of an economic contraction -4.5 -4.0 -3.5 -3.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Upcoming FOMC meeting dates As of January 12, 2025 As of February 16, 2025 As of April 9, 2025 11MPR0214 Mentions of tariffs in S&P 500 transcripts Tariffs dominate the conversation in corporate America Trump’s global tariffs have left corporate America flustered Source: Bloomberg, Insight Investment as of April 1, 2025. 0 100 200 300 400 500 600 700 800 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Communication Services Utilities Real Estate 12MPR0214 Source: US Department of Treasury, Insight Investment, as of March 19, 2025. Major foreign holders of Treasuries ($bn) Escalating trade tensions may reduce the appeal of US Treasuries President Trump’s policies may have detrimental impact on capital and investment flows 1,079 761 740 410 404 378 351 335 330 301 290 256 248 226 199 Japan China United Kingdom Luxembourg Cayman… Belgium Canada France Ireland Switzerland Taiwan Hong Kong Singapore India Brazil 13MPR0214 Source: Bloomberg, as of March 31, 2025. Opinions expressed herein are as of the date stated and are subject to change without notice. Insight assumes no responsibility to update such information or to notify a client of any changes. Any projections or forecasts contained herein are based upon certain assumptions considered reasonable. Projections are speculative in nature and some or all of the assumptions underlying the projections may not materialize or vary significantly from the actual results. Accordingly, the projections are only an estimate. •Fed to observe impacts from tariffs before responding with the appropriate policy •The Fed is predicting a ‘terminal rate’ near 3%, while the market currently expects something higher •The balance sheet reduction of Treasuries was tapered from $25bn to $5bn per month, MBS reduction remains at $35bn per month Fed delays cutting cycle amidst policy uncertainties 3/31/25, 4.38 12/31/25, 3.88 12/31/26, 3.38 12/31/27, 3.13 0.0 1.0 2.0 3.0 4.0 5.0 6.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 % Federal funds rate FOMC median estimates Market expectations 14MPR0214 Source: Insight, as of April 9, 2025. Any projections or forecasts contained herein are based upon certain assumptions considered reasonable. Projections are speculative in nature and some or all of the assumptions underlying the projections may not materialize or vary significantly from the actual results. Accordingly, the projections are only an estimate. Opinions expressed herein are as of the date stated and are subject to change without notice. Insight assumes no responsibility to update such information or to notify a client of any changes. •The recent bout of trade tensions have raised the odds of a meaningful slowdown in the US economy with the probability of a recession within the next twelve months rising •The Fed is facing an unenviable balancing act with the possibility of potentially extreme outcomes on either growth or inflation or both sides of its mandate •While President Trump has announced a 90-day pause on sweeping reciprocal tariffs, the threat of further escalation remains Key takeaways 2024 2025 2026 1.4 1.2 2.7 3.5 4.0 2.8 3.0 4.5 2.9 Real GDP Consumer Price Index Policy rate (year-end) Portfolio update Orange County Liquid Operating 17MPR0214 OC San Liquid Operating Portfolio Portfolio summary as of March 31, 2025 Source: Insight/Northern Trust. Inception date for performance purposes: February 29, 2024. Returns are gross of fees. Benchmark history provided at the end of this section Portfolio summary ●Value: $124,644,511 ●Benchmark: ICE BofA US 3-Month Treasury Bill Performance blank 1 month Year to date 1 year Since inception Gross of fees %%%% p.a. Portfolio 0.38 1.12 5.18 5.21 Benchmark 0.33 1.02 4.97 5.01 Relative 0.05 0.10 0.21 0.20 18MPR0214 OC San Liquid Operating Portfolio Portfolio characteristics as of March 31, 2025 Approach used for credit rating: Average. All durations are effective duration. *Excludes Treasury. Summary Portfolio Benchmark Relative Yield to worst (%) 4.4 4.3 0.1 Effective duration (years) 0.2 0.2 0.1 Average coupon 2.1 0.0 2.1 Average life / Maturity 0.3 0.2 0.1 Average rating AA AA+ Top issuers* (%) Holding International Bank for Reconstruct & Development 14.38 Federal Home Loan Banks 7.09 Federal Farm Credit Banks Funding Corp 5.67 MetLife Short Term Funding LLC 5.32 ING US Funding LLC 4.17 Wells Fargo Bank NA 2.84 Fannie Mae 2.34 Morgan Stanley 2.23 Intercontinental Exchange Inc 1.93 Inter American Development Bank 1.91 Issuer overweight* Contribution to duration (years) Portfolio Benchmark Relative Intrn Bank for Reconstr&Dev 0.03 - 0.03 Morgan Stanley 0.01 - 0.01 Enterprise Products Op 0.01 - 0.01 ING US Funding LLC 0.01 - 0.01 Microsoft Corp 0.01 - 0.01 MetLife Funding LLC 0.01 - 0.01 Oncor Electric Delivery Co 0.01 - 0.01 Wells Fargo Bank NA 0.01 - 0.01 Citibank NA - CITIBANK 0.01 - 0.01 Home Depot Inc/The 0.01 - 0.01 Total 0.11 - 0.11 Rating (%) 22.1 50.2 22.2 0.1 5.3 100.0 0 50 100 150 AAA AA A BBB BIG Cash NR Portfolio Benchmark Duration (%) 5.7 15.3 5.3 31.9 33.5 8.3 100.0 0 40 80 120 1 day 2-7 days 8-30 days 31-90 91-180 181+Portfolio Benchmark 19MPR0214 OC San Liquid Operating Portfolio Portfolio allocation as of March 31, 2025 Sector (%) Market Value Portfolio Benchmark Relative Supranational 19.6 - 19.6 Financial Institutions 18.7 - 18.7 Agency 17.5 - 17.5 Industrial 12.6 - 12.6 Cash and other 6.2 - 6.2 Utility 2.4 - 2.4 Treasury 23.1 100.0 -76.9 Total 100.0 100.0 20MPR0214 OC San Liquid Operating Portfolio Contribution to duration as of March 31, 2025 All durations are effective duration. Sector Contribution to duration (years) Portfolio Benchmark Relative (CTD) Financial Institutions 0.1 - 0.1 Supranational 0.0 - 0.0 Industrial 0.0 - 0.0 Agency 0.0 - 0.0 Utility 0.0 - 0.0 Treasury 0.0 0.2 -0.1 Total 0.2 0.2 21MPR0214 OC San Liquid Operating Portfolio Contribution to duration as of March 31, 2025 Approach used for credit rating: Average. All durations are effective duration. Ratings Contribution to duration (years) Rating Portfolio Benchmark Relative AAA 0.05 - 0.05 AA 0.08 0.16 -0.07 A 0.08 - 0.08 BBB - - - BIG - - - NR 0.01 - 0.01 Total 0.22 0.16 0.07 0.1 0.1 0.1 0.0 0.2 0 1 AAA AA A BBB BIG NR Portfolio Benchmark Duration Contribution to duration (years) Portfolio Benchmark Relative 1 day - - - 2-7 days - - - 8-30 days 0.00 - 0.00 31-90 0.05 0.16 -0.11 91-180 0.11 - 0.11 181+ 0.06 - 0.06 Total 0.22 0.16 0.07 0.0 0.0 0.1 0.1 0.2 0 1 1 day 2-7 days 8-30 days 31-90 91-180 181+ Portfolio Benchmark SECURITIES HELD As of March 31, 2025 OC SAN LIQUID OPERATING PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Cash and Cash Equivalents 0.000 153,998.36 153,998.36 0.00 0.00 0.12153,998.36153,998.36Cash and Cash Equivalents Total Cash and Cash Equivalents 153,998.36 153,998.36 153,998.36 0.00 0.120.00153,998.36 Commercial Paper 93114ERE9 0.000 04/14/2025 1,494,407.08 1,497,474.17 13.18 0.00 1.211,497,487.351,500,000.00CP WALMART INC - WALMART 0% 14/04/2025 46590DSK7 0.000 05/19/2025 981,300.00 994,011.11 4.99 0.00 0.79994,016.101,000,000.00J P MORGAN SECS LLC 4/2 DISC COML 45685QSM2 0.000 05/21/2025 244,998.13 248,395.63 57.72 0.00 0.20248,453.35250,000.00ING US FDG LLC DISC COML PAPER 4/A2 YRS 1&2 21 MAY 2025 59157TSW4 0.000 05/30/2025 6,570,435.01 6,632,015.33 334.23 0.00 5.316,632,349.566,680,000.00CP METLIFE SHORT TERM FUNDING LLC - METMM 0% 30/05/2025 4497W0TD0 0.000 06/13/2025 984,113.89 991,161.11 (124.71) 0.00 0.80991,036.401,000,000.00CP ING US FUNDING LLC 0% 13/06/2025 4497W0TR9 0.000 06/25/2025 3,908,613.33 3,957,971.91 436.09 0.00 3.163,958,408.004,000,000.00CP ING US FUNDING LLC 0% 25/06/2025 Total Commercial Paper 14,183,867.44 14,321,029.26 14,321,750.76 721.50 11.470.0014,430,000.00 Corporate Bonds 26875PAM3 3.150 04/01/2025 1,713,207.76 1,724,000.00 0.00 27,153.00 1.391,724,000.001,724,000.00EOG RESOURCES INC 3.15% 01APR2025 CALLABLE 64952WES8 4.961 04/21/2025 1,002,130.00 1,000,215.05 84.95 9,506.76 0.811,000,300.001,000,000.00NEW YORK LIFE GLOBAL FDG FRN 21APR2025 144A 22MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LIQUID OPERATING PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Corporate Bonds 91159HHZ6 1.450 05/12/2025 1,582,848.00 1,594,500.89 (550.01) 8,957.78 04/11/2025 1.281,593,950.881,600,000.00US BANCORP 1.45% 12MAY2025 (CALLABLE 14APR25) 00287YAQ2 3.600 05/14/2025 1,988,200.00 1,997,276.92 219.04 27,400.00 1.611,997,495.962,000,000.00ABBVIE INC 3.6% 14MAY2025 (CALLABLE 04MAY25) 45866FAT1 3.650 05/23/2025 1,859,926.94 1,868,293.15 (245.78) 24,281.42 1.501,868,047.371,871,000.00INTERCONTINENTALEXCHANGE 3.65% 23MAY2025 717081EX7 0.800 05/28/2025 1,958,525.25 1,988,091.41 206.95 5,466.67 04/28/2025 1.581,988,298.362,000,000.00PFIZER INC 0.8% 28MAY2025 (CALLABLE 28APR25) 6944PL2T5 5.174 06/16/2025 858,052.35 855,890.27 358.03 1,719.12 0.69856,248.30855,000.00PACIFIC LIFE GF II FRN 16JUN2025 144A 24422EXA2 4.860 07/03/2025 500,615.00 500,205.00 210.00 5,873.10 0.40500,415.00500,000.00JOHN DEERE CAPITAL CORP FRN 03JUL2025 46625HMN7 3.900 07/15/2025 1,752,800.77 1,753,684.82 (255.31) 14,465.97 04/15/2025 1.421,753,429.511,757,000.00JPMORGAN CHASE & CO 3.9% 15JUL2025 (CALLABLE 04MAY25) 6174468C6 4.000 07/23/2025 1,261,708.26 1,263,733.80 314.76 9,565.33 1.021,264,048.561,266,000.00MORGAN STANLEY 4% 23JUL2025 06051GFS3 3.875 08/01/2025 1,989,540.00 1,995,259.70 132.62 12,916.67 1.611,995,392.322,000,000.00BANK OF AMERICA CORP 3.875% 01AUG2025 94988J6B8 5.550 08/01/2025 3,516,800.00 3,508,888.37 481.34 32,375.00 07/01/2025 2.843,509,369.713,500,000.00WELLS FARGO BANK NA 5.55% 01AUG2025 (CALLABLE 01JUL25) 20030NBN0 3.375 08/15/2025 991,010.00 995,871.94 710.72 4,312.50 05/15/2025 0.80996,582.661,000,000.00COMCAST CORP 3.375% 15AUG2025 (CALLABLE 15MAY25) 437076CR1 4.000 09/15/2025 1,995,040.00 1,996,923.31 (859.65) 3,555.56 08/15/2025 1.611,996,063.662,000,000.00HOME DEPOT INC 4% 15SEP2025 (CALLABLE 15AUG25) 23MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LIQUID OPERATING PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Corporate Bonds 17325FBA5 5.864 09/29/2025 2,120,076.00 2,111,487.71 1,529.48 684.13 08/29/2025 1.712,113,017.192,100,000.00CITIBANK NA 5.864% 29SEP2025 (CALLABLE 29AUG25) 68233JBZ6 0.550 10/01/2025 1,940,440.00 1,961,771.77 (1,638.63) 5,500.00 09/01/2025 1.571,960,133.142,000,000.00ONCOR ELECTRIC DELIVERY 0.55% 01OCT2025 (CALLABLE 01SEP25) 20030NCS8 3.950 10/15/2025 775,393.23 776,451.74 722.99 14,188.62 08/15/2025 0.63777,174.73779,000.00COMCAST CORP 3.95% 15OCT2025 (CALLABLE 15AUG25) 693304AT4 3.150 10/15/2025 956,797.50 958,719.96 (1,169.55) 14,016.63 07/15/2025 0.77957,550.41965,000.00PECO ENERGY CO 3.15% 15OCT2025 (CALLABLE 15JUL25) 594918BJ2 3.125 11/03/2025 2,077,635.00 2,084,828.84 2,326.76 26,979.17 08/03/2025 1.682,087,155.602,100,000.00MICROSOFT CORP 3.125% 03NOV2025 (CALLABLE 03AUG25) 45866FAD6 3.750 12/01/2025 501,364.00 502,344.62 712.34 6,312.50 09/01/2025 0.41503,056.96505,000.00INTERCONTINENTALEXCHANGE 3.75% 01DEC2025 (CALLABLE 01SEP25) 29379VCC5 5.050 01/10/2026 2,011,880.00 2,009,789.68 (1,125.10) 22,725.00 1.632,008,664.582,000,000.00ENTERPRISE PRODUCTS OPER 5.05% 10JAN2026 61746BDZ6 3.875 01/27/2026 1,491,645.00 1,493,045.28 (661.81) 10,333.33 1.211,492,383.471,500,000.00MORGAN STANLEY 3.875% 27JAN2026 Total Corporate Bonds 34,845,635.06 34,941,274.23 34,942,778.37 1,504.14 28.19288,288.2635,022,000.00 Government Agencies 459058JB0 0.625 04/22/2025 3,464,601.50 3,490,247.36 (497.95) 9,655.94 2.803,489,749.413,498,000.00INTL BK RECON & DEVELOP 0.625% 22APR2025 3130AWSY7 4.475 05/02/2025 1,210,415.39 1,210,144.48 (21.14) 8,562.60 0.981,210,123.341,210,000.00FEDERAL HOME LOAN BANK FRN 02MAY2025 3130AXR59 4.470 05/09/2025 3,326,152.84 3,325,454.15 (21.10) 20,602.99 2.693,325,433.053,325,000.00FEDERAL HOME LOAN BANK FRN 09MAY2025 24MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LIQUID OPERATING PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Government Agencies 3130ANKD1 0.650 05/23/2025 993,379.00 994,762.49 98.41 2,311.11 0.80994,860.901,000,000.00FEDERAL HOME LOAN BANK 0.65% 23MAY2025 CALLABLE 3133EPRC1 4.490 05/27/2025 500,274.00 500,097.61 34.38 1,990.69 0.40500,131.99500,000.00FEDERAL FARM CREDIT BANK FRN 27MAY2025 3130AXD54 4.975 06/27/2025 550,368.50 550,117.49 38.88 304.03 0.45550,156.37550,000.00FEDERAL HOME LOAN BANK FRN 27JUN2025 3136G4XV0 0.730 06/30/2025 2,461,037.93 2,478,272.94 (152.91) 4,562.50 1.992,478,120.032,500,000.00FANNIE MAE 0.73% 30JUN2025 (CALLABLE 30DEC24) 3130AN4A5 0.700 06/30/2025 433,417.60 436,128.00 (32.08) 770.00 0.35436,095.92440,000.00FEDERAL HOME LOAN BANK 0.7% 30JUN2025 3130AWLH1 4.500 07/10/2025 765,421.36 765,319.98 5.22 7,634.70 0.62765,325.20765,000.00FEDERAL HOME LOAN BANK FRN 10JUL2025 3130AWNG1 4.500 07/14/2025 255,144.83 255,111.00 (21.59) 2,417.33 0.21255,089.41255,000.00FEDERAL HOME LOAN BANK FRN 14JUL2025 4581X0DN5 0.625 07/15/2025 2,356,320.00 2,374,937.70 (1,078.74) 3,166.67 1.912,373,858.962,400,000.00INTER-AMERICAN DEVEL BK 0.625% 15JUL2025 76116EGG9 0.000 07/15/2025 1,386,384.30 1,399,430.44 (173.08) 0.00 1.121,399,257.361,417,000.00RESOLUTION FUNDING STRIP 0% 15JUL2025 45950KCT5 0.375 07/16/2025 704,641.57 710,861.00 (454.83) 561.72 0.57710,406.17719,000.00INTL FINANCE CORP 0.375% 16JUL2025 3130B4KJ9 4.335 07/21/2025 999,987.43 999,990.22 (1.77) 8,915.00 0.81999,988.451,000,000.00FEDERAL HOME LOAN BANK FRN 21JUL2025 3134GXE34 4.050 07/25/2025 999,000.00 999,135.34 (625.35) 7,425.00 04/25/2025 0.81998,509.991,000,000.00FREDDIE MAC 4.05% 25JUL2025 (CALLABLE 25MAR25) 25MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LIQUID OPERATING PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Government Agencies 459058JE4 0.375 07/28/2025 9,793,996.50 9,872,974.29 (2,838.69) 6,562.50 7.929,870,135.6010,000,000.00INTL BK RECON & DEVELOP 0.375% 28JUL2025 3136G4W41 0.650 08/25/2025 437,127.95 438,623.20 (113.49) 289.25 05/25/2025 0.35438,509.71445,000.00FANNIE MAE 0.65% 25AUG2025 (CALLABLE 25MAY25) 3133EL4W1 0.610 08/25/2025 640,342.24 642,556.56 (163.83) 397.72 0.52642,392.73652,000.00FEDERAL FARM CREDIT BANK 0.61% 25AUG2025 (CALLABLE 10APR25) 45950VRG3 3.330 08/25/2025 1,107,909.72 1,110,450.93 (1,590.10) 3,712.95 0.901,108,860.831,115,000.00INTL FINANCE CORP 3.33% 25AUG2025 3134GXS47 4.200 08/28/2025 569,544.00 569,593.45 (476.81) 2,194.50 05/28/2025 0.46569,116.64570,000.00FREDDIE MAC 4.2% 28AUG2025 (CALLABLE 28MAY25) 3130AK5E2 0.375 09/04/2025 242,750.00 245,880.07 (55.58) 70.31 0.20245,824.49250,000.00FEDERAL HOME LOAN BANK 0.375% 04SEP2025 459058JJ3 4.617 09/18/2025 3,787,895.38 3,785,502.03 (1,991.69) 6,304.04 3.063,783,510.343,782,000.00INTL BK RECON & DEVELOP FRN 18SEP2025 3133EPWW1 4.995 09/25/2025 375,330.00 375,161.37 88.60 312.19 0.30375,249.97375,000.00FEDERAL FARM CREDIT BANK FRN 25SEP2025 #0000 3133ERZL8 4.395 10/30/2025 4,151,132.12 4,150,984.25 117.20 30,375.69 3.364,151,101.454,150,000.00FEDERAL FARM CREDIT BANK FRN 30OCT2025 45905U6L3 3.125 11/20/2025 742,575.00 744,288.46 255.26 8,528.65 0.60744,543.72750,000.00INTL BK RECON & DEVELOP 3.125% 20NOV2025 Total Government Agencies 42,255,149.16 42,426,024.81 42,416,352.03 (9,672.78)34.18137,628.0842,668,000.00 Government Bonds 91282CHS3 4.360 07/31/2025 3,500,308.39 3,500,168.72 478.29 25,115.21 2.833,500,647.013,500,000.00US TREASURY FRN FRN 31JUL2025 26MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LIQUID OPERATING PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Government Bonds 91282CJD4 4.405 10/31/2025 2,001,530.15 2,001,353.11 44.41 14,499.05 1.622,001,397.522,000,000.00US TREASURY FRN FRN 31OCT2025 91282CGE5 3.875 01/15/2026 2,471,044.42 2,471,346.76 (465.31) 19,870.08 2.002,470,881.452,475,000.00USA TREASURY 3.875% 15JAN2026 Total Government Bonds 7,972,882.96 7,972,868.59 7,972,925.98 57.39 6.4559,484.347,975,000.00 Short Term Bills and Notes 912797NC7 0.000 04/24/2025 614,554.69 623,209.38 99.76 0.00 0.50623,309.14625,000.00USA TREASURY BILLS 0% 24APR2025 912797NE3 0.000 05/08/2025 5,970,418.02 5,974,451.93 (567.77) 0.00 4.835,973,884.166,000,000.00USA TREASURY BILL 0% 08MAY2025 912797PH4 0.000 05/13/2025 7,149,297.90 7,214,795.20 (573.95) 0.00 5.787,214,221.257,250,000.00USA TREASURY BILL 0% 13MAY2025 459053GF5 0.000 05/30/2025 2,265,597.11 2,283,746.67 344.99 0.00 1.832,284,091.662,300,000.00IBRD DISCOUNT NOTE DUE 5/30/25 3133ERGW5 4.305 06/12/2025 1,358,340.41 1,358,724.30 159.79 3,094.15 1.101,358,884.091,359,000.00FEDERAL FARM CREDIT BANK FRN 12JUN2025 912797MG9 0.000 08/07/2025 3,430,637.82 3,447,366.35 857.00 0.00 2.773,448,223.353,500,000.00USA TREASURY BILL 0% 07AUG2025 912797PN1 0.000 08/14/2025 3,427,679.89 3,444,432.01 1,164.87 0.00 2.773,445,596.883,500,000.00USA TREASURY BILL 0% 14AUG2025 Total Short Term Bills and Notes 24,216,525.84 24,346,725.84 24,348,210.53 1,484.69 19.593,094.1524,534,000.00 Grand total 123,628,058.82 124,161,921.09 (5,905.06)124,782,998.36 100.00488,494.83124,156,016.03 27MPR0214 Orange County Long Term 29MPR0214 OC San Long Term Portfolio Portfolio summary as of March 31, 2025 Source: Insight/Northern Trust. Inception date for performance purposes: February 29, 2024. Returns are gross of fees. Benchmark history provided at the end of this section Portfolio summary ●Value: $650,514,776 ●Benchmark: ICE BofA 1-5 Year AAA-A US Corporate & Government Index Performance blank 1 month Year to date 1 year Since inception Gross of fees %%%% p.a. Portfolio 0.50 2.13 5.65 5.69 Benchmark 0.51 2.00 5.65 5.60 Relative -0.01 0.13 0.00 0.09 30MPR0214 OC San Long Term Portfolio Portfolio characteristics as of March 31, 2025 Approach used for credit rating: Average. All durations are effective duration. *Excludes Treasury. Summary Portfolio Benchmark Relative Yield to worst (%) 4.2 4.1 0.2 Effective duration (years) 2.7 2.5 0.2 Average coupon 3.3 3.2 0.2 Average life / Maturity 2.9 2.7 0.2 Average rating AA AA Top issuers* (%) Holding Freddie Mac 11.08 International Bank for Reconstruct & Development 4.56 Inter American Development Bank 4.55 American Express Credit Account Master Trust 2.98 Bank of America Corp 2.50 Resolution Funding Corp Interest Strip 2.32 JPMorgan Chase & Co 2.09 State Street Bank & Trust Co 1.96 Verizon Master Trust 1.88 Morgan Stanley 1.57 Issuer overweight* Contribution to duration (years) Portfolio Benchmark Relative Freddie Mac 0.30 0.00 0.30 Intrn Bank for Reconstr&Dev 0.13 0.01 0.12 Inter American Dev Bank 0.11 0.01 0.10 Resolution Fund Corp Strip 0.08 - 0.08 Amex Credit A/c Master Trust 0.04 - 0.04 Citibank NA - CITIBANK 0.04 0.00 0.04 Consumers Energy Co 0.04 0.00 0.04 ERAC USA Finance LLC 0.04 0.00 0.04 GMF Revolving Trust 0.04 - 0.04 Verizon Master Trust 0.04 - 0.04 Total 0.87 0.03 0.84 Rating (%) 25.4 55.1 19.4 3.9 80.5 15.4 0.10 50 100 AAA AA A BBB BIG Cash NR Portfolio Benchmark Duration (%) 3.8 27.9 21.9 34.6 11.9 5.0 34.4 27.1 22.9 10.5 0 10 20 30 40 0-1 1-2 2-3 3-4 4-5 5+Portfolio Benchmark 31MPR0214 OC San Long Term Portfolio Portfolio allocation as of March 31, 2025 Sector (%) Market Value Portfolio Benchmark Relative ABS 15.6 - 15.6 CMBS 8.4 - 8.4 Supranational 9.8 2.6 7.2 Financial Institutions 16.2 10.4 5.8 Agency 8.4 4.0 4.4 Utility 1.9 0.6 1.3 Industrial 6.2 5.9 0.4 CMO 0.2 - 0.2 Cash and other 0.1 - 0.1 Local Authority - 0.7 -0.7 Sovereign - 1.0 -1.0 Treasury 33.3 74.8 -41.5 Total 100.0 100.0 32MPR0214 OC San Long Term Portfolio Contribution to duration as of March 31, 2025 All durations are effective duration. Sector Contribution to duration (years) Portfolio Benchmark Relative (CTD) ABS 0.3 - 0.3 CMBS 0.2 - 0.2 Supranational 0.3 0.1 0.2 Agency 0.2 0.1 0.1 Financial Institutions 0.4 0.3 0.1 Utility 0.1 0.0 0.0 Industrial 0.2 0.1 0.0 CMO 0.0 - 0.0 Local Authority - 0.0 0.0 Sovereign - 0.0 0.0 Treasury 1.1 1.9 -0.8 Total 2.7 2.5 33MPR0214 OC San Long Term Portfolio Contribution to duration as of March 31, 2025 Approach used for credit rating: Average. All durations are effective duration. Ratings Contribution to duration (years) Rating Portfolio Benchmark Relative AAA 0.53 0.10 0.43 AA 1.67 1.99 -0.32 A 0.49 0.39 0.10 BBB - 0.00 0.00 BIG - - - NR - - - Total 2.69 2.48 0.21 0.5 1.7 0.5 0.1 2.0 0.4 0.00 1 2 3 AAA AA A BBB BIG NR Portfolio Benchmark Duration Contribution to duration (years) Portfolio Benchmark Relative 0-1 0.02 0.05 -0.03 1-2 0.43 0.51 -0.09 2-3 0.55 0.68 -0.12 3-4 1.18 0.80 0.38 4-5 0.51 0.44 0.07 5+ - - - Total 2.69 2.48 0.21 0.0 0.4 0.6 1.2 0.5 0.0 0.5 0.7 0.8 0.4 0 1 2 0-1 1-2 2-3 3-4 4-5 5+ Portfolio Benchmark SECURITIES HELD As of March 31, 2025 OC SAN LONG TERM PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Asset Backed Securities 43815BAC4 1.880 05/15/2026 721,647.90 721,727.73 (3,855.70) 603.07 0.11717,872.03721,756.45HONDA AUTO RECEIVABLES OWNER T HAROT 2022-1 A3 47800AAC4 3.740 02/16/2027 1,409,800.78 1,409,880.43 (5,368.89) 2,343.63 0.221,404,511.541,409,935.42JOHN DEERE OWNER TRUST JDOT 2022-B A3 02582JJT8 3.390 05/15/2027 6,618,535.66 6,619,377.31 (9,767.40) 9,974.13 1.036,609,609.916,620,000.00AMERICAN EXPRESS CREDIT ACCOUN AMXCA 2022-2 A 47800BAC2 5.090 06/15/2027 2,430,122.44 2,430,222.00 7,486.41 5,497.90 0.382,437,708.412,430,311.03JOHN DEERE OWNER TRUST JDOT 2022-C A3 02582JJV3 3.750 08/15/2027 1,934,062.50 1,967,374.67 26,243.33 3,333.33 0.301,993,618.002,000,000.00AMERICAN EXPRESS CREDIT ACCOUN AMXCA 2022-3 A 89239NAD7 4.750 02/22/2028 4,377,942.65 4,377,944.82 26,738.21 6,354.18 0.684,404,683.034,378,000.00TOYOTA LEASE OWNER TRUST TLOT 2025-A A3 05592XAD2 5.470 02/25/2028 1,335,436.39 1,335,524.52 8,954.51 1,217.69 0.211,344,479.031,335,673.07BMW VEHICLE OWNER TRUST BMWOT 2023-A A3 448984AD6 4.620 04/17/2028 5,003,906.25 5,003,765.52 8,705.98 10,266.67 0.785,012,471.505,000,000.00HYUNDAI AUTO LEASE SECURITIZAT HALST 2024-CA3 34528QHV9 4.920 05/15/2028 9,033,398.44 9,032,224.05 6,693.75 19,680.00 1.409,038,917.809,000,000.00FORD CREDIT FLOORPLAN MASTER O FORDF 2023-1 A1 345282AD9 4.940 06/15/2028 4,809,503.13 4,809,245.92 16,215.69 10,543.06 0.754,825,461.614,802,000.00FORD CREDIT AUTO LEASE TRUST FORDL 2025-AA3 14043KAK1 4.760 08/15/2028 5,252,690.60 5,252,276.34 21,983.83 11,085.51 0.825,274,260.175,240,000.00CAPITAL ONE PRIME AUTO RECEIVA COPAR 2023-1 A4 12674BAB1 4.300 08/15/2028 4,053,821.38 4,053,822.86 (1,123.20) 5,810.61 0.634,052,699.664,053,913.00CNH EQUIPMENT TRUST CNH 2025-A A2A 34MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LONG TERM PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Asset Backed Securities 361886DK7 4.680 11/15/2028 7,712,108.20 7,712,043.98 19,498.53 16,036.80 1.207,731,542.517,710,000.00GENERAL MOTORS GFORT 2024-3A A1 161571HV9 4.600 01/16/2029 8,038,775.51 8,039,067.12 46,579.18 16,437.33 1.258,085,646.308,040,000.00CHASE ISSUANCE TRUST CHAIT 2024-A1 A 92348KBG7 4.490 01/22/2029 4,448,387.11 4,449,023.13 5,567.90 6,112.01 0.694,454,591.034,455,000.00VERIZON MASTER TRUST VZMT 2023-1 A 43816DAC9 4.330 05/15/2029 1,972,720.82 1,972,748.74 (1,448.08) 3,796.93 0.311,971,300.661,973,000.00HONDA AUTO RECEIVABLES SR 24-4 CL A3 4.33% 05-15-2029 92887TAC5 4.460 05/15/2029 1,699,796.00 1,699,799.64 101.76 4,001.61 0.261,699,901.401,700,000.00VOLVO FINANCIAL EQUIPMENT LLC VFET 2025-1A A3 47800DAD6 4.230 09/17/2029 3,045,808.40 3,045,811.57 (2,211.21) 7,158.10 0.473,043,600.363,046,000.00JOHN DEERE OWNER TRUST JDOT 2025-A A3 44935CAD3 4.320 10/15/2029 4,230,375.93 4,230,386.07 (13,674.16) 9,646.68 0.664,216,711.914,231,000.00HYUNDAI AUTO RECEIVABLES TRUST HART 2025-A A3 02582JKM1 4.560 12/17/2029 10,633,637.74 10,633,714.51 83,588.14 21,555.63 1.6510,717,302.6510,636,000.00AMERICAN EXPRESS CREDIT ACCOUN AMXCA 2025-1 A 58773DAD6 4.780 12/17/2029 4,758,987.55 4,759,031.50 43,760.42 10,112.36 0.744,802,791.924,760,000.00MERCEDES-BENZ AUTO RECEIVABLES TRUST MBART 2025-1 A3 NEW ISSUE 92348KDY6 4.510 03/20/2030 7,730,667.57 7,730,668.68 14,112.07 0.00 1.207,744,780.757,731,000.00VERIZON MASTER TRUST VZMT 2025-3 A1A Total Asset Backed Securities 101,252,132.95 101,285,681.11 101,584,462.18 298,781.07 15.72181,567.23101,273,588.97 35MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LONG TERM PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Cash and Cash Equivalents 0.000 137,154.53 137,154.53 0.00 0.00 0.02137,154.53137,154.53Cash and Cash Equivalents Total Cash and Cash Equivalents 137,154.53 137,154.53 137,154.53 0.00 0.020.00137,154.53 Corporate Bonds 06406HCQ0 3.950 11/18/2025 1,537,365.00 1,505,807.12 (10,573.65) 21,889.58 10/18/2025 0.241,495,233.471,500,000.00BANK OF NY MELLON CORP 3.95% 18NOV2025 (CALLABLE 18OCT25) 40139LBD4 1.250 05/13/2026 3,124,290.00 3,216,996.01 (72,646.78) 15,572.92 0.493,144,349.233,250,000.00GUARDIAN LIFE GLOB FUND 1.25% 13MAY2026 144A 91324PEC2 1.150 05/15/2026 3,904,703.05 3,976,423.17 (113,862.61) 17,377.78 04/15/2026 0.613,862,560.564,000,000.00UNITEDHEALTH GROUP INC 1.15% 15MAY2026 (CALLABLE 15APR26) 89236TJK2 1.125 06/18/2026 7,281,794.60 7,284,221.75 (269,798.74) 23,448.59 1.137,014,423.017,285,000.00TOYOTA MOTOR CREDIT CORP 1.125% 18JUN2026 06051GJD2 1.319 06/19/2026 2,254,432.50 2,250,243.85 (16,324.94) 8,408.63 06/19/2025 0.352,233,918.912,250,000.00BANK OF AMERICA CORP 1.319% 19JUN2026 (CALLABLE 19JUN25) 58989V2D5 1.250 09/14/2026 3,741,554.60 3,744,001.44 (160,656.05) 2,210.59 0.583,583,345.393,745,000.00MET TOWER GLOBAL FUNDING 1.25% 14SEP2026 144A 857449AC6 4.594 11/25/2026 12,500,000.00 12,500,000.00 76,556.75 200,987.50 1.9412,576,556.7512,500,000.00STATE STREET BANK & TR NEW ISSUE 2YR 59217GER6 1.875 01/11/2027 5,913,251.20 5,917,608.63 (254,603.53) 24,666.67 0.925,663,005.105,920,000.00MET LIFE GLOB FUNDING I 1.875% 11JAN2027 144A 89236TJZ9 3.050 03/22/2027 1,945,900.00 1,977,734.57 (25,882.33) 1,525.00 0.301,951,852.242,000,000.00TOYOTA MOTOR CREDIT CORP 3.05% 22MAR2027 927804GH1 3.750 05/15/2027 5,736,523.40 5,735,646.48 (75,500.39) 81,245.83 04/15/2027 0.895,660,146.095,735,000.00VIRGINIA ELEC & POWER CO 3.75% 15MAY2027 (CALLABLE 15APR27) B 36MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LONG TERM PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Corporate Bonds 14913R3A3 3.600 08/12/2027 3,213,062.50 3,232,398.91 (29,072.94) 15,925.00 0.503,203,325.973,250,000.00CATERPILLAR FINL SERVICE 3.6% 12AUG2027 24422EWK1 4.150 09/15/2027 1,972,620.00 1,986,508.18 10,180.54 3,688.89 0.311,996,688.722,000,000.00JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 00138CBD9 4.900 01/07/2028 5,091,000.00 5,091,000.00 47,496.94 56,821.22 0.795,138,496.945,091,000.00COREBRIDGE GLOB FUNDING NEW ISSUE 3YR 144A 06051GGF0 3.824 01/20/2028 5,907,613.65 6,062,236.12 133,266.03 47,324.66 01/20/2027 0.926,195,502.156,275,000.00BANK OF AMERICA CORP 3.824% 20JAN2028 (CALLABLE 20JAN27) 24422EWR6 4.750 01/20/2028 6,580,745.00 6,545,458.44 47,922.84 60,892.36 1.026,593,381.286,500,000.00JOHN DEERE CAPITAL CORP 4.75% 20JAN2028 91324PEP3 5.250 02/15/2028 5,114,225.00 5,066,780.76 60,739.39 33,541.67 01/15/2028 0.795,127,520.155,000,000.00UNITEDHEALTH GROUP INC 5.25% 15FEB2028 (CALLABLE 15JAN28) 61747YFP5 5.652 04/13/2028 9,753,225.60 9,752,195.32 199,603.84 257,166.00 04/13/2027 1.519,951,799.169,750,000.00MORGAN STANLEY 5.652% 13APR2028 (CALLABLE 13APR27) 20030NCH2 3.550 05/01/2028 4,785,920.00 4,866,605.23 8,558.52 73,958.33 02/01/2028 0.744,875,163.755,000,000.00COMCAST CORP 3.55% 01MAY2028 (CALLABLE 01FEB28) 06406RBG1 3.992 06/13/2028 2,403,150.00 2,436,910.71 42,803.59 29,940.00 06/13/2027 0.372,479,714.302,500,000.00BANK OF NY MELLON CORP 3.992% 13JUN2028 (CALLABLE 13JUN27) 02665WEM9 5.125 07/07/2028 988,260.00 991,994.22 24,823.89 11,958.33 0.151,016,818.111,000,000.00AMERICAN HONDA FINANCE 5.125% 07JUL2028 756109BS2 4.700 12/15/2028 5,462,290.00 5,471,509.42 46,714.17 76,113.89 11/15/2028 0.855,518,223.595,500,000.00REALTY INCOME CORP 4.7% 15DEC2028 (CALLABLE 15NOV28) 46647PAM8 3.509 01/23/2029 6,868,505.00 6,952,051.97 94,548.41 48,053.81 01/23/2028 1.077,046,600.387,250,000.00JPMORGAN CHASE & CO 3.509% 23JAN2029 (CALLABLE 23JAN28) 37MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LONG TERM PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Corporate Bonds 06051GMK2 4.979 01/24/2029 3,250,000.00 3,250,000.00 32,943.14 30,116.04 01/24/2028 0.503,282,943.143,250,000.00BANK OF AMERICA CORP NEW ISSUE 4NC3 46647PEU6 4.915 01/24/2029 6,375,604.20 6,375,572.93 60,045.73 58,314.43 07/24/2025 0.996,435,618.666,375,000.00JPM 4NC3 FIXED NEW ISSUE 26884TAY8 5.000 02/15/2029 7,272,330.00 7,267,417.40 63,761.50 46,319.44 01/15/2029 1.137,331,178.907,250,000.00ERAC USA FINANCE LLC 5% 15FEB2029 (CALLABLE 15JAN29) 144A 06051GHG7 3.970 03/05/2029 4,305,375.00 4,345,197.09 75,255.06 12,902.50 03/05/2028 0.674,420,452.154,500,000.00BANK OF AMERICA CORP 3.97% 05MAR2029 (CALLABLE 05MAR28) 693475BR5 5.582 06/12/2029 8,198,160.00 8,191,993.54 34,133.82 135,208.44 06/12/2028 1.278,226,127.368,000,000.00PNC FINANCIAL SERVICES 5.582% 12JUN2029 (CALLABLE 12JUN28) 17325FBK3 4.838 08/06/2029 7,501,725.00 7,501,592.78 78,072.82 55,435.42 07/06/2029 1.167,579,665.607,500,000.00CITIBANK NA 4.838% 06AUG2029 (CALLABLE 06JUL29) 30303M8S4 4.300 08/15/2029 6,329,547.00 6,326,622.73 (27,965.32) 34,615.00 07/15/2029 0.986,298,657.416,300,000.00META PLATFORMS INC 4.3% 15AUG2029 (CALLABLE 15JUL29) 210518DX1 4.700 01/15/2030 6,427,980.00 6,431,019.16 97,719.62 64,494.44 11/15/2029 1.006,528,738.786,500,000.00CONSUMERS ENERGY CO 4.7% 15JAN2030 (CALLABLE 15NOV29) Total Corporate Bonds 155,741,152.30 156,253,747.93 156,432,007.25 178,259.32 24.181,550,122.96156,976,000.00 Government Agencies 459058JL8 0.500 10/28/2025 1,995,291.57 1,999,440.37 (42,141.61) 4,250.00 0.311,957,298.762,000,000.00INTL BK RECON & DEVELOP 0.5% 28OCT2025 4581X0DV7 0.875 04/20/2026 13,308,765.40 13,357,129.90 (425,711.89) 52,319.41 2.0712,931,418.0113,370,000.00INTER-AMERICAN DEVEL BK 0.875% 20APR2026 3130ATS57 4.500 03/10/2028 7,662,525.00 7,596,243.85 25,228.85 19,687.50 1.197,621,472.707,500,000.00FEDERAL HOME LOAN BANK 4.5% 10MAR2028 38MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LONG TERM PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Government Agencies 880591EZ1 3.875 03/15/2028 6,848,198.00 6,831,139.70 (38,054.78) 11,719.72 1.066,793,084.926,805,000.00TENN VALLEY AUTHORITY 3.875% 15MAR2028 459058KT9 3.500 07/12/2028 14,424,808.40 14,615,889.00 161,106.45 115,208.33 2.2414,776,995.4515,000,000.00INTL BK RECON & DEVELOP 3.5% 12JUL2028 45950KDD9 4.500 07/13/2028 4,125,415.70 4,127,000.43 68,287.39 40,267.50 0.644,195,287.824,130,000.00INTL FINANCE CORP 4.5% 13JUL2028 4581X0DC9 3.125 09/18/2028 7,827,314.00 7,944,195.87 77,782.88 9,309.90 1.228,021,978.758,250,000.00INTER-AMERICAN DEVEL BK 3.125% 18SEP2028 76116EHL7 0.000 10/15/2028 6,377,175.00 6,491,979.53 22,694.70 0.00 0.996,514,674.237,500,000.00RESOLUTION FUNDING STRIP 0% 15OCT2028 76116EGP9 0.000 01/15/2029 8,052,300.00 8,380,978.58 189,837.22 0.00 1.258,570,815.8010,000,000.00RESOLUTION FUNDING STRIP 0% 15JAN2029 4581X0EN4 4.125 02/15/2029 6,931,610.00 6,947,027.18 82,091.07 36,895.83 1.087,029,118.257,000,000.00INTER-AMERICAN DEVEL BK 4.125% 15FEB2029 3133ER5D9 4.490 03/05/2029 6,503,619.50 6,503,418.66 (3,938.04) 20,996.99 03/05/2027 1.016,499,480.626,475,000.00FEDERAL FARM CREDIT BANK 4.49% 05MAR2029 (CALLABLE 05MAR27) 45906M5K3 4.750 07/30/2029 6,084,115.95 6,075,747.89 (7,993.32) 191,583.33 07/30/2026 0.946,067,754.576,050,000.00INTL BK RECON & DEVELOP 4.75% 30JUL2029 (CALLABLE 30JUL26) 45818WFV3 3.900 08/15/2029 1,497,877.50 1,498,087.56 (981.12) 7,475.00 0.231,497,106.441,500,000.00INTER-AMERICAN DEVEL BK 3.9% 15AUG2029 3134A3U53 0.000 09/15/2029 2,057,500.00 2,097,138.51 (35,454.13) 0.00 0.322,061,684.382,500,000.00FREDDIE MAC 0% 15SEP2029 3130AH6Y4 2.060 09/27/2029 1,189,630.00 1,200,297.04 (10,901.73) 297.56 06/27/2025 0.181,189,395.311,300,000.00FEDERAL HOME LOAN BANK 2.06% 27SEP2029 (CALLABLE 27MAR25) 39MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LONG TERM PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Government Agencies 459058LN1 3.875 10/16/2029 6,442,780.50 6,447,790.80 3,970.17 115,442.71 1.006,451,760.976,500,000.00INTL BK RECON & DEVELOP 3.875% 16OCT2029 3134HAW33 4.750 12/18/2029 9,973,870.08 9,974,588.42 45,575.58 129,305.56 06/18/2026 1.5510,020,164.0010,000,000.00FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) 3134HA7E7 5.125 02/13/2030 5,019,150.00 5,018,754.16 3,407.24 34,166.67 11/13/2025 0.785,022,161.405,000,000.00FREDDIE MAC 5.125% 13FEB2030 (CALLABLE 13NOV25) Total Government Agencies 116,321,946.60 117,106,847.45 117,221,652.38 114,804.93 18.06788,926.01120,880,000.00 Government Bonds 91282CBT7 0.750 03/31/2026 3,728,759.76 3,745,716.75 (115,746.04) (128.07) 0.583,629,970.713,750,000.00USA TREASURY 0.75% 31MAR2026 91282CCF6 0.750 05/31/2026 7,443,750.00 7,486,746.40 (264,480.77) 18,698.49 1.167,222,265.637,500,000.00USA TREASURY 0.75% 31MAY2026 91282CDG3 1.125 10/31/2026 12,663,242.83 12,721,874.36 (520,223.94) 59,831.66 1.9712,201,650.4212,750,000.00USA TREASURY 1.125% 31OCT2026 912828Z78 1.500 01/31/2027 6,761,776.81 6,910,248.31 (207,748.31) 17,113.26 1.056,702,500.007,000,000.00USA TREASURY 1.5% 31JAN2027 91282CEN7 2.750 04/30/2027 16,417,148.44 16,747,164.85 (135,641.37) 195,006.91 2.5516,611,523.4817,000,000.00USA TREASURY 2.75% 30APR2027 91282CEW7 3.250 06/30/2027 3,021,259.53 3,009,805.66 (50,118.16) 24,240.33 0.472,959,687.503,000,000.00USA TREASURY 3.25% 30JUN2027 91282CCR0 1.000 07/31/2028 15,215,664.06 15,378,118.53 93,873.70 27,707.18 2.3615,471,992.2317,000,000.00USA TREASURY 1% 31JUL2028 91282CCY5 1.250 09/30/2028 6,989,914.30 6,989,914.30 (324.42) 261.27 1.096,989,589.887,650,000.00USA TREASURY 1.25% 30SEP2028 40MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LONG TERM PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Government Bonds 91282CJA0 4.625 09/30/2028 13,879,866.02 13,829,824.29 189,128.84 0.00 2.1614,018,953.1313,700,000.00USA TREASURY 4.625% 30SEP2028 91282CJN2 4.375 11/30/2028 17,832,089.84 17,746,264.74 25,805.66 254,507.21 2.7717,772,070.4017,500,000.00USA TREASURY 4.375% 30NOV2028 91282CJR3 3.750 12/31/2028 19,664,394.53 19,743,525.59 138,505.61 186,464.09 3.0519,882,031.2020,000,000.00USA TREASURY 3.75% 31DEC2028 91282CDW8 1.750 01/31/2029 7,326,798.83 7,523,182.69 188,498.97 23,815.95 1.147,711,681.668,350,000.00USA TREASURY 1.75% 31JAN2029 9128286B1 2.625 02/15/2029 7,287,515.62 7,396,784.92 43,683.83 24,886.74 1.137,440,468.757,800,000.00USA TREASURY 2.625% 15FEB2029 91282CKD2 4.250 02/28/2029 3,329,272.78 3,328,651.66 10,020.22 11,814.54 0.523,338,671.883,300,000.00USA TREASURY 4.25% 28FEB2029 91282CEE7 2.375 03/31/2029 11,737,304.69 11,815,541.86 (26,967.61) 0.00 1.8211,788,574.2512,500,000.00USA TREASURY 2.375% 31MAR2029 912833XP0 0.000 08/15/2029 19,002,612.50 19,344,021.59 169,510.44 0.00 2.9519,513,532.0323,250,000.00USA TREASURY COUPON STRIP 0% 15AUG2029 91282CFJ5 3.125 08/31/2029 9,909,301.91 9,942,457.09 (26,783.29) 26,982.85 1.549,915,673.8010,250,000.00USA TREASURY 3.125% 31AUG2029 91282CLN9 3.500 09/30/2029 2,530,957.03 2,536,150.88 65,714.36 0.00 0.392,601,865.242,650,000.00USA TREASURY 3.5% 30SEP2029 912833XT2 0.000 11/15/2029 18,415,180.00 18,608,302.44 485,144.80 0.00 2.8619,093,447.2423,000,000.00USA TREASURY COUPON STRIP 0% 15NOV2029 41MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LONG TERM PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Government Bonds 912828Z94 1.500 02/15/2030 10,650,040.20 10,654,570.27 50,273.45 21,878.45 1.6510,704,843.7212,000,000.00USA TREASURY 1.5% 15FEB2030 Total Government Bonds 213,806,849.68 215,458,867.18 215,570,993.15 112,125.97 33.20893,080.86229,950,000.00 Government Mortgage Backed Securities 36225CAZ9 4.750 12/20/2026 1,863.55 1,833.99 12.37 7.26 0.001,846.361,833.20GOVERNMENT NATIONAL MORTGAGE A G2 80023 36225CC20 5.000 06/20/2027 2,385.20 2,335.85 (13.63) 9.73 0.002,322.222,334.15GOVERNMENT NATIONAL MORTGAGE A G2 80088 31348SWZ3 6.262 01/01/2028 240.87 246.60 0.09 2.69 0.00246.69246.89FREDDIE MAC FH 786064 31371NUC7 4.500 04/01/2028 2,101.92 1,996.56 (19.78) 7.45 0.001,976.781,987.46FANNIE MAE FN 257179 31417YAY3 4.500 04/01/2029 3,210.00 3,053.64 (23.39) 11.38 0.003,030.253,035.19FANNIE MAE FN MA0022 3136AJZP4 1.500 04/25/2029 775,152.44 803,879.04 11,427.10 1,060.64 0.12815,306.14848,514.36FANNIE MAE FNR 2014-15 JA 3138EG6F6 4.500 06/01/2029 1,973.39 1,877.48 (18.22) 7.00 0.001,859.261,865.92FANNIE MAE FN AL0869 36225CNM4 4.875 04/20/2030 1,600.05 1,613.60 1.38 6.56 0.001,614.981,614.68GOVERNMENT NATIONAL MORTGAGE A G2 80395 36225CN28 4.875 05/20/2030 15,396.38 15,542.45 8.67 63.19 0.0015,551.1215,554.36GOVERNMENT NATIONAL MORTGAGE A G2 80408 3133TCE95 4.598 08/15/2032 1,469.49 1,468.05 (28.37) 11.94 0.001,439.681,467.95FHLMC STRUCTURED PASS THROUGH FSPC E3 A 42MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LONG TERM PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Government Mortgage Backed Securities 31403GXF4 5.000 10/01/2033 442.86 419.16 (6.68) 1.72 0.00412.48411.93FANNIE MAE FN 748678 36225DCB8 4.625 07/20/2034 13,509.45 13,516.78 119.73 52.10 0.0013,636.5113,517.89GOVERNMENT NATIONAL MORTGAGE A G2 80965 31406XWT5 6.504 02/01/2035 11,720.63 11,799.44 207.76 64.03 0.0012,007.2011,812.92FANNIE MAE FN 823358 31406PQY8 5.000 03/01/2035 43,913.47 41,641.15 (533.26) 170.21 0.0141,107.8940,849.72FANNIE MAE FN 815971 31407BXH7 5.000 07/01/2035 6,341.18 6,011.39 (75.28) 24.58 0.005,936.115,898.82FANNIE MAE FN 826080 31376KT22 5.000 09/01/2035 32,695.83 31,027.12 (396.62) 126.73 0.0130,630.5030,414.75FANNIE MAE FN 357969 31403DJZ3 5.000 06/01/2036 32,824.95 31,150.24 (398.74) 127.23 0.0130,751.5030,534.88FANNIE MAE FN 745580 31410F4V4 5.000 07/01/2036 54,268.22 51,482.17 (652.38) 210.34 0.0150,829.7950,482.05FANNIE MAE FN 888336 31397QRE0 5.134 02/25/2041 57,945.38 57,958.74 (223.47) 49.60 0.0157,735.2757,963.52FANNIE MAE FNR 2011-3 FA 31394JY35 6.500 09/25/2043 341,937.38 324,829.84 (18,595.69) 1,635.46 0.05306,234.15301,931.48FHLMC STRUCTURED PASS THROUGH FSPC T-58 2A Total Government Mortgage Backed Securities 1,400,992.64 1,403,683.29 1,394,474.88 (9,208.41)0.223,649.841,422,272.12 Gov't-issued Commercial Mortgage-Backed 3137BSRE5 3.120 09/25/2026 5,918,790.92 5,774,907.14 (149,882.44) 14,872.67 0.925,625,024.705,720,259.00FHLMC MULTIFAMILY STRUCTURED P FHMS K059 A2 43MPR0214 SECURITIES HELD As of March 31, 2025 OC SAN LONG TERM PORTFOLIO Amortized cost Fair value Unrealized gain (loss) Coupon Maturity/ Call date Historical costCusip Total accrued interest % Port cost Par value or shares Description Gov't-issued Commercial Mortgage-Backed 3137FETN0 3.350 01/25/2028 8,126,748.44 8,215,448.64 26,630.83 23,561.67 1.268,242,079.478,440,000.00FHLMC MULTIFAMILY STRUCTURED P FHMS K073 A2 3137FG6X8 3.850 05/25/2028 7,116,894.53 7,166,162.76 (5,379.08) 23,260.42 1.117,160,783.687,250,000.00FHLMC MULTIFAMILY STRUCTURED P FHMS K077 A2 3137HB3D4 5.069 10/25/2028 10,850,787.19 10,846,521.13 113,395.39 45,266.17 1.6810,959,916.5210,716,000.00FHLMC MULTIFAMILY STRUCTURED P FHMS K510 A2 3137HBPD0 5.400 01/25/2029 10,244,140.63 10,236,904.28 99,815.72 45,000.00 1.5910,336,720.0010,000,000.00FHLMC MULTIFAMILY STRUCTURED P FHMS K515 A2 3137HCKV3 5.180 03/25/2029 2,767,387.50 2,766,039.99 32,617.51 11,741.33 0.432,798,657.502,720,000.00FHLMC MULTIFAMILY STRUCTURED P FHMS K520 A2 3137HDJJ0 4.803 05/25/2029 9,036,562.50 9,035,563.39 110,114.21 36,022.50 1.409,145,677.609,000,000.00FHLMC MULTIFAMILY STRUCTURED P FHMS K522 A2 Total Gov't-issued Commercial Mortgage-Backed 54,061,311.71 54,041,547.33 54,268,859.47 227,312.14 8.39199,724.7653,846,259.00 Miscellaneous 525ESCIB7 11.885 316,106.64 315,430.20 (314,830.20) 0.00 0.05600.00600,000.00ESC MNLEHMAN BRTHRS HLDGRR 5.625% D012208M012413GL ESCROW 525ESC0Y6 0.168 1,018,311.90 1,016,065.10 (728,565.10) 0.00 0.16287,500.002,000,000.00ESC MNLEHMAN BRTHRS HLDGRR VAR D102405M102208GL ESCROW Total Miscellaneous 1,334,418.54 1,331,495.30 288,100.00 (1,043,395.30)0.210.002,600,000.00 Grand total 644,055,958.95 647,019,024.12 (121,320.28)667,085,274.62 100.003,617,071.66646,897,703.84 44MPR0214 Compliance summary 46MPR0214 Portfolio compliance report As of March 31, 2025 Reference:Orange County Sanitation District - Administrative Policy Directives and Procedures Manual - Investment Objectives and Parameters Effective Date of Policy:January 8, 2024 Description Policy Guidelines Compliant U.S. Treasuries •10% minimum; 1-year max maturity Yes Federal Agencies •20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 1-year max maturity; Securities, obligations, participations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by the US Government , a federal agency, or a US Government-sponsored enterprise Yes Supranational Obligations •"AA" rated or better by a NRSRO; 30% max; 5-year max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-American Development Bank ("IADB") Yes Municipal Securities •"A" rated or higher by a NRSRO; or as otherwise approved by the Board of Directors; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% max; 5% max issuer; 1-year max maturity Yes Corporate Medium-Term Notes •"A" rating category or better by a NRSRO; 30% max; 5% max per issuer; 5-year max maturity; Issued by corporations organized and operating within the U.S. or issued by depository institutions licensed by the U.S. or any state and operating within the U.S. 1 with AUM >$500 million Yes Non- Agency Asset-Backed Securities, Mortgage-Backed Securities, CMOs •"AA" rating category or better by a NRSRO; 20% max (combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 5-year max maturity; Mortgage pass-through security, collateralized mortgage obligation, mortgage-backed or other pay- through bond, equipment lease-backed certificate, consumer receivable pass-through certificate, or consumer receivable-backed bond Yes Negotiable Certificates of Deposit (NCD)•"A" rating or better long-term debt by a NRSRO; or highest short-term rating for deposits by a NRSRO; or as otherwise approved by the Board of Directors; 30% max; 5% max issuer; 1-year max maturity; Negotiable certificates of deposit issued by a nationally or state- chartered bank or state of federal savings and loan association, as defined by Section 5102 of the California Financial Code Yes Certificates of Deposit •5% max issuer; 1-year max maturity; Secured (collateralized) time deposits issued by a nationally or state-chartered bank or state or federal savings and loan association, as defined by Section 5102 of the California Financial Code and having a net operating profit in the two most recently completed fiscal years; Collateral must comply with California Government Code Yes Banker’s Acceptances •A-1 rated or highest short-term rating by a NRSRO; 40% max; 5% max issuer; 180 days max maturity; Acceptance is eligible for purchase by the Federal Reserve System Yes 1 & 2 – Please see Appendix 1 47MPR0214 Reference:Orange County Sanitation District - Administrative Policy Directives and Procedures Manual - Investment Objectives and Parameters Effective Date of Policy:January 8, 2024 Description Policy Guidelines Compliant Commercial Paper •A-1 rated or better by a NRSRO; "A" long term debt rating or better by a NRSRO; Issued by a domestic corporation organized and operating in the U.S. with assets > $500 million; 40% max; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Yes Mutual Fund & Money Market Mutual Fund •Highest rating or "AAA" rated by two NRSROs; or SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% max in Mutual Funds; 10% max per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds and are not subject to the 10% stipulation Yes Local Agency Investment Fund (LAIF)•No more than the statutory maximum may be invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF shall be subject to investigation and due diligence prior to investing, and on a continual basis to a level of review pursuant to the policy Yes Orange County Treasurer's Money Market Commingled Investment Pool (OCCIP) •15% max; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP would be subject to investigation and due diligence prior to investing and on continual basis to a level of review pursuant to the policy Yes Repurchase Agreements •20% max; 102% collateralization, 1-year max maturity Yes Reverse Repurchase Agreements •5% max, 90 days max maturity Yes Prohibited •Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage Investment Conduits) Yes Securities Downgrade •If securities owned by the OCSD are downgraded below the quality required by the Investment Policy, it shall be OCSD’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio. If a decision is made to retain the downgraded securities in the portfolio, their presence in the portfolio will be monitored and reported quarterly to the OCSD General Manager, the Administration Committee and Board of Directors Yes Avg Duration •Not to exceed 180 days in Liquid Operating account Yes Max Per Holding •5% max of the total debt outstanding of any issuer per individual holding Yes Portfolio compliance report (continued) As of March 31, 2025 48MPR0214 Portfolio compliance report (continued) As of March 31, 2025 Reference:Orange County Sanitation District - Administrative Policy Directives and Procedures Manual - Investment Objectives and Parameters Effective Date of Policy:January 8, 2024 Description Policy Guidelines Compliant Max Per Issuer •5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual Funds); 20% max per issuer on Money Market Mutual Funds) Yes Maximum Maturity •1-year max maturity per security in Liquid Operating account Yes Maximum Maturity •5-year max maturity per security in Long Term account Yes Maximum Duration •5-year max portfolio effective duration in Long Term account Yes Maximum Duration •Duration of portfolio should be between 80% to 120% in Long Term account Yes 2 – Please see Appendix 1 Important disclosures 50MPR0214 OC San Liquid Operating Portfolio Benchmark history as of March 31, 2025 Benchmark history ICE BofA US 3-Month Treasury Bill 03/01/2024 - Present 51MPR0214 OC San Long Term Portfolio Benchmark history as of March 31, 2025 Benchmark history ICE BofA 1-5 Year AAA-A US Corporate & Government Index 03/01/2024 - Present 52MPR0214 Past performance is not indicative of future results. Investment in any strategy involves a risk of loss which may partly be due to exchange rate fluctuations. The performance results shown, whether net or gross of investment management fees, reflect the reinvestment of dividends and/or income and other earnings. Any gross of fees performance does not include fees and charges and these can have a material detrimental effect on the performance of an investment. The performance shown is for the stated time period(s) only. Any target performance aims are not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for the returns to be significantly different than expected. Investments are subject to risks, including loss of principal. There can be no guarantee that any investment strategy will meet the liability funding needs of a particular client. Performance information for certain accounts may reflect performance achieved while the account was managed at a prior firm. In addition, the performance and customized benchmark information for these periods are based on Information from 3rd parties that Insight believes to be accurate, but Insight has not independently verified such information and no representation is made regarding its accuracy or completeness. The quoted benchmarks do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmark performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in volatility, and regulatory and legal restrictions between the indices shown and the strategy. Any currency conversions performed for this presentation, use FX rates as per WM Reuters 4pm spot rates, unless noted otherwise. Funds and portfolios with an ESG objective follow a sustainable or ESG related investment approach, which may cause them to perform differently than funds that are not required to integrate sustainable investment criteria when selecting securities. Funds and portfolios with no ESG objective are not required to integrate sustainable investment criteria when selecting securities so any ESG approach shown is only indicative and there is no guarantee that the specific approach will be applied across the whole portfolio. This is a client report intended for professional clients only. This material is for professional clients only and is not intended for distribution to retail clients. This document must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document is intended only for the parties to whom it was delivered or its authorised agents and should not be copied or passed to any other person. Please contact the Client Services Team if there has been any change in your financial circumstances or risk tolerance since the previous valuation that could affect the investment objective of your portfolio. Insight obtains market data and prices from an independent pricing source for all of our currency positions on a daily basis. For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker. Some information contained in this client report comes from external sources which Insight believes to be reliable. A list of sources is available on request. All statistics represent month end figures unless otherwise noted. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Insight does not provide tax or legal advice to its clients and all investors are strongly urged to seek professional advice regarding any potential strategy or investment. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight Investment is the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL) and Insight North America LLC (INA), each of which provides asset management services. This group of companies may be referred to as 'Insight' or 'Insight Investment'. Please compare the information provided in this statement to the information provided in the statement received from your Custodian. This report is not intended to replace your custodial statement which is your official record for all pertinent account information. Please notify us promptly if you do not receive from your custodian on at least a quarterly basis account statements that contain the amount of funds and each security in the account at the end of the period and all transactions in the account during that period. Disclosures 53MPR0214 For clients based in North America: This material is for professional clients only and is not intended for distribution to retail clients. Investment advisory services in North America are provided through two different investment advisers registered with the Securities and Exchange Commission (SEC), using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with other global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as 'Insight' or 'Insight Investment'. INA is registered with the CFTC as a Commodity Trading Advisor and a Commodity Pool Operator and are members of the NFA. Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of the indices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown. The ICE BofA 3 Month US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income. The ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months. The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctioned on or before the third business day before the last business day of the month. The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctioned on or before the third business day before the last business day of the month. The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctioned on or before the third business day before the last business day of the month. The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years. The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. © 2025 Insight Investment. All rights reserved. Disclosures (continued) Insight - U.S. Bank Month End Investment Detail with Accruals Page: 1 of 8 Print Date:04/14/2025 at 6:07:26 pm 03/31/2025Month End Investment Detail w/Accruals As of Date: U.S. Bank Pivot Account Number: 6745046600 Name: OCSD LIQUID OPERATING PORTFOLIO Asset Name CUSIP Current Allocation Units Price Date Market Value Cost Gain/Loss Unrealized Est. Annual Income Yield Income Accrued Priced Cash & Cash Equivalents CASH Income Cash 17.4% 21,552,832.70 21,552,832.70 Principal Cash -17.4%-21,552,832.70 -21,552,832.70 Total for CASH 0.00 0.00 COMM PAPER - DISCOUNT ING U S FDG LLC DISC C P 6/25/25 4497W0TR9 3.2% 4,000,000.0000 0.9897 03/31/2025 3,958,640.00 3,908,613.33 50,026.67 0.00 0.0% ING US FDG LLC DISC C P 5/21/25 45685QSM2 0.2% 250,000.0000 0.9939 03/31/2025 248,485.00 244,998.13 3,486.87 0.00 0.0% ING US FUNDING C P 6/13/25 4497W0TD0 0.8% 1,000,000.0000 0.9911 03/31/2025 991,120.00 984,113.89 7,006.11 0.00 0.0% J P MORGAN SECS LLC C P 5/19/25 46590DSK7 0.8% 1,000,000.0000 0.9942 03/31/2025 994,190.00 981,300.00 12,890.00 0.00 0.0% METLIFE SHORT TERM FDG C P 5/30/25 59157TSW4 5.3% 6,680,000.0000 0.9928 03/31/2025 6,632,238.00 6,570,435.01 61,802.99 0.00 0.0% WAL MART INC C P 4/14/25 93114ERE9 1.2% 1,500,000.0000 0.9984 03/31/2025 1,497,660.00 1,494,407.08 3,252.92 0.00 0.0% Total for COMM PAPER - DISCOUNT 14,322,333.00 14,183,867.44 138,465.56 0.00 0.0% SHORT TERM FDS-TAXABLE (ACM) FIRST AM GOVT OB FD CL Z 31846V567 0.1% 153,998.3600 1.0000 03/31/2025 153,998.36 153,998.36 0.00 6,527.15 4.2% 263.72 Total for SHORT TERM FDS-TAXABLE (ACM) 153,998.36 153,998.36 0.00 6,527.15 263.72 4.2% U. S. TREASURY BILLS U S TREASURY BILL 4/24/25 912797NC7 0.5% 625,000.0000 0.9973 03/31/2025 623,312.50 614,554.69 8,757.81 26,414.07 4.2% U S TREASURY BILL 5/08/25 912797NE3 4.8% 6,000,000.0000 0.9956 03/31/2025 5,973,900.00 5,970,418.02 3,481.98 254,025.00 4.3% U S TREASURY BILL 5/13/25 912797PH4 5.8% 7,250,000.0000 0.9951 03/31/2025 7,214,257.50 7,149,297.90 64,959.60 306,040.70 4.2% U S TREASURY BILL 8/07/25 912797MG9 2.8% 3,500,000.0000 0.9852 03/31/2025 3,448,235.00 3,430,637.82 17,597.18 145,337.50 4.2% U S TREASURY BILL 8/14/25 912797PN1 2.8% 3,500,000.0000 0.9845 03/31/2025 3,445,610.00 3,427,679.89 17,930.11 145,118.75 4.2% Total for U. S. TREASURY BILLS 20,705,315.00 20,592,588.32 112,726.68 876,936.02 4.2% 35,181,646.36 34,930,454.12 251,192.24 883,463.16 263.72Total For Cash & Cash Equivalents 2.5% Fixed Income CORPORATE BONDS AND NOTES ABBVIE INC 3.600% 5/14/25 00287YAQ2 1.6% 2,000,000.0000 0.9988 03/31/2025 1,997,500.00 1,988,200.00 9,300.00 72,000.00 3.6% 27,400.00 BANK AMER CORP MTN 3.875% 8/01/25 06051GFS3 1.6% 2,000,000.0000 0.9977 03/31/2025 1,995,400.00 1,989,540.00 5,860.00 77,500.00 3.9% 13,000.00 CITIBANK N A 5.864% 9/29/25 17325FBA5 1.7% 2,100,000.0000 1.0062 03/31/2025 2,113,020.00 2,120,076.00 -7,056.00 123,144.00 5.8% 684.13 COMCAST CORP 3.375% 8/15/25 20030NBN0 0.8% 1,000,000.0000 0.9966 03/31/2025 996,580.00 991,010.00 5,570.00 33,750.00 3.4% 4,312.50 COMCAST CORP 3.950% 10/15/25 20030NCS8 0.6% 779,000.0000 0.9977 03/31/2025 777,177.14 775,393.23 1,783.91 30,770.50 4.0% 14,188.62 ENTERPRISE PRODS LLC 5.050% 1/10/26 29379VCC5 1.6% 2,000,000.0000 1.0043 03/31/2025 2,008,660.00 2,011,880.00 -3,220.00 101,000.00 5.0% 22,725.00 EOG RESOURCES INC 3.150% 4/01/25 26875PAM3 1.4% 1,724,000.0000 1.0000 03/31/2025 1,724,000.00 1,713,207.76 10,792.24 54,306.00 3.2% 27,153.00 F H L B DEB 0.00001% 7/10/25 3130AWLH1 0.6% 765,000.0000 1.0004 03/31/2025 765,328.95 765,421.36 -92.41 0.08 0.0% 0.02 FEDERAL HOME LOAN 0.00001% 6/27/25 3130AXD54 0.4% 550,000.0000 1.0003 03/31/2025 550,154.00 550,368.50 -214.50 0.06 0.0% 0.01 Page: 2 of 8 Print Date:04/14/2025 at 6:07:26 pm 03/31/2025Month End Investment Detail w/Accruals As of Date: U.S. Bank Pivot Account Number: 6745046600 Name: OCSD LIQUID OPERATING PORTFOLIO Asset Name CUSIP Current Allocation Units Price Date Market Value Cost Gain/Loss Unrealized Est. Annual Income Yield Income Accrued Priced HOME DEPOT INC 4.000% 9/15/25 437076CR1 1.6% 2,000,000.0000 0.9980 03/31/2025 1,996,060.00 1,995,040.00 1,020.00 80,000.00 4.0% 3,555.56 INTERCONTINENTAL 3.650% 5/23/25 45866FAT1 1.5% 1,871,000.0000 0.9983 03/31/2025 1,867,781.88 1,859,926.94 7,854.94 68,291.50 3.7% 24,281.42 INTERCONTINENTAL 3.750% 12/01/25 45866FAD6 0.4% 505,000.0000 0.9953 03/31/2025 502,631.55 501,364.00 1,267.55 18,937.50 3.8% 6,312.50 JOHN DEERE MTN 4.86103% 7/03/25 24422EXA2 0.4% 500,000.0000 1.0008 03/31/2025 500,415.00 500,615.00 -200.00 24,305.15 4.9% 5,941.26 JPMORGAN CHASE CO 3.900% 7/15/25 46625HMN7 1.4% 1,757,000.0000 0.9980 03/31/2025 1,753,433.29 1,752,800.77 632.52 68,523.00 3.9% 14,465.97 MICROSOFT CORP 3.125% 11/03/25 594918BJ2 1.7% 2,100,000.0000 0.9939 03/31/2025 2,087,148.00 2,077,635.00 9,513.00 65,625.00 3.1% 26,979.17 MORGAN STANLEY 4.000% 7/23/25 6174468C6 1.0% 1,266,000.0000 0.9985 03/31/2025 1,264,050.36 1,261,708.26 2,342.10 50,640.00 4.0% 9,565.33 MORGAN STANLEY MTN 3.875% 1/27/26 61746BDZ6 1.2% 1,500,000.0000 0.9949 03/31/2025 1,492,380.00 1,491,645.00 735.00 58,125.00 3.9% 10,333.33 NEW YORK LIFE MTN 5.21281% 4/21/25 64952WES8 0.8% 1,000,000.0000 1.0003 03/31/2025 1,000,300.00 1,002,130.00 -1,830.00 52,128.10 5.2% 10,136.02 ONCOR ELEC DELIVERY 0.550% 10/01/25 68233JBZ6 1.6% 2,000,000.0000 0.9801 03/31/2025 1,960,140.00 1,940,440.00 19,700.00 11,000.00 0.6% 5,500.00 PACIFIC LIFE M T 12.24123% 6/16/25 6944PL2T5 0.7% 855,000.0000 1.0015 03/31/2025 856,248.30 858,052.35 -1,804.05 104,662.49 12.2% 4,651.67 PECO ENERGY CO 3.150% 10/15/25 693304AT4 0.8% 965,000.0000 0.9923 03/31/2025 957,550.20 956,797.50 752.70 30,397.50 3.2% 14,016.63 PFIZER INC SR GLBL 0.800% 5/28/25 717081EX7 1.6% 2,000,000.0000 0.9942 03/31/2025 1,988,300.00 1,958,525.25 29,774.75 16,000.00 0.8% 5,466.67 US BANCORP MTNS MTN 1.450% 5/12/25 91159HHZ6 1.3% 1,600,000.0000 0.9962 03/31/2025 1,593,952.00 1,582,848.00 11,104.00 23,200.00 1.5% 8,957.78 WELLS FARGO M T N 5.550% 8/01/25 94988J6B8 2.8% 3,500,000.0000 1.0027 03/31/2025 3,509,380.00 3,516,800.00 -7,420.00 194,250.00 5.5% 32,375.00 Total for CORPORATE BONDS AND NOTES 36,257,590.67 36,161,424.92 96,165.75 1,358,555.87 292,001.59 3.7% FOREIGN GOVERNMENT BONDS IFC M T N 45950VRG3 0.9% 1,115,000.0000 0.9945 03/31/2025 1,108,856.35 1,107,909.72 946.63 37,129.50 3.3% 3,712.95 IFC M T N 0.375% 7/16/25 45950KCT5 0.6% 719,000.0000 0.9881 03/31/2025 710,407.95 704,641.57 5,766.38 2,696.25 0.4% 561.72 INTER AMER BK M T N 0.625% 7/15/25 4581X0DN5 1.9% 2,400,000.0000 0.9891 03/31/2025 2,373,864.00 2,356,320.00 17,544.00 15,000.00 0.6% 3,166.67 INTL BK M T N 0.375% 7/28/25 459058JE4 7.9% 10,000,000.0000 0.9870 03/31/2025 9,870,100.00 9,793,996.50 76,103.50 37,500.00 0.4% 6,562.50 INTL BK M T N 0.626% 4/22/25 459058JB0 2.8% 3,498,000.0000 0.9976 03/31/2025 3,489,744.72 3,464,601.50 25,143.22 21,897.48 0.6% 9,671.39 INTL BK M T N 3.126% 11/20/25 45905U6L3 0.6% 750,000.0000 0.9927 03/31/2025 744,547.50 742,575.00 1,972.50 23,445.00 3.1% 8,531.38 INTL BK M T N 5.13099% 9/18/25 459058JJ3 3.0% 3,782,000.0000 1.0004 03/31/2025 3,783,512.80 3,787,895.38 -4,382.58 194,054.00 5.1% 7,546.54 INTL BK DISC NTS 5/30/25 459053GF5 1.8% 2,300,000.0000 0.9931 03/31/2025 2,284,084.00 2,265,597.11 18,486.89 0.00 0.0% Total for FOREIGN GOVERNMENT BONDS 24,365,117.32 24,223,536.78 141,580.54 331,722.23 39,753.15 1.4% GOVT AGENCIES-VARIABLE RATE F F C B DEB 4.494% 9/25/25 3133EPWW1 0.3% 375,000.0000 1.0007 03/31/2025 375,251.25 375,330.00 -78.75 16,852.50 4.5% 327.69 F F C B DEB 4.33965% 6/12/25 3133ERGW5 1.1% 1,359,000.0000 0.9999 03/31/2025 1,358,891.28 1,358,340.41 550.87 58,975.79 4.3% 3,276.43 F F C B DEB 4.50842% 10/30/25 3133ERZL8 3.3% 4,150,000.0000 1.0003 03/31/2025 4,151,120.50 4,151,132.12 -11.62 187,099.59 4.5% 31,702.99 F F C B DEB 6.65843% 5/27/25 3133EPRC1 0.4% 500,000.0000 1.0003 03/31/2025 500,130.00 500,274.00 -144.00 33,292.13 6.7% 3,144.26 F H L B DEB 4.335% 7/21/25 3130B4KJ9 0.8% 1,000,000.0000 1.0000 03/31/2025 999,990.00 999,987.43 2.57 43,350.00 4.3% 9,031.25 F H L B DEB 4.480% 5/09/25 3130AXR59 2.7% 3,325,000.0000 1.0001 03/31/2025 3,325,432.25 3,326,152.84 -720.59 148,960.00 4.5% 21,102.67 F H L B DEB 0.00001% 5/02/25 3130AWSY7 1.0% 1,210,000.0000 1.0001 03/31/2025 1,210,121.00 1,210,415.39 -294.39 0.12 0.0% 0.02 F H L B DEB 0.00001% 7/14/25 3130AWNG1 0.2% 255,000.0000 1.0003 03/31/2025 255,089.25 255,144.83 -55.58 0.03 0.0% 0.01 Total for GOVT AGENCIES-VARIABLE RATE 12,176,025.53 12,176,777.02 -751.49 488,530.17 68,585.32 4.0% Page: 3 of 8 Print Date:04/14/2025 at 6:07:26 pm 03/31/2025Month End Investment Detail w/Accruals As of Date: U.S. Bank Pivot Account Number: 6745046600 Name: OCSD LIQUID OPERATING PORTFOLIO Asset Name CUSIP Current Allocation Units Price Date Market Value Cost Gain/Loss Unrealized Est. Annual Income Yield Income Accrued Priced US AGENCIES F F C B DEB 0.610% 8/25/25 3133EL4W1 0.5% 652,000.0000 0.9853 03/31/2025 642,396.04 640,342.24 2,053.80 3,977.20 0.6% 397.72 F H L B M T N 4.200% 8/28/25 3134GXS47 0.5% 570,000.0000 0.9984 03/31/2025 569,116.50 569,544.00 -427.50 23,940.00 4.2% 2,061.50 F H L B DEB 0.375% 9/04/25 3130AK5E2 0.2% 250,000.0000 0.9833 03/31/2025 245,825.00 242,750.00 3,075.00 937.50 0.4% 70.31 F H L B DEB 0.650% 5/23/25 3130ANKD1 0.8% 1,000,000.0000 0.9949 03/31/2025 994,860.00 993,379.00 1,481.00 6,500.00 0.7% 2,311.11 F H L B DEB 0.700% 6/30/25 3130AN4A5 0.4% 440,000.0000 0.9911 03/31/2025 436,097.20 433,417.60 2,679.60 3,080.00 0.7% 778.56 F H L M C M T N 4.050% 7/25/25 3134GXE34 0.8% 1,000,000.0000 0.9985 03/31/2025 998,510.00 999,000.00 -490.00 40,500.00 4.1% 7,425.00 F N M A 0.650% 8/25/25 3136G4W41 0.4% 445,000.0000 0.9854 03/31/2025 438,511.90 437,127.95 1,383.95 2,892.50 0.7% 289.25 F N M A M T N 0.730% 6/30/25 3136G4XV0 2.0% 2,500,000.0000 0.9913 03/31/2025 2,478,125.00 2,461,037.93 17,087.07 18,250.00 0.7% 4,613.19 Total for US AGENCIES 6,803,441.64 6,776,598.72 26,842.92 100,077.20 17,946.64 1.5% US AGENCIES-DISC/ZERO CPN RFCP STRIPS 7/15/25 76116EGG9 1.1% 1,417,000.0000 0.9875 03/31/2025 1,399,259.16 1,386,384.30 12,874.86 0.14 0.0% Total for US AGENCIES-DISC/ZERO CPN 1,399,259.16 1,386,384.30 12,874.86 0.14 0.0% US TREASURY BONDS & NOTES U S TREASURY NT 3.875% 1/15/26 91282CGE5 2.0% 2,475,000.0000 0.9983 03/31/2025 2,470,891.50 2,471,044.42 -152.92 95,906.25 3.9% 20,135.01 U S TREASURY NT 5.549% 10/31/25 91282CJD4 1.6% 2,000,000.0000 1.0007 03/31/2025 2,001,400.00 2,001,530.15 -130.15 110,980.00 5.5% 18,496.67 U S TREASURY NT 0.00001% 7/31/25 91282CHS3 2.8% 3,500,000.0000 1.0002 03/31/2025 3,500,665.00 3,500,308.39 356.61 0.35 0.0% 0.06 Total for US TREASURY BONDS & NOTES 7,972,956.50 7,972,882.96 73.54 206,886.60 38,631.74 2.6% 88,974,390.82 88,697,604.70 276,786.12 2,485,772.21 456,918.44Total For Fixed Income 2.8% 124,156,037.18 123,628,058.82 527,978.36 3,369,235.38 457,182.16Total For Account 6745046600 2.7% Page: 4 of 8 Print Date:04/14/2025 at 6:07:26 pm 03/31/2025Month End Investment Detail w/Accruals As of Date: U.S. Bank Pivot Account Number: 6745046601 Name: OCSD LONG-TERM PORTFOLIO Asset Name CUSIP Current Allocation Units Price Date Market Value Cost Gain/Loss Unrealized Est. Annual Income Yield Income Accrued Priced Cash & Cash Equivalents CASH Income Cash 14.9% 96,481,721.30 96,481,721.30 Principal Cash -14.9%-96,481,721.30 -96,481,721.30 Total for CASH 0.00 0.00 SHORT TERM FDS-TAXABLE (ACM) FIRST AM GOVT OB FD CL Z 31846V567 0.2% 1,078,092.9800 1.0000 03/31/2025 1,078,092.98 1,078,092.98 0.00 45,694.46 4.2% 13,999.39 Total for SHORT TERM FDS-TAXABLE (ACM) 1,078,092.98 1,078,092.98 0.00 45,694.46 13,999.39 4.2% 1,078,092.98 1,078,092.98 0.00 45,694.46 13,999.39Total For Cash & Cash Equivalents 4.2% Fixed Income CORPORATE BONDS AND NOTES AIG GLOBAL FDG MTN 4.900% 1/07/28 00138CBD9 0.8% 5,091,000.0000 1.0093 03/31/2025 5,138,499.03 5,091,000.00 47,499.03 249,459.00 4.9% 56,821.22 AMERICAN HONDA MTN 5.125% 7/07/28 02665WEM9 0.2% 1,000,000.0000 1.0168 03/31/2025 1,016,820.00 988,260.00 28,560.00 51,250.00 5.0% 11,958.33 BANK AMER CORP MTN 1.319% 6/19/26 06051GJD2 0.3% 2,250,000.0000 0.9928 03/31/2025 2,233,912.50 2,254,432.50 -20,520.00 29,677.50 1.3% 8,408.63 BANK NEW YORK MTN 3.992% 6/13/28 06406RBG1 0.4% 2,500,000.0000 0.9919 03/31/2025 2,479,725.00 2,403,150.00 76,575.00 99,800.00 4.0% 29,940.00 BANK OF AMERICA 4.979% 1/24/29 06051GMK2 0.5% 3,250,000.0000 1.0101 03/31/2025 3,282,955.00 3,250,000.00 32,955.00 161,817.50 4.9% 30,116.03 BANK OF AMERICA MTN 3.824% 1/20/28 06051GGF0 1.0% 6,275,000.0000 0.9873 03/31/2025 6,195,495.75 5,907,613.65 287,882.10 239,956.00 3.9% 47,324.66 BANK OF AMERICA MTN 3.970% 3/05/29 06051GHG7 0.7% 4,500,000.0000 0.9823 03/31/2025 4,420,440.00 4,305,375.00 115,065.00 178,650.00 4.0% 12,902.50 BANK OF NEW YORK MTN 3.950% 11/18/25 06406HCQ0 0.2% 1,500,000.0000 0.9968 03/31/2025 1,495,230.00 1,537,365.00 -42,135.00 59,250.00 4.0% 21,889.58 CATERPILLAR FINL MTN 3.600% 8/12/27 14913R3A3 0.5% 3,250,000.0000 0.9856 03/31/2025 3,203,330.00 3,213,062.50 -9,732.50 117,000.00 3.7% 15,925.00 CITIBANK N A 4.838% 8/06/29 17325FBK3 1.2% 7,500,000.0000 1.0106 03/31/2025 7,579,650.00 7,501,725.00 77,925.00 362,850.00 4.8% 55,435.42 COMCAST CORP 3.550% 5/01/28 20030NCH2 0.8% 5,000,000.0000 0.9750 03/31/2025 4,875,150.00 4,785,920.00 89,230.00 177,500.00 3.6% 73,958.33 CONSUMERS ENERGY CO 4.700% 1/15/30 210518DX1 1.0% 6,500,000.0000 1.0044 03/31/2025 6,528,730.00 6,427,980.00 100,750.00 305,500.00 4.7% 64,494.44 DEERE JOHN MTN 4.150% 9/15/27 24422EWK1 0.3% 2,000,000.0000 0.9983 03/31/2025 1,996,680.00 1,972,620.00 24,060.00 83,000.00 4.2% 3,688.89 DEERE JOHN MTN 4.750% 1/20/28 24422EWR6 1.0% 6,500,000.0000 1.0144 03/31/2025 6,593,405.00 6,580,745.00 12,660.00 308,750.00 4.7% 60,892.36 ERAC USA FINANCE 5.000% 2/15/29 26884TAY8 1.1% 7,250,000.0000 1.0112 03/31/2025 7,331,200.00 7,272,330.00 58,870.00 362,500.00 4.9% 46,319.44 FEDERAL FARM CR BKS 4.490% 3/05/29 3133ER5D9 1.0% 6,475,000.0000 1.0038 03/31/2025 6,499,475.50 6,503,619.50 -4,144.00 290,727.50 4.5% 20,996.99 FEDERAL HOME LOAN BA 2.060% 9/27/29 3130AH6Y4 0.2% 1,300,000.0000 0.9149 03/31/2025 1,189,396.00 1,189,630.00 -234.00 26,780.00 2.3% 297.56 GUARDIAN LIFE MTN 1.250% 5/13/26 40139LBD4 0.5% 3,250,000.0000 0.9675 03/31/2025 3,144,342.50 3,124,290.00 20,052.50 40,625.00 1.3% 15,572.92 JPMORGAN CHASE CO 3.509% 1/23/29 46647PAM8 1.1% 7,250,000.0000 0.9719 03/31/2025 7,046,637.50 6,868,505.00 178,132.50 254,402.50 3.6% 48,053.81 JPMORGAN CHASE CO 4.915% 1/24/29 46647PEU6 1.0% 6,375,000.0000 1.0095 03/31/2025 6,435,626.25 6,375,604.20 60,022.05 313,331.25 4.9% 58,314.43 LEHMAN BRTH MTN ES 0.00001% 1/24/13 525ESCIB7 0.0% 600,000.0000 0.0010 03/31/2025 600.00 314,741.46 -314,141.46 0.06 0.0% MET LIFE GLOB MTN 1.875% 1/11/27 59217GER6 0.9% 5,920,000.0000 0.9566 03/31/2025 5,663,012.80 5,913,251.20 -250,238.40 111,000.00 2.0% 24,666.67 MET TOWER MTN 1.250% 9/14/26 58989V2D5 0.6% 3,745,000.0000 0.9568 03/31/2025 3,583,365.80 3,741,554.60 -158,188.80 46,812.50 1.3% 2,210.59 META PLATFORMS INC 4.300% 8/15/29 30303M8S4 1.0% 6,300,000.0000 0.9998 03/31/2025 6,298,677.00 6,329,547.00 -30,870.00 270,900.00 4.3% 34,615.00 MORGAN STANLEY MTN 5.6526% 4/13/28 61747YFP5 1.5% 9,750,000.0000 1.0207 03/31/2025 9,951,825.00 9,753,225.60 198,599.40 551,128.50 5.5% 248,593.80 Page: 5 of 8 Print Date:04/14/2025 at 6:07:26 pm 03/31/2025Month End Investment Detail w/Accruals As of Date: U.S. Bank Pivot Account Number: 6745046601 Name: OCSD LONG-TERM PORTFOLIO Asset Name CUSIP Current Allocation Units Price Date Market Value Cost Gain/Loss Unrealized Est. Annual Income Yield Income Accrued Priced PNC FINL SVCS GROUP 5.582% 6/12/29 693475BR5 1.3% 8,000,000.0000 1.0283 03/31/2025 8,226,160.00 8,198,160.00 28,000.00 446,560.00 5.4% 135,208.44 REALTY INCOME CORP 4.700% 12/15/28 756109BS2 0.9% 5,500,000.0000 1.0033 03/31/2025 5,518,205.00 5,462,290.00 55,915.00 258,500.00 4.7% 76,113.89 STATE STREET BANK 4.594% 11/25/26 857449AC6 1.9% 12,500,000.0000 1.0061 03/31/2025 12,576,625.00 12,500,000.00 76,625.00 574,250.00 4.6% 200,987.50 TOYOTA MOTOR MTN 3.050% 3/22/27 89236TJZ9 0.3% 2,000,000.0000 0.9759 03/31/2025 1,951,860.00 1,945,900.00 5,960.00 61,000.00 3.1% 1,525.00 TOYOTA MTR CR MTN 1.125% 6/18/26 89236TJK2 1.1% 7,285,000.0000 0.9629 03/31/2025 7,014,435.10 7,281,794.60 -267,359.50 81,956.25 1.2% 23,448.59 UNITEDHEALTH 1.150% 5/15/26 91324PEC2 0.6% 4,000,000.0000 0.9656 03/31/2025 3,862,560.00 3,904,703.05 -42,143.05 46,000.00 1.2% 17,377.78 UNITEDHEALTH 5.250% 2/15/28 91324PEP3 0.8% 5,000,000.0000 1.0255 03/31/2025 5,127,500.00 5,114,225.00 13,275.00 262,500.00 5.1% 33,541.67 VIRGINIA ELEC PWR CO 3.750% 5/15/27 927804GH1 0.9% 5,735,000.0000 0.9869 03/31/2025 5,660,158.25 5,736,523.40 -76,365.15 215,062.50 3.8% 81,245.83 Total for CORPORATE BONDS AND NOTES 164,121,683.98 163,749,143.26 372,540.72 6,638,496.06 1,562,845.30 4.0% CORPORATE PAYDOWN SECURITIES AMERICAN EXP 4.560% 12/17/29 02582JKM1 1.7% 10,636,000.0000 1.0076 03/31/2025 10,717,259.04 10,633,637.74 83,621.30 485,001.60 4.5% 21,555.63 AMERICAN EXPRESS 3.390% 5/17/27 02582JJT8 1.0% 6,620,000.0000 0.9984 03/31/2025 6,609,606.60 6,618,535.66 -8,929.06 224,418.00 3.4% 9,974.13 AMERICAN EXPRESS 3.750% 8/16/27 02582JJV3 0.3% 2,000,000.0000 0.9968 03/31/2025 1,993,620.00 1,934,062.50 59,557.50 75,000.00 3.8% 3,333.33 BMW VEH OWNER TR 5.470% 2/25/28 05592XAD2 0.2% 1,335,673.0700 1.0066 03/31/2025 1,344,475.16 1,335,436.39 9,038.77 73,061.31 5.4% 1,217.69 CAPITAL ONE PRIME 4.760% 8/15/28 14043KAK1 0.8% 5,240,000.0000 1.0065 03/31/2025 5,274,269.60 5,252,690.60 21,579.00 249,424.00 4.7% 11,085.51 CHASE ISSUE TR 4.600% 1/16/29 161571HV9 1.3% 8,040,000.0000 1.0057 03/31/2025 8,085,667.20 8,038,775.51 46,891.69 369,840.00 4.6% 16,437.33 CNH EQUIPMENT 4.300% 8/15/28 12674BAB1 0.6% 4,053,913.0000 0.9997 03/31/2025 4,052,696.83 4,053,821.38 -1,124.55 174,318.26 4.3% 5,810.61 FORD CR FLP MASTER 0.00001% 5/15/28 34528QHV9 1.4% 9,000,000.0000 1.0043 03/31/2025 9,038,880.00 9,033,398.44 5,481.56 0.90 0.0% 0.04 FORD CREDIT AT 4.940% 6/15/28 345282AD9 0.7% 4,802,000.0000 1.0049 03/31/2025 4,825,481.78 4,809,503.13 15,978.65 237,218.80 4.9% 10,543.06 GMF FLOORPL OWNE 4.680% 11/15/28 361886DK7 1.2% 7,710,000.0000 1.0028 03/31/2025 7,731,510.90 7,712,108.20 19,402.70 360,828.00 4.7% 16,036.80 HONDA AUTO 4.330% 3/15/29 43816DAC9 0.3% 1,973,000.0000 0.9991 03/31/2025 1,971,303.22 1,972,720.82 -1,417.60 85,430.89 4.3% 3,796.93 HONDA AUTO REC OWN 1.880% 5/15/26 43815BAC4 0.1% 721,756.4500 0.9946 03/31/2025 717,873.40 721,647.90 -3,774.50 13,569.02 1.9% 603.07 HYUNDAI AUTO LEASE 4.620% 4/17/28 448984AD6 0.8% 5,000,000.0000 1.0025 03/31/2025 5,012,450.00 5,003,906.25 8,543.75 231,000.00 4.6% 10,266.67 HYUNDAI AUTO RECV TR 4.790% 10/15/29 44935CAD3 0.7% 4,231,000.0000 0.9988 03/31/2025 4,226,007.42 4,230,375.93 -4,368.51 202,664.90 4.8% 10,696.20 JOHN DEERE OWNER 5.090% 6/15/27 47800BAC2 0.4% 2,430,311.0200 1.0030 03/31/2025 2,437,699.17 2,430,122.43 7,576.74 123,702.83 5.1% 5,497.90 JOHN DEERE OWNER TR 4.830% 9/17/29 47800DAD6 0.5% 3,046,000.0000 0.9992 03/31/2025 3,043,593.66 3,045,808.41 -2,214.75 147,121.80 4.8% 8,173.43 JOHN DEERE OWNR TR 3.740% 2/16/27 47800AAC4 0.2% 1,409,935.4100 0.9961 03/31/2025 1,404,507.16 1,409,800.77 -5,293.61 52,731.60 3.8% 2,343.63 MERCEDES BENZ 4.780% 12/17/29 58773DAD6 0.7% 4,760,000.0000 1.0090 03/31/2025 4,802,792.40 4,758,987.55 43,804.85 227,528.00 4.7% 10,112.36 TOYOTA LEASE OWNER 4.750% 2/22/28 89239NAD7 0.7% 4,378,000.0000 1.0061 03/31/2025 4,404,662.02 4,377,942.65 26,719.37 207,955.00 4.7% 6,354.18 VERIZON MASTER TR 4.490% 1/22/29 92348KBG7 0.7% 4,455,000.0000 0.9999 03/31/2025 4,454,599.05 4,448,387.11 6,211.94 200,029.50 4.5% 6,112.01 VERIZON MASTER TRUST 4.510% 3/20/30 92348KDY6 1.2% 7,731,000.0000 1.0000 03/31/2025 7,731,000.00 7,730,667.57 332.43 348,668.10 4.5% 968.52 VOLVO FINANCIAL 4.460% 5/15/29 92887TAC5 0.3% 1,700,000.0000 0.9999 03/31/2025 1,699,898.00 1,699,796.00 102.00 75,820.00 4.5% 4,001.61 Total for CORPORATE PAYDOWN SECURITIES 101,579,852.60 101,252,132.94 327,719.66 4,165,332.51 164,920.64 4.1% FOREIGN GOVERNMENT BONDS IFC M T N 4.500% 7/13/28 45950KDD9 0.6% 4,130,000.0000 1.0158 03/31/2025 4,195,295.30 4,125,415.70 69,879.60 185,850.00 4.4% 40,267.50 INTER AMER BK M T N 0.875% 4/20/26 4581X0DV7 2.0% 13,370,000.0000 0.9672 03/31/2025 12,931,464.00 13,308,765.40 -377,301.40 116,987.50 0.9% 52,319.41 INTER AMER BK M T N 3.900% 8/15/29 45818WFV3 0.2% 1,500,000.0000 0.9981 03/31/2025 1,497,105.00 1,497,877.50 -772.50 58,500.00 3.9% 7,475.00 Page: 6 of 8 Print Date:04/14/2025 at 6:07:26 pm 03/31/2025Month End Investment Detail w/Accruals As of Date: U.S. Bank Pivot Account Number: 6745046601 Name: OCSD LONG-TERM PORTFOLIO Asset Name CUSIP Current Allocation Units Price Date Market Value Cost Gain/Loss Unrealized Est. Annual Income Yield Income Accrued Priced INTER AMER BK M T N 4.125% 2/15/29 4581X0EN4 1.1% 7,000,000.0000 1.0042 03/31/2025 7,029,120.00 6,931,610.00 97,510.00 288,750.00 4.1% 36,895.83 INTER AMER DEV BK 3.125% 9/18/28 4581X0DC9 1.2% 8,250,000.0000 0.9724 03/31/2025 8,021,970.00 7,827,314.00 194,656.00 257,812.50 3.2% 9,309.90 INTL BK 3.875% 10/16/29 459058LN1 1.0% 6,500,000.0000 0.9926 03/31/2025 6,451,770.00 6,442,780.50 8,989.50 251,875.00 3.9% 115,442.71 INTL BK M T N 0.500% 10/28/25 459058JL8 0.3% 2,000,000.0000 0.9786 03/31/2025 1,957,300.00 1,997,363.20 -40,063.20 10,000.00 0.5% 4,250.00 INTL BK M T N 3.500% 7/12/28 459058KT9 2.3% 15,000,000.0000 0.9851 03/31/2025 14,776,950.00 14,424,808.40 352,141.60 525,000.00 3.6% 115,208.33 INTL BK MTN 4.750% 7/30/29 45906M5K3 0.9% 6,050,000.0000 1.0029 03/31/2025 6,067,787.00 6,084,115.95 -16,328.95 287,375.00 4.7% 192,381.60 Total for FOREIGN GOVERNMENT BONDS 62,928,761.30 62,640,050.65 288,710.65 1,982,150.00 573,550.28 3.1% GNMA/FNMA/FHLMC POOLS F H L M C #786064 6.262% 1/01/28 31348SWZ3 0.0% 253.4500 0.9992 03/31/2025 253.25 247.27 5.98 15.87 6.3% 2.61 F N M A #257179 4.500% 4/01/28 31371NUC7 0.0% 1,987.3600 0.9946 03/31/2025 1,976.69 2,101.83 -125.14 89.43 4.5% 7.45 F N M A #357969 5.000% 9/01/35 31376KT22 0.0% 30,414.7000 1.0071 03/31/2025 30,630.34 32,695.81 -2,065.47 1,520.74 5.0% 126.73 F N M A #745580 5.000% 6/01/36 31403DJZ3 0.0% 30,534.8200 1.0071 03/31/2025 30,751.31 32,824.94 -2,073.63 1,526.74 5.0% 127.23 F N M A #748678 5.000% 10/01/33 31403GXF4 0.0% 411.9800 1.0013 03/31/2025 412.53 442.88 -30.35 20.60 5.0% 1.72 F N M A #815971 5.000% 3/01/35 31406PQY8 0.0% 40,849.7300 1.0063 03/31/2025 41,107.90 43,913.46 -2,805.56 2,042.49 5.0% 170.21 F N M A #823358 6.504% 2/01/35 31406XWT5 0.0% 11,812.9200 1.0164 03/31/2025 12,007.24 11,720.63 286.61 768.31 6.4% 64.03 F N M A #826080 5.000% 7/01/35 31407BXH7 0.0% 5,898.7600 1.0063 03/31/2025 5,936.04 6,341.14 -405.10 294.94 5.0% 24.58 F N M A #888336 5.000% 7/01/36 31410F4V4 0.0% 50,482.0300 1.0069 03/31/2025 50,829.85 54,268.20 -3,438.35 2,524.10 5.0% 210.34 F N M A #AL0869 4.500% 6/01/29 3138EG6F6 0.0% 1,865.9200 0.9964 03/31/2025 1,859.26 1,973.40 -114.14 83.97 4.5% 7.00 F N M A #MA0022 4.500% 4/01/29 31417YAY3 0.0% 3,035.1800 0.9984 03/31/2025 3,030.23 3,210.01 -179.78 136.58 4.5% 11.38 G N M A I I #080023 4.750% 12/20/26 36225CAZ9 0.0% 1,833.1800 1.0072 03/31/2025 1,846.34 1,863.47 -17.13 87.08 4.7% 7.83 G N M A I I #080088 5.000% 6/20/27 36225CC20 0.0% 2,334.1300 0.9949 03/31/2025 2,322.20 2,385.21 -63.01 116.71 5.0% 9.73 G N M A I I #080395 4.875% 4/20/30 36225CNM4 0.0% 1,614.6800 1.0002 03/31/2025 1,614.97 1,600.02 14.95 78.72 4.9% 8.58 G N M A I I #080408 4.875% 5/20/30 36225CN28 0.0% 15,554.4000 0.9998 03/31/2025 15,551.13 15,396.39 154.74 758.28 4.9% 63.19 G N M A I I #080965 4.625% 7/20/34 36225DCB8 0.0% 13,517.9100 1.0088 03/31/2025 13,636.60 13,509.46 127.14 625.20 4.6% 52.10 Total for GNMA/FNMA/FHLMC POOLS 213,765.89 224,494.12 -10,728.23 10,689.74 894.71 5.0% REMICS AND OTHER GOVT PAYDOWNS F H L M C MLTCL 5.069% 10/25/28 3137HB3D4 1.7% 10,716,000.0000 1.0228 03/31/2025 10,959,896.16 10,850,787.19 109,108.97 543,194.08 5.0% 45,266.17 F H L M C MLTCL MT 3.350% 1/25/28 3137FETN0 1.3% 8,440,000.0000 0.9766 03/31/2025 8,242,082.00 8,126,748.44 115,333.56 282,740.03 3.4% 23,561.67 F H L M C MLTCL MT 3.850% 5/25/28 3137FG6X8 1.1% 7,250,000.0000 0.9877 03/31/2025 7,160,752.50 7,116,894.53 43,857.97 279,124.97 3.9% 23,260.41 F H L M C MLTCL MT 4.640% 8/15/32 3133TCE95 0.0% 1,518.9000 0.9807 03/31/2025 1,489.65 1,520.50 -30.85 70.48 4.7% 1,338.66 F H L M C MLTCL MT 6.49999% 9/25/43 31394JY35 0.0% 301,931.4600 1.0142 03/31/2025 306,233.98 341,937.35 -35,703.37 19,625.51 6.4% 1,635.46 F H L M C MLTCL MTG 3.120% 9/25/26 3137BSRE5 0.9% 5,720,259.0000 0.9833 03/31/2025 5,625,016.69 5,918,790.92 -293,774.23 178,472.08 3.2% 14,872.67 F H L M C MLTCL MTG 4.803% 5/25/29 3137HDJJ0 1.4% 9,000,000.0000 1.0162 03/31/2025 9,145,710.00 9,036,562.50 109,147.50 432,270.00 4.7% 36,022.50 F H L M C MLTCL MTG 5.180% 3/25/29 3137HCKV3 0.4% 2,720,000.0000 1.0289 03/31/2025 2,798,662.40 2,767,387.50 31,274.90 140,896.01 5.0% 11,741.33 F H L M C MLTCL MTG 5.400% 1/25/29 3137HBPD0 1.6% 10,000,000.0000 1.0337 03/31/2025 10,336,700.00 10,244,140.63 92,559.37 540,000.00 5.2% 45,000.00 F N M A GTD REMIC 1.500% 4/25/29 3136AJZP4 0.1% 848,514.3600 0.9609 03/31/2025 815,303.51 775,152.44 40,151.07 12,727.72 1.6% 1,060.64 F N M A GTD REMIC 2.472% 2/25/41 31397QRE0 0.0% 57,963.4500 0.9961 03/31/2025 57,735.07 57,945.35 -210.28 2,975.94 5.2% 256.88 Page: 7 of 8 Print Date:04/14/2025 at 6:07:26 pm 03/31/2025Month End Investment Detail w/Accruals As of Date: U.S. Bank Pivot Account Number: 6745046601 Name: OCSD LONG-TERM PORTFOLIO Asset Name CUSIP Current Allocation Units Price Date Market Value Cost Gain/Loss Unrealized Est. Annual Income Yield Income Accrued Priced Total for REMICS AND OTHER GOVT PAYDOWNS 55,449,581.96 55,237,867.35 211,714.61 2,432,096.82 204,016.39 4.4% US AGENCIES F H L B DEB 4.500% 3/10/28 3130ATS57 1.2% 7,500,000.0000 1.0162 03/31/2025 7,621,500.00 7,662,525.00 -41,025.00 337,500.00 4.4% 19,687.50 F H L M C 5.125% 2/13/30 3134HA7E7 0.8% 5,000,000.0000 1.0044 03/31/2025 5,022,150.00 5,019,150.00 3,000.00 256,250.00 5.1% 34,166.67 F H L M C M T N 4.750% 12/18/29 3134HAW33 1.5% 10,000,000.0000 1.0020 03/31/2025 10,020,200.00 9,973,870.08 46,329.92 475,000.00 4.7% 129,305.56 T V A 3.875% 3/15/28 880591EZ1 1.1% 6,805,000.0000 0.9983 03/31/2025 6,793,091.25 6,848,198.00 -55,106.75 263,693.75 3.9% 11,719.72 Total for US AGENCIES 29,456,941.25 29,503,743.08 -46,801.83 1,332,443.75 194,879.45 4.5% US AGENCIES-DISC/ZERO CPN F H L M C STRIP 9/15/29 3134A3U53 0.3% 2,500,000.0000 0.8247 03/31/2025 2,061,675.00 2,057,500.00 4,175.00 0.25 0.0% RESOLUTION FDG STRIP 10/15/28 76116EHL7 1.0% 7,500,000.0000 0.8686 03/31/2025 6,514,650.00 6,377,175.00 137,475.00 0.75 0.0% RFCP STRIPS 1/15/29 76116EGP9 1.3% 10,000,000.0000 0.8571 03/31/2025 8,570,800.00 8,052,300.00 518,500.00 1.00 0.0% U S TREAS BD STRIP 8/15/29 912833XP0 3.0% 23,250,000.0000 0.8393 03/31/2025 19,513,492.50 19,002,612.50 510,880.00 2.33 0.0% U S TREASURY BD STRIP 11/15/29 912833XT2 3.0% 23,000,000.0000 0.8302 03/31/2025 19,093,450.00 18,415,180.00 678,270.00 2.30 0.0% Total for US AGENCIES-DISC/ZERO CPN 55,754,067.50 53,904,767.50 1,849,300.00 6.63 0.0% US TREASURY BONDS & NOTES U S TREASURY NT 0.750% 3/31/26 91282CBT7 1.5% 10,000,000.0000 0.9680 03/31/2025 9,679,900.00 9,943,359.37 -263,459.37 75,000.00 0.8% 407.61 U S TREASURY NT 0.750% 5/31/26 91282CCF6 1.1% 7,500,000.0000 0.9630 03/31/2025 7,222,275.00 7,443,750.00 -221,475.00 56,250.00 0.8% 18,853.02 U S TREASURY NT 1.000% 7/31/28 91282CCR0 2.4% 17,000,000.0000 0.9101 03/31/2025 15,472,040.00 15,215,664.06 256,375.94 170,000.00 1.1% 28,176.80 U S TREASURY NT 1.125% 10/31/26 91282CDG3 1.9% 12,750,000.0000 0.9570 03/31/2025 12,201,622.50 12,674,931.64 -473,309.14 143,437.50 1.2% 60,227.90 U S TREASURY NT 1.500% 1/31/27 912828Z78 1.0% 7,000,000.0000 0.9575 03/31/2025 6,702,500.00 6,593,945.31 108,554.69 105,000.00 1.6% 17,403.31 U S TREASURY NT 1.500% 2/15/30 912828Z94 1.7% 12,000,000.0000 0.8921 03/31/2025 10,704,840.00 10,650,040.20 54,799.80 180,000.00 1.7% 22,375.69 U S TREASURY NT 1.750% 1/31/29 91282CDW8 1.2% 8,350,000.0000 0.9236 03/31/2025 7,711,726.00 7,326,798.83 384,927.17 146,125.00 1.9% 24,219.61 U S TREASURY NT 2.375% 3/31/29 91282CEE7 1.8% 12,500,000.0000 0.9431 03/31/2025 11,788,625.00 11,737,304.69 51,320.31 296,875.00 2.5% 811.13 U S TREASURY NT 2.625% 2/15/29 9128286B1 1.2% 7,800,000.0000 0.9539 03/31/2025 7,440,498.00 7,287,515.63 152,982.37 204,750.00 2.8% 25,452.35 U S TREASURY NT 2.750% 4/30/27 91282CEN7 2.6% 17,000,000.0000 0.9772 03/31/2025 16,611,550.00 16,417,148.43 194,401.57 467,500.00 2.8% 196,298.34 U S TREASURY NT 3.125% 8/31/29 91282CFJ5 1.5% 10,250,000.0000 0.9674 03/31/2025 9,915,645.00 9,909,301.92 6,343.08 320,312.50 3.2% 27,853.26 U S TREASURY NT 3.250% 6/30/27 91282CEW7 0.5% 3,000,000.0000 0.9866 03/31/2025 2,959,680.00 2,989,218.75 -29,538.75 97,500.00 3.3% 24,509.67 U S TREASURY NT 3.500% 9/30/29 91282CLN9 0.4% 2,650,000.0000 0.9818 03/31/2025 2,601,876.00 2,530,957.03 70,918.97 92,750.00 3.6% 253.42 U S TREASURY NT 3.750% 12/31/28 91282CJR3 3.1% 20,000,000.0000 0.9941 03/31/2025 19,882,000.00 19,664,394.53 217,605.47 750,000.00 3.8% 188,535.91 U S TREASURY NT 4.250% 2/28/29 91282CKD2 0.5% 3,300,000.0000 1.0117 03/31/2025 3,338,676.00 3,329,272.77 9,403.23 140,250.00 4.2% 12,195.65 U S TREASURY NT 4.375% 11/30/28 91282CJN2 2.7% 17,500,000.0000 1.0156 03/31/2025 17,772,125.00 17,832,089.84 -59,964.84 765,625.00 4.3% 257,335.07 U S TREASURY NT 4.625% 9/30/28 91282CJA0 2.2% 13,700,000.0000 1.0233 03/31/2025 14,018,936.00 14,052,648.44 -33,712.44 633,625.00 4.5% 1,731.22 Total for US TREASURY BONDS & NOTES 176,024,514.50 175,598,341.44 426,173.06 4,645,000.00 906,639.96 2.6% 645,529,168.98 642,110,540.34 3,418,628.64 21,206,215.51 3,607,746.73Total For Fixed Income 3.3% Real Estate And Other Page: 8 of 8 Print Date:04/14/2025 at 6:07:26 pm 03/31/2025Month End Investment Detail w/Accruals As of Date: U.S. Bank Pivot Account Number: 6745046601 Name: OCSD LONG-TERM PORTFOLIO Asset Name CUSIP Current Allocation Units Price Date Market Value Cost Gain/Loss Unrealized Est. Annual Income Yield Income Accrued Priced MEMOS/NOTATIONS LEHMAN BRTH HLD ESC 525ESC0Y6 0.0% 2,000,000.0000 0.0000 05/30/2017 0.00 1,013,777.33 -1,013,777.33 0.00 0.0% Total for MEMOS/NOTATIONS 0.00 1,013,777.33 -1,013,777.33 0.00 0.0% 0.00 1,013,777.33 -1,013,777.33 0.00Total For Real Estate And Other 0.0% 646,607,261.96 644,202,410.65 2,404,851.31 21,251,909.98 3,621,746.12Total For Account 6745046601 3.3% * * * * * E n d O f R e p o r t * * * * * 770,763,299.14 767,830,469.47 2,932,829.67 24,621,145.36 4,078,928.28Grand Total 3.2% Insight - U.S. Bank Transaction History Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 1 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date Account Beginning Cash Total Cash: 0.00Income Cash: 20,461,699.19Principal Cash: -20,461,699.19 01/02/2025 31846V567 310 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 12/31/2024 INTEREST FROM 12/1/24 TO 12/31/24 .00 .00 .00 .00 .00 .0000 .000000 15,943.75 FGZXX .00I 01/03/2025 24422EXA2 310 INTEREST EARNED ON JOHN DEERE MTN 5.21873% 7/03/25 $1 PV ON 500000.0000 SHARES DUE 1/3/2025 .00 .00 .00 .00 .00 .0000 .000000 6,668.38 JDM5725 .00I 01/03/2025 01/03/2025 01/03/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -2,066,569.87 .00 .00-2,066,569.8700 1.000000 2,066,569.87 FGZXX .00P 01/03/2025 01/02/2025 01/03/2025 45866FAD6 10 PURCHASED PAR VALUE OF INTERCONTINENTAL 3.750% 12/01/25 /J.P. MORGAN SECURITIES LLC/505,000 PAR VALUE AT 99.28 % .00 .00 501,364.00 .00 .00 505,000.0000 .992800 -501,364.00 .00P 01/03/2025 01/03/2025 45866FAD6 300 PAID ACCRUED INTEREST ON PURCHASE OF INTERCONTINENTAL 3.750% 12/01/25 .00 .00 .00 .00 .00 .0000 .000000 -1,683.33 .00I 01/03/2025 01/02/2025 01/03/2025 91159HHZ6 10 PURCHASED PAR VALUE OF US BANCORP MTNS MTN 1.450% 5/12/25 /J.P. MORGAN SECURITIES LLC/1,600,000 PAR VALUE AT 98.928 % .00 .00 1,582,848.00 .00 .00 1,600,000.0000 .989280 -1,582,848.00 .00P 01/03/2025 01/03/2025 91159HHZ6 300 PAID ACCRUED INTEREST ON PURCHASE OF US BANCORP MTNS MTN 1.450% 5/12/25 .00 .00 .00 .00 .00 .0000 .000000 -3,286.67 .00I 01/08/2025 01/08/2025 01/08/2025 14912DN88 20 MATURED PAR VALUE OF CATERPILLAR FINL SVCS C P 1/08/25 5,750,000 PAR VALUE AT 100 % .00 .00 -5,736,798.96 .00 .00-5,750,000.0000 1.000000 5,736,798.96 .00P 01/08/2025 14912DN88 310 INTEREST EARNED ON CATERPILLAR FINL SVCS C P 1/08/25 $1 PV ON 5750000.0000 SHARES DUE 1/8/2025 5,750,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 13,201.04 .00I 01/08/2025 01/07/2025 01/08/2025 3130ALVS0 10 PURCHASED PAR VALUE OF F H L B DEB 0.620% 1/27/25 /WELLS FARGO SECURITIES, LLC/2,000,000 PAR VALUE AT 99.805941 % .00 .00 1,996,118.82 .00 .00 2,000,000.0000 .998059 -1,996,118.82 .00P 01/08/2025 01/08/2025 3130ALVS0 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L B DEB 0.620% 1/27/25 .00 .00 .00 .00 .00 .0000 .000000 -2,445.56 .00I 01/08/2025 01/07/2025 01/08/2025 3130AUW91 10 PURCHASED PAR VALUE OF F H L B DEB 5.000% 1/27/25 /WELLS FARGO SECURITIES, LLC/1,595,000 PAR VALUE AT 100.03277241 % .00 .00 1,595,522.72 .00 .00 1,595,000.0000 1.000328 -1,595,522.72 .00P 01/08/2025 01/08/2025 3130AUW91 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L B DEB 5.000% 1/27/25 .00 .00 .00 .00 .00 .0000 .000000 -28,798.61 .00I 01/08/2025 01/08/2025 01/08/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 2,127,114.29 .00 .00 2,127,114.2900 1.000000 -2,127,114.29 FGZXX .00P 01/09/2025 330 CASH RECEIPT INCOMING WIRES WIRE REC'D 1/9/2025 .00 .00 .00 .00 .00 .0000 .000000 29,000,000.00 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 2 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/09/2025 01/09/2025 01/09/2025 03785DN93 20 MATURED PAR VALUE OF APPLE INC DISC COML C P 1/09/25 3,250,000 PAR VALUE AT 100 % .00 .00 -3,240,358.33 .00 .00-3,250,000.0000 1.000000 3,240,358.33 .00P 01/09/2025 03785DN93 310 INTEREST EARNED ON APPLE INC DISC COML C P 1/09/25 $1 PV ON 3250000.0000 SHARES DUE 1/9/2025 3,250,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 9,641.67 .00I 01/09/2025 01/09/2025 01/09/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -266,874.36 .00 .00-266,874.3600 1.000000 266,874.36 FGZXX .00P 01/09/2025 01/08/2025 01/09/2025 459058JB0 10 PURCHASED PAR VALUE OF INTL BK M T N 0.626% 4/22/25 /WELLS FARGO SECURITIES, LLC/2,598,000 PAR VALUE AT 98.93979985 % .00 .00 2,570,456.00 .00 .00 2,598,000.0000 .989398 -2,570,456.00 IBM0625 .00P 01/09/2025 01/09/2025 459058JB0 300 PAID ACCRUED INTEREST ON PURCHASE OF INTL BK M T N 0.626% 4/22/25 .00 .00 .00 .00 .00 .0000 .000000 -3,473.02 IBM0625 .00I 01/09/2025 01/08/2025 01/09/2025 46625HKC3 10 PURCHASED PAR VALUE OF JPMORGAN CHASE CO 3.125% 1/23/25 /USBCUS31 US BANCORP INVEST US/930,000 PAR VALUE AT 99.951 % .00 .00 929,544.30 .00 .00 930,000.0000 .999510 -929,544.30 .00P 01/09/2025 01/09/2025 46625HKC3 300 PAID ACCRUED INTEREST ON PURCHASE OF JPMORGAN CHASE CO 3.125% 1/23/25 .00 .00 .00 .00 .00 .0000 .000000 -13,401.04 .00I 01/10/2025 01/10/2025 01/10/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -10,856,145.33 .00 .00-10,856,145.3300 1.000000 10,856,145.33 FGZXX .00P 01/10/2025 01/10/2025 01/10/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 29,000,000.00 .00 .00 29,000,000.0000 1.000000 -29,000,000.00 FGZXX .00P 01/10/2025 01/10/2025 01/10/2025 459058JE4 10 PURCHASED PAR VALUE OF INTL BK M T N 0.375% 7/28/25 /MORGAN STANLEY & CO. LLC/5,000,000 PAR VALUE AT 97.824 % .00 .00 4,891,200.00 .00 .00 5,000,000.0000 .978240 -4,891,200.00 .00P 01/10/2025 01/10/2025 459058JE4 300 PAID ACCRUED INTEREST ON PURCHASE OF INTL BK M T N 0.375% 7/28/25 .00 .00 .00 .00 .00 .0000 .000000 -8,437.50 .00I 01/10/2025 01/09/2025 01/10/2025 459058JJ3 10 PURCHASED PAR VALUE OF INTL BK M T N 5.13099% 9/18/25 /MIZUHO SECURITIES USA INC./1,500,000 PAR VALUE AT 100.139 % .00 .00 1,502,085.00 .00 .00 1,500,000.0000 1.001390 -1,502,085.00 IBM5125 .00P 01/10/2025 01/10/2025 459058JJ3 300 PAID ACCRUED INTEREST ON PURCHASE OF INTL BK M T N 5.13099% 9/18/25 .00 .00 .00 .00 .00 .0000 .000000 -4,588.12 IBM5125 .00I 01/10/2025 01/10/2025 01/10/2025 45950KCT5 10 PURCHASED PAR VALUE OF IFC M T N 0.375% 7/16/25 /JPMSGB2L JP MORGAN SEC LONDON/719,000 PAR VALUE AT 98.003 % .00 .00 704,641.57 .00 .00 719,000.0000 .980030 -704,641.57 .00P 01/10/2025 01/10/2025 45950KCT5 300 PAID ACCRUED INTEREST ON PURCHASE OF IFC M T N 0.375% 7/16/25 .00 .00 .00 .00 .00 .0000 .000000 -1,303.19 .00I 01/10/2025 01/10/2025 01/10/2025 45950VRG3 10 PURCHASED PAR VALUE OF IFC M T N /WELLS FARGO SECURITIES, LLC/1,115,000 PAR VALUE AT 99.36410045 % .00 .00 1,107,909.72 .00 .00 1,115,000.0000 .993641 -1,107,909.72 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 3 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/10/2025 01/10/2025 45950VRG3 300 PAID ACCRUED INTEREST ON PURCHASE OF IFC M T N .00 .00 .00 .00 .00 .0000 .000000 -13,923.56 .00I 01/10/2025 01/10/2025 01/10/2025 64952WDL4 10 PURCHASED PAR VALUE OF NEW YORK LIFE MTN 2.000% 1/22/25 /TD SECURITIES (USA) LLC/2,600,000 PAR VALUE AT 99.915 % .00 .00 2,597,790.00 .00 .00 2,600,000.0000 .999150 -2,597,790.00 .00P 01/10/2025 01/10/2025 64952WDL4 300 PAID ACCRUED INTEREST ON PURCHASE OF NEW YORK LIFE MTN 2.000% 1/22/25 .00 .00 .00 .00 .00 .0000 .000000 -24,266.67 .00I 01/13/2025 01/10/2025 01/13/2025 20030NCS8 10 PURCHASED PAR VALUE OF COMCAST CORP 3.950% 10/15/25 /TD SECURITIES (USA) LLC/779,000 PAR VALUE AT 99.537 % .00 .00 775,393.23 .00 .00 779,000.0000 .995370 -775,393.23 .00P 01/13/2025 01/13/2025 20030NCS8 300 PAID ACCRUED INTEREST ON PURCHASE OF COMCAST CORP 3.950% 10/15/25 .00 .00 .00 .00 .00 .0000 .000000 -7,521.68 .00I 01/13/2025 01/13/2025 01/13/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -12,543,795.01 .00 .00-12,543,795.0100 1.000000 12,543,795.01 FGZXX .00P 01/13/2025 01/13/2025 01/13/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 1,362,872.59 .00 .00 1,362,872.5900 1.000000 -1,362,872.59 FGZXX .00P 01/13/2025 01/10/2025 459058JE4 300 PAID ACCRUED INTEREST ON PURCHASE OF INTL BK M T N 0.375% 7/28/25 .00 .00 .00 .00 .00 .0000 .000000 8,437.50 .00I 01/13/2025 01/10/2025 01/10/2025 459058JE4 10 PURCHASE-REV PAR VALUE OF INTL BK M T N 0.375% 7/28/25 /MORGAN STANLEY & CO. LLC/ .00 .00 -4,891,200.00 .00 .00-5,000,000.0000 -.978240 4,891,200.00 .00P 01/13/2025 01/10/2025 01/10/2025 459058JE4 10 PURCHASED PAR VALUE OF INTL BK M T N 0.375% 7/28/25 /MORGAN STANLEY & CO. LLC/5,000,000 PAR VALUE AT 97.824 % .00 .00 4,891,200.00 .00 .00 5,000,000.0000 .978240 -4,891,200.00 .00P 01/13/2025 01/10/2025 459058JE4 300 PAID ACCRUED INTEREST ON PURCHASE OF INTL BK M T N 0.375% 7/28/25 .00 .00 .00 .00 .00 .0000 .000000 -8,437.50 .00I 01/13/2025 01/13/2025 01/13/2025 59157TSW4 10 PURCHASED PAR VALUE OF METLIFE SHORT TERM FDG C P 5/30/25 /BOFA SECURITIES, INC./FXD INC/6,680,000 PAR VALUE AT 98.35980554 % .00 .00 6,570,435.01 .00 .00 6,680,000.0000 .983598 -6,570,435.01 .00P 01/13/2025 01/13/2025 01/13/2025 6698M4ND0 20 MATURED PAR VALUE OF NOVARTIS FIN CORP DISC C P 1/13/25 5,750,000 PAR VALUE AT 100 % .00 .00 -5,733,363.33 .00 .00-5,750,000.0000 1.000000 5,733,363.33 .00P 01/13/2025 6698M4ND0 310 INTEREST EARNED ON NOVARTIS FIN CORP DISC C P 1/13/25 $1 PV ON 5750000.0000 SHARES DUE 1/13/2025 5,750,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 16,636.67 .00I 01/13/2025 01/13/2025 01/13/2025 6698M4PK2 10 PURCHASED PAR VALUE OF NOVARTIS FIN C P 2/19/25 /BARCLAYS CAPITAL INC. FIXED IN/XOTC 6,000,000 PAR VALUE AT 99.556 % .00 .00 5,973,360.00 .00 .00 6,000,000.0000 .995560 -5,973,360.00 .00P 01/13/2025 01/10/2025 01/13/2025 94988J6B8 10 PURCHASED PAR VALUE OF WELLS FARGO M T N 5.550% 8/01/25 /J.P. MORGAN SECURITIES LLC/3,500,000 PAR VALUE AT 100.48 % .00 .00 3,516,800.00 .00 .00 3,500,000.0000 1.004800 -3,516,800.00 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 4 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/13/2025 01/13/2025 94988J6B8 300 PAID ACCRUED INTEREST ON PURCHASE OF WELLS FARGO M T N 5.550% 8/01/25 .00 .00 .00 .00 .00 .0000 .000000 -87,412.50 .00I 01/14/2025 01/14/2025 01/14/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -8,513,076.23 .00 .00-8,513,076.2300 1.000000 8,513,076.23 FGZXX .00P 01/14/2025 01/14/2025 01/14/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 7,250.00 .00 .00 7,250.0000 1.000000 -7,250.00 FGZXX .00P 01/14/2025 01/13/2025 01/14/2025 4581X0DN5 10 PURCHASED PAR VALUE OF INTER AMER BK M T N 0.625% 7/15/25 /JPMSGB2L JP MORGAN SEC LONDON/2,400,000 PAR VALUE AT 98.18 % .00 .00 2,356,320.00 .00 .00 2,400,000.0000 .981800 -2,356,320.00 .00P 01/14/2025 01/14/2025 4581X0DN5 300 PAID ACCRUED INTEREST ON PURCHASE OF INTER AMER BK M T N 0.625% 7/15/25 .00 .00 .00 .00 .00 .0000 .000000 -7,458.33 .00I 01/14/2025 64952WEK5 310 INTEREST EARNED ON NEW YORK LIFE MTN 1.450% 1/14/25 $1 PV ON 1000000.0000 SHARES DUE 1/14/2025 INTEREST ON 1/14/25 MATURITY .00 .00 .00 .00 .00 .0000 .000000 7,250.00 .00I 01/14/2025 01/14/2025 01/14/2025 64952WEK5 20 MATURED PAR VALUE OF NEW YORK LIFE MTN 1.450% 1/14/25 1,000,000 PAR VALUE AT 100 % .00 .00 -986,120.00 13,880.00 .00-1,000,000.0000 1.000000 1,000,000.00 .00P 01/14/2025 01/10/2025 01/14/2025 912797PH4 10 PURCHASED PAR VALUE OF U S TREASURY BILL 5/13/25 /BMO-CHICAGO BRANCH/7,250,000 PAR VALUE AT 98.61100552 % .00 .00 7,149,297.90 .00 .00 7,250,000.0000 .986110 -7,149,297.90 .00P 01/15/2025 01/14/2025 01/15/2025 3133ERGW5 10 PURCHASED PAR VALUE OF F F C B DEB 4.63842% 6/12/25 /WELLS FARGO SECURITIES, LLC/XOTC 601,000 PAR VALUE AT 99.98360067 % .00 .00 600,901.44 .00 .00 601,000.0000 .999836 -600,901.44 FFC5225E .00P 01/15/2025 01/15/2025 3133ERGW5 300 PAID ACCRUED INTEREST ON PURCHASE OF F F C B DEB 4.63842% 6/12/25 .00 .00 .00 .00 .00 .0000 .000000 -2,463.78 FFC5225E .00I 01/15/2025 01/14/2025 01/15/2025 3136G4XV0 10 PURCHASED PAR VALUE OF F N M A M T N 0.730% 6/30/25 /NMRIUS33 NOMURA SECS INTL NY/1,500,000 PAR VALUE AT 98.3888 % .00 .00 1,475,832.00 .00 .00 1,500,000.0000 .983888 -1,475,832.00 .00P 01/15/2025 01/15/2025 3136G4XV0 300 PAID ACCRUED INTEREST ON PURCHASE OF F N M A M T N 0.730% 6/30/25 .00 .00 .00 .00 .00 .0000 .000000 -456.25 .00I 01/15/2025 01/15/2025 01/15/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 7,500.00 .00 .00 7,500.0000 1.000000 -7,500.00 FGZXX .00P 01/15/2025 01/15/2025 01/15/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -216,037.77 .00 .00-216,037.7700 1.000000 216,037.77 FGZXX .00P 01/15/2025 4581X0DN5 310 INTEREST EARNED ON INTER AMER BK M T N 0.625% 7/15/25 $1 PV ON 2400000.0000 SHARES DUE 1/15/2025 .00 .00 .00 .00 .00 .0000 .000000 7,500.00 .00I 01/15/2025 01/13/2025 01/15/2025 76116EGG9 10 PURCHASED PAR VALUE OF RFCP STRIPS 7/15/25 /WELLS FARGO SECURITIES, LLC/1,417,000 PAR VALUE AT 97.83940014 % .00 .00 1,386,384.30 .00 .00 1,417,000.0000 .978394 -1,386,384.30 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 5 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/15/2025 01/15/2025 01/15/2025 880590AQ7 20 MATURED PAR VALUE OF T V A DISC NTS 1/15/25 3,250,000 PAR VALUE AT 100 % .00 .00 -3,238,663.82 .00 .00-3,250,000.0000 1.000000 3,238,663.82 .00P 01/15/2025 880590AQ7 310 INTEREST EARNED ON T V A DISC NTS 1/15/25 $1 PV ON 3250000.0000 SHARES DUE 1/15/2025 3,250,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 11,336.18 .00I 01/16/2025 01/16/2025 01/16/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 3.59 .00 .00 3.5900 1.000000 -3.59 FGZXX .00P 01/16/2025 01/16/2025 01/16/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 1,348.13 .00 .00 1,348.1300 1.000000 -1,348.13 FGZXX .00P 01/16/2025 45950KCT5 310 INTEREST EARNED ON IFC M T N 0.375% 7/16/25 $1 PV ON 719000.0000 SHARES DUE 1/16/2025 .00 .00 .00 .00 .00 .0000 .000000 1,351.72 .00I 01/21/2025 01/21/2025 01/21/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 13,321.63 .00 .00 13,321.6300 1.000000 -13,321.63 FGZXX .00P 01/21/2025 64952WES8 310 INTEREST EARNED ON NEW YORK LIFE MTN 5.76629% 4/21/25 $1 PV ON 1000000.0000 SHARES DUE 1/21/2025 .00 .00 .00 .00 .00 .0000 .000000 13,321.63 NYL4425 .00I 01/22/2025 01/22/2025 01/22/2025 03785DPT7 10 PURCHASED PAR VALUE OF APPLE INC DISC COML C P 2/27/25 /GOLDMAN SACHS & CO. LLC/2,575,000 PAR VALUE AT 99.569 % .00 .00 2,563,901.75 .00 .00 2,575,000.0000 .995690 -2,563,901.75 .00P 01/22/2025 01/21/2025 01/22/2025 3133ERGW5 10 PURCHASED PAR VALUE OF F F C B DEB 4.63842% 6/12/25 /TD SECURITIES (USA) LLC/XOTC 280,000 PAR VALUE AT 99.96741429 % .00 .00 279,908.76 .00 .00 280,000.0000 .999674 -279,908.76 FFC5225E .00P 01/22/2025 01/22/2025 3133ERGW5 300 PAID ACCRUED INTEREST ON PURCHASE OF F F C B DEB 4.63842% 6/12/25 .00 .00 .00 .00 .00 .0000 .000000 -1,388.54 FFC5225E .00I 01/22/2025 01/22/2025 01/22/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 2,318,702.70 .00 .00 2,318,702.7000 1.000000 -2,318,702.70 FGZXX .00P 01/22/2025 01/22/2025 01/22/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -2,537,901.75 .00 .00-2,537,901.7500 1.000000 2,537,901.75 FGZXX .00P 01/22/2025 01/22/2025 01/22/2025 64952WDL4 20 MATURED PAR VALUE OF NEW YORK LIFE MTN 2.000% 1/22/25 2,600,000 PAR VALUE AT 100 % .00 .00 -2,597,790.00 2,210.00 .00-2,600,000.0000 1.000000 2,600,000.00 .00P 01/22/2025 64952WDL4 310 INTEREST EARNED ON NEW YORK LIFE MTN 2.000% 1/22/25 $1 PV ON 2600000.0000 SHARES DUE 1/22/2025 INTEREST ON 1/22/25 MATURITY .00 .00 .00 .00 .00 .0000 .000000 26,000.00 .00I 01/23/2025 01/23/2025 01/23/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 2,254,424.69 .00 .00 2,254,424.6900 1.000000 -2,254,424.69 FGZXX .00P 01/23/2025 01/23/2025 01/23/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -2,265,597.11 .00 .00-2,265,597.1100 1.000000 2,265,597.11 FGZXX .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 6 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/23/2025 01/23/2025 01/23/2025 459053GF5 10 PURCHASED PAR VALUE OF INTL BK DISC NTS 5/30/25 /BARCLAYS CAPITAL INC. FIXED IN/XOTC 2,300,000 PAR VALUE AT 98.50422217 % .00 .00 2,265,597.11 .00 .00 2,300,000.0000 .985042 -2,265,597.11 .00P 01/23/2025 01/22/2025 01/23/2025 45905U6L3 10 PURCHASED PAR VALUE OF INTL BK M T N 3.126% 11/20/25 /WELLS FARGO SECURITIES, LLC/750,000 PAR VALUE AT 99.01 % .00 .00 742,575.00 .00 .00 750,000.0000 .990100 -742,575.00 IBM3125 .00P 01/23/2025 01/23/2025 45905U6L3 300 PAID ACCRUED INTEREST ON PURCHASE OF INTL BK M T N 3.126% 11/20/25 .00 .00 .00 .00 .00 .0000 .000000 -4,101.56 IBM3125 .00I 01/23/2025 01/23/2025 01/23/2025 46625HKC3 20 MATURED PAR VALUE OF JPMORGAN CHASE CO 3.125% 1/23/25 2,930,000 PAR VALUE AT 100 % .00 .00 -2,920,844.30 9,155.70 .00-2,930,000.0000 1.000000 2,930,000.00 .00P 01/23/2025 46625HKC3 310 INTEREST EARNED ON JPMORGAN CHASE CO 3.125% 1/23/25 $1 PV ON 2930000.0000 SHARES DUE 1/23/2025 .00 .00 .00 .00 .00 .0000 .000000 45,781.25 .00I 01/23/2025 6174468C6 310 INTEREST EARNED ON MORGAN STANLEY 4.000% 7/23/25 $1 PV ON 1266000.0000 SHARES DUE 1/23/2025 .00 .00 .00 .00 .00 .0000 .000000 25,320.00 .00I 01/27/2025 01/27/2025 01/27/2025 3130ALVS0 20 MATURED PAR VALUE OF F H L B DEB 0.620% 1/27/25 2,000,000 PAR VALUE AT 100 % .00 .00 -1,996,118.82 3,881.18 .00-2,000,000.0000 1.000000 2,000,000.00 .00P 01/27/2025 3130ALVS0 310 INTEREST EARNED ON F H L B DEB 0.620% 1/27/25 $1 PV ON 2000000.0000 SHARES DUE 1/27/2025 .00 .00 .00 .00 .00 .0000 .000000 3,100.00 .00I 01/27/2025 01/27/2025 01/27/2025 3130AUW91 20 MATURED PAR VALUE OF F H L B DEB 5.000% 1/27/25 1,595,000 PAR VALUE AT 100 % .00 .00 -1,595,522.72 -522.72 .00-1,595,000.0000 1.000000 1,595,000.00 .00P 01/27/2025 3130AUW91 310 INTEREST EARNED ON F H L B DEB 5.000% 1/27/25 $1 PV ON 1595000.0000 SHARES DUE 1/27/2025 .00 .00 .00 .00 .00 .0000 .000000 33,007.64 .00I 01/27/2025 01/27/2025 01/27/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 192,940.10 .00 .00 192,940.1000 1.000000 -192,940.10 FGZXX .00P 01/27/2025 01/24/2025 01/27/2025 459058JE4 10 PURCHASED PAR VALUE OF INTL BK M T N 0.375% 7/28/25 /WELLS FARGO SECURITIES, LLC/3,500,000 PAR VALUE AT 98.0469 % .00 .00 3,431,641.50 .00 .00 3,500,000.0000 .980469 -3,431,641.50 .00P 01/27/2025 01/27/2025 459058JE4 300 PAID ACCRUED INTEREST ON PURCHASE OF INTL BK M T N 0.375% 7/28/25 .00 .00 .00 .00 .00 .0000 .000000 -6,526.04 .00I 01/28/2025 01/28/2025 01/28/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 42.50 .00 .00 42.5000 1.000000 -42.50 FGZXX .00P 01/28/2025 01/28/2025 01/28/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 15,937.50 .00 .00 15,937.5000 1.000000 -15,937.50 FGZXX .00P 01/28/2025 459058JE4 310 INTEREST EARNED ON INTL BK M T N 0.375% 7/28/25 $1 PV ON 8500000.0000 SHARES DUE 1/28/2025 .00 .00 .00 .00 .00 .0000 .000000 15,980.00 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 7 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/29/2025 01/28/2025 01/29/2025 3130AN4A5 10 PURCHASED PAR VALUE OF F H L B DEB 0.700% 6/30/25 /STONEX FINANCIAL INC./440,000 PAR VALUE AT 98.504 % .00 .00 433,417.60 .00 .00 440,000.0000 .985040 -433,417.60 .00P 01/29/2025 01/29/2025 3130AN4A5 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L B DEB 0.700% 6/30/25 .00 .00 .00 .00 .00 .0000 .000000 -248.11 .00I 01/29/2025 01/29/2025 01/29/2025 3130ANBF6 20 MATURED PAR VALUE OF F H L B DEB 0.650% 1/29/25 2,750,000 PAR VALUE AT 100 % .00 .00 -2,733,472.50 16,527.50 .00-2,750,000.0000 1.000000 2,750,000.00 .00P 01/29/2025 3130ANBF6 310 INTEREST EARNED ON F H L B DEB 0.650% 1/29/25 $1 PV ON 2750000.0000 SHARES DUE 1/29/2025 .00 .00 .00 .00 .00 .0000 .000000 8,937.50 .00I 01/29/2025 01/28/2025 01/29/2025 3136G4XV0 10 PURCHASED PAR VALUE OF F N M A M T N 0.730% 6/30/25 /NMRIUS33 NOMURA SECS INTL NY/1,000,000 PAR VALUE AT 98.520593 % .00 .00 985,205.93 .00 .00 1,000,000.0000 .985206 -985,205.93 .00P 01/29/2025 01/29/2025 3136G4XV0 300 PAID ACCRUED INTEREST ON PURCHASE OF F N M A M T N 0.730% 6/30/25 .00 .00 .00 .00 .00 .0000 .000000 -588.06 .00I 01/29/2025 01/29/2025 01/29/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -1,471,170.63 .00 .00-1,471,170.6300 1.000000 1,471,170.63 FGZXX .00P 01/29/2025 01/29/2025 01/29/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 1,339,477.80 .00 .00 1,339,477.8000 1.000000 -1,339,477.80 FGZXX .00P 01/29/2025 01/29/2025 01/29/2025 459058JE4 10 PURCHASED PAR VALUE OF INTL BK M T N 0.375% 7/28/25 /WELLS FARGO SECURITIES, LLC/1,500,000 PAR VALUE AT 98.077 % .00 .00 1,471,155.00 .00 .00 1,500,000.0000 .980770 -1,471,155.00 .00P 01/29/2025 01/29/2025 459058JE4 300 PAID ACCRUED INTEREST ON PURCHASE OF INTL BK M T N 0.375% 7/28/25 .00 .00 .00 .00 .00 .0000 .000000 -15.63 .00I 01/31/2025 210 CASH DISBURSEMENT PAID TO ORANGE COUNTY SANITATION DISTRICT OUTGOING DOMESTIC WIRE TRANSFER FROM LIQUID OPERATING PORTFOLIO .00 .00 .00 .00 .00 .0000 .000000 -22,000,000.00 .00P 01/31/2025 01/31/2025 01/31/2025 03785DQE9 10 PURCHASED PAR VALUE OF APPLE INC DISC COML C P 3/14/25 /GOLDMAN SACHS & CO. LLC/3,000,000 PAR VALUE AT 99.49716667 % .00 .00 2,984,915.00 .00 .00 3,000,000.0000 .994972 -2,984,915.00 .00P 01/31/2025 01/30/2025 01/31/2025 29379VCC5 10 PURCHASED PAR VALUE OF ENTERPRISE PRODS LLC 5.050% 1/10/26 /GOLDMAN SACHS & CO. LLC/2,000,000 PAR VALUE AT 100.594 % .00 .00 2,011,880.00 .00 .00 2,000,000.0000 1.005940 -2,011,880.00 .00P 01/31/2025 01/31/2025 29379VCC5 300 PAID ACCRUED INTEREST ON PURCHASE OF ENTERPRISE PRODS LLC 5.050% 1/10/26 .00 .00 .00 .00 .00 .0000 .000000 -5,891.67 .00I 01/31/2025 01/30/2025 01/31/2025 3130AWSY7 10 PURCHASED PAR VALUE OF F H L B DEB 0.00001% 5/02/25 /WELLS FARGO SECURITIES, LLC/1,210,000 PAR VALUE AT 100.03432975 % .00 .00 1,210,415.39 .00 .00 1,210,000.0000 1.000343 -1,210,415.39 .00P 01/31/2025 01/31/2025 3130AWSY7 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L B DEB 0.00001% 5/02/25 .00 .00 .00 .00 .00 .0000 .000000 -14,030.96 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 8 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/31/2025 01/30/2025 01/31/2025 3130AXR59 10 PURCHASED PAR VALUE OF F H L B DEB 4.480% 5/09/25 /WELLS FARGO SECURITIES, LLC/3,325,000 PAR VALUE AT 100.03467188 % .00 .00 3,326,152.84 .00 .00 3,325,000.0000 1.000347 -3,326,152.84 .00P 01/31/2025 01/31/2025 3130AXR59 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L B DEB 4.480% 5/09/25 .00 .00 .00 .00 .00 .0000 .000000 -35,296.72 .00I 01/31/2025 01/31/2025 01/31/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 25,938,293.71 .00 .00 25,938,293.7100 1.000000 -25,938,293.71 FGZXX .00P 01/31/2025 01/31/2025 01/31/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -25,520,329.10 .00 .00-25,520,329.1000 1.000000 25,520,329.10 FGZXX .00P 01/31/2025 01/31/2025 01/31/2025 4497W0TD0 10 PURCHASED PAR VALUE OF ING US FUNDING C P 6/13/25 /J.P. MORGAN SECURITIES LLC/XOTC 1,000,000 PAR VALUE AT 98.411389 % .00 .00 984,113.89 .00 .00 1,000,000.0000 .984114 -984,113.89 .00P 01/31/2025 01/30/2025 01/31/2025 61746BDZ6 10 PURCHASED PAR VALUE OF MORGAN STANLEY MTN 3.875% 1/27/26 /PERSHING LLC/1,500,000 PAR VALUE AT 99.443 % .00 .00 1,491,645.00 .00 .00 1,500,000.0000 .994430 -1,491,645.00 .00P 01/31/2025 01/31/2025 61746BDZ6 300 PAID ACCRUED INTEREST ON PURCHASE OF MORGAN STANLEY MTN 3.875% 1/27/26 .00 .00 .00 .00 .00 .0000 .000000 -645.83 .00I 01/31/2025 01/30/2025 01/31/2025 693304AT4 10 PURCHASED PAR VALUE OF PECO ENERGY CO 3.150% 10/15/25 /PERSHING LLC/965,000 PAR VALUE AT 99.15 % .00 .00 956,797.50 .00 .00 965,000.0000 .991500 -956,797.50 .00P 01/31/2025 01/31/2025 693304AT4 300 PAID ACCRUED INTEREST ON PURCHASE OF PECO ENERGY CO 3.150% 10/15/25 .00 .00 .00 .00 .00 .0000 .000000 -8,950.38 .00I 01/31/2025 91282CGF2 310 INTEREST EARNED ON U S TREASURY NT 5.243% 1/31/25 $1 PV ON 35000000.0000 SHARES DUE 1/31/2025 .00 .00 .00 .00 .00 .0000 .000000 408,518.75 UST0025 .00I 01/31/2025 01/31/2025 01/31/2025 91282CGF2 20 MATURED PAR VALUE OF U S TREASURY NT 5.243% 1/31/25 35,000,000 PAR VALUE AT 100 % .00 .00 -35,003,913.47 -3,913.47 .00-35,000,000.0000 1.000000 35,000,000.00 UST0025 .00P 01/31/2025 91282CHS3 310 INTEREST EARNED ON U S TREASURY NT 0.00001% 7/31/25 $1 PV ON 3500000.0000 SHARES DUE 1/31/2025 .00 .00 .00 .00 .00 .0000 .000000 40,181.04 .00I 02/03/2025 06051GFS3 310 INTEREST EARNED ON BANK AMER CORP MTN 3.875% 8/01/25 $1 PV ON 2000000.0000 SHARES DUE 2/1/2025 .00 .00 .00 .00 .00 .0000 .000000 38,750.00 .00I 02/03/2025 3130AWSY7 310 INTEREST EARNED ON F H L B DEB 0.00001% 5/02/25 $1 PV ON 1210000.0000 SHARES DUE 2/2/2025 .00 .00 .00 .00 .00 .0000 .000000 .03 .00I 02/03/2025 3130AWSY7 310 INTEREST EARNED ON F H L B DEB 0.00001% 5/02/25 $1 PV ON 1210000.0000 SHARES DUE 2/2/2025 .00 .00 .00 .00 .00 .0000 .000000 14,332.45 .00I 02/03/2025 02/03/2025 02/03/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -610,518.24 .00 .00-610,518.2400 1.000000 610,518.24 FGZXX .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 9 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/03/2025 31846V567 310 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 1/31/2025 INTEREST FROM 1/1/25 TO 1/31/25 .00 .00 .00 .00 .00 .0000 .000000 9,563.69 FGZXX .00I 02/03/2025 02/03/2025 02/03/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 135,875.03 .00 .00 135,875.0300 1.000000 -135,875.03 FGZXX .00P 02/03/2025 02/03/2025 02/03/2025 90477DP59 10 PURCHASED PAR VALUE OF UNILEVER CAP CORP DISC C P 2/05/25 /J.P. MORGAN SECURITIES LLC/625,000 PAR VALUE AT 99.9761104 % .00 .00 624,850.69 .00 .00 625,000.0000 .999761 -624,850.69 .00P 02/03/2025 94988J6B8 310 INTEREST EARNED ON WELLS FARGO M T N 5.550% 8/01/25 $1 PV ON 3500000.0000 SHARES DUE 2/1/2025 .00 .00 .00 .00 .00 .0000 .000000 97,125.00 .00I 02/04/2025 02/04/2025 02/04/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 2,009,563.69 .00 .00 2,009,563.6900 1.000000 -2,009,563.69 FGZXX .00P 02/04/2025 02/04/2025 02/04/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -1,975,061.11 .00 .00-1,975,061.1100 1.000000 1,975,061.11 FGZXX .00P 02/04/2025 4581X0DR6 310 INTEREST EARNED ON INTER AMER M T N 5.34913% 2/04/25 $1 PV ON 2000000.0000 SHARES DUE 2/4/2025 .00 .00 .00 .00 .00 .0000 .000000 24,460.00 IAM5525 .00I 02/04/2025 02/04/2025 02/04/2025 4581X0DR6 20 MATURED PAR VALUE OF INTER AMER M T N 5.34913% 2/04/25 2,000,000 PAR VALUE AT 100 % .00 .00 -2,000,861.68 -861.68 .00-2,000,000.0000 1.000000 2,000,000.00 IAM5525 .00P 02/04/2025 02/04/2025 02/04/2025 71708EP66 10 PURCHASED PAR VALUE OF PFIZER INC DISC COML C P 2/06/25 /BARCLAYS CAPITAL INC. FIXED IN/XOTC 2,000,000 PAR VALUE AT 99.9760555 % .00 .00 1,999,521.11 .00 .00 2,000,000.0000 .999761 -1,999,521.11 .00P 02/05/2025 02/05/2025 02/05/2025 313385BM7 20 MATURED PAR VALUE OF F H L B DISC NTS 2/05/25 1,000,000 PAR VALUE AT 100 % .00 .00 -993,542.50 .00 .00-1,000,000.0000 1.000000 993,542.50 .00P 02/05/2025 313385BM7 310 INTEREST EARNED ON F H L B DISC NTS 2/05/25 $1 PV ON 1000000.0000 SHARES DUE 2/5/2025 1,000,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 6,457.50 .00I 02/05/2025 02/05/2025 02/05/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 13,044.44 .00 .00 13,044.4400 1.000000 -13,044.44 FGZXX .00P 02/05/2025 02/04/2025 02/05/2025 45905URL0 10 PURCHASED PAR VALUE OF INTL BK M T N 2.125% 3/03/25 /TD SECURITIES (USA) LLC/1,600,000 PAR VALUE AT 99.85 % .00 .00 1,597,600.00 .00 .00 1,600,000.0000 .998500 -1,597,600.00 .00P 02/05/2025 02/05/2025 45905URL0 300 PAID ACCRUED INTEREST ON PURCHASE OF INTL BK M T N 2.125% 3/03/25 .00 .00 .00 .00 .00 .0000 .000000 -14,355.56 .00I 02/05/2025 02/05/2025 02/05/2025 90477DP59 20 MATURED PAR VALUE OF UNILEVER CAP CORP DISC C P 2/05/25 625,000 PAR VALUE AT 100 % .00 .00 -624,850.69 .00 .00-625,000.0000 1.000000 624,850.69 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 10 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/05/2025 90477DP59 310 INTEREST EARNED ON UNILEVER CAP CORP DISC C P 2/05/25 $1 PV ON 625000.0000 SHARES DUE 2/5/2025 625,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 149.31 .00I 02/06/2025 02/06/2025 02/06/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -874,075.03 .00 .00-874,075.0300 1.000000 874,075.03 FGZXX .00P 02/06/2025 02/06/2025 02/06/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 2,000,000.00 .00 .00 2,000,000.0000 1.000000 -2,000,000.00 FGZXX .00P 02/06/2025 02/06/2025 02/06/2025 45685QPJ2 10 PURCHASED PAR VALUE OF ING US FDG LLC C P 2/18/25 /BOFA SECURITIES, INC./FXD INC/XOTC 525,000 PAR VALUE AT 99.85566667 % .00 .00 524,242.25 .00 .00 525,000.0000 .998557 -524,242.25 .00P 02/06/2025 02/06/2025 02/06/2025 71708EP66 20 MATURED PAR VALUE OF PFIZER INC DISC COML C P 2/06/25 2,000,000 PAR VALUE AT 100 % .00 .00 -1,999,521.11 .00 .00-2,000,000.0000 1.000000 1,999,521.11 .00P 02/06/2025 71708EP66 310 INTEREST EARNED ON PFIZER INC DISC COML C P 2/06/25 $1 PV ON 2000000.0000 SHARES DUE 2/6/2025 2,000,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 478.89 .00I 02/06/2025 02/06/2025 02/06/2025 93114EPA9 10 PURCHASED PAR VALUE OF WALMART INC DISC COML C P 2/10/25 /BARCLAYS CAPITAL INC. FIXED IN/350,000 PAR VALUE AT 99.95222286 % .00 .00 349,832.78 .00 .00 350,000.0000 .999522 -349,832.78 .00P 02/07/2025 02/07/2025 02/07/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -1,198,272.00 .00 .00-1,198,272.0000 1.000000 1,198,272.00 FGZXX .00P 02/07/2025 02/06/2025 02/07/2025 53245PPK8 10 PURCHASED PAR VALUE OF LILLY ELI CO DISC COML C P 2/19/25 /BOFA SECURITIES, INC./FXD INC/1,200,000 PAR VALUE AT 99.856 % .00 .00 1,198,272.00 .00 .00 1,200,000.0000 .998560 -1,198,272.00 .00P 02/10/2025 02/10/2025 02/10/2025 14912DPU7 10 PURCHASED PAR VALUE OF CATERPILLAR FINL SVCS C P 2/28/25 /WELLS FARGO SECURITIES, LLC/350,000 PAR VALUE AT 99.7845 % .00 .00 349,245.75 .00 .00 350,000.0000 .997845 -349,245.75 .00P 02/10/2025 3130AXR59 310 INTEREST EARNED ON F H L B DEB 4.480% 5/09/25 $1 PV ON 3325000.0000 SHARES DUE 2/9/2025 .00 .00 .00 .00 .00 .0000 .000000 39,018.88 .00I 02/10/2025 02/10/2025 02/10/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 350,000.00 .00 .00 350,000.0000 1.000000 -350,000.00 FGZXX .00P 02/10/2025 02/10/2025 02/10/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -310,226.87 .00 .00-310,226.8700 1.000000 310,226.87 FGZXX .00P 02/10/2025 02/10/2025 02/10/2025 93114EPA9 20 MATURED PAR VALUE OF WALMART INC DISC COML C P 2/10/25 350,000 PAR VALUE AT 100 % .00 .00 -349,832.78 .00 .00-350,000.0000 1.000000 349,832.78 .00P 02/10/2025 93114EPA9 310 INTEREST EARNED ON WALMART INC DISC COML C P 2/10/25 $1 PV ON 350000.0000 SHARES DUE 2/10/2025 350,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 167.22 .00I 02/18/2025 20030NBN0 310 INTEREST EARNED ON COMCAST CORP 3.375% 8/15/25 $1 PV ON 1000000.0000 SHARES DUE 2/15/2025 .00 .00 .00 .00 .00 .0000 .000000 16,875.00 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 11 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/18/2025 02/18/2025 02/18/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -563,576.83 .00 .00-563,576.8300 1.000000 563,576.83 FGZXX .00P 02/18/2025 02/18/2025 02/18/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 541,875.00 .00 .00 541,875.0000 1.000000 -541,875.00 FGZXX .00P 02/18/2025 02/18/2025 02/18/2025 45685QPJ2 20 MATURED PAR VALUE OF ING US FDG LLC C P 2/18/25 525,000 PAR VALUE AT 100 % .00 .00 -524,242.25 .00 .00-525,000.0000 1.000000 524,242.25 .00P 02/18/2025 45685QPJ2 310 INTEREST EARNED ON ING US FDG LLC C P 2/18/25 $1 PV ON 525000.0000 SHARES DUE 2/18/2025 525,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 757.75 .00I 02/18/2025 02/18/2025 02/18/2025 912797MG9 10 PURCHASED PAR VALUE OF U S TREASURY BILL 8/07/25 /J.P. MORGAN SECURITIES LLC/BTEC 575,000 PAR VALUE AT 98.01336174 % .00 .00 563,576.83 .00 .00 575,000.0000 .980134 -563,576.83 8725 .00P 02/19/2025 02/19/2025 02/19/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -895,973.63 .00 .00-895,973.6300 1.000000 895,973.63 FGZXX .00P 02/19/2025 02/19/2025 02/19/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 905,259.12 .00 .00 905,259.1200 1.000000 -905,259.12 FGZXX .00P 02/19/2025 02/18/2025 02/19/2025 459058JB0 10 PURCHASED PAR VALUE OF INTL BK M T N 0.626% 4/22/25 /TD SECURITIES (USA) LLC/900,000 PAR VALUE AT 99.3495 % .00 .00 894,145.50 .00 .00 900,000.0000 .993495 -894,145.50 IBM0625 .00P 02/19/2025 02/19/2025 459058JB0 300 PAID ACCRUED INTEREST ON PURCHASE OF INTL BK M T N 0.626% 4/22/25 .00 .00 .00 .00 .00 .0000 .000000 -1,828.13 IBM0625 .00I 02/19/2025 02/19/2025 02/19/2025 53245PPK8 20 MATURED PAR VALUE OF LILLY ELI CO DISC COML C P 2/19/25 1,200,000 PAR VALUE AT 100 % .00 .00 -1,198,272.00 .00 .00-1,200,000.0000 1.000000 1,198,272.00 .00P 02/19/2025 53245PPK8 310 INTEREST EARNED ON LILLY ELI CO DISC COML C P 2/19/25 $1 PV ON 1200000.0000 SHARES DUE 2/19/2025 1,200,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 1,728.00 .00I 02/19/2025 02/19/2025 02/19/2025 6698M4PK2 20 MATURED PAR VALUE OF NOVARTIS FIN C P 2/19/25 6,000,000 PAR VALUE AT 100 % .00 .00 -5,973,360.00 .00 .00-6,000,000.0000 1.000000 5,973,360.00 .00P 02/19/2025 6698M4PK2 310 INTEREST EARNED ON NOVARTIS FIN C P 2/19/25 $1 PV ON 6000000.0000 SHARES DUE 2/19/2025 6,000,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 26,640.00 .00I 02/19/2025 02/18/2025 02/19/2025 912797MG9 10 PURCHASED PAR VALUE OF U S TREASURY BILL 8/07/25 /BOFA SECURITIES, INC./FXD INC/BTEC 2,925,000 PAR VALUE AT 98.01917915 % .00 .00 2,867,060.99 .00 .00 2,925,000.0000 .980192 -2,867,060.99 8725 .00P 02/19/2025 02/18/2025 02/19/2025 912797PN1 10 PURCHASED PAR VALUE OF U S TREASURY BILL 8/14/25 /J.P. MORGAN SECURITIES LLC/3,500,000 PAR VALUE AT 97.93371114 % .00 .00 3,427,679.89 .00 .00 3,500,000.0000 .979337 -3,427,679.89 .00P 02/25/2025 02/25/2025 02/25/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 18,564.75 .00 .00 18,564.7500 1.000000 -18,564.75 FGZXX .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 12 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/25/2025 45950VRG3 310 INTEREST EARNED ON IFC M T N $1 PV ON 1115000.0000 SHARES DUE 2/25/2025 .00 .00 .00 .00 .00 .0000 .000000 18,564.75 .00I 02/27/2025 02/27/2025 02/27/2025 03785DPT7 20 MATURED PAR VALUE OF APPLE INC DISC COML C P 2/27/25 2,575,000 PAR VALUE AT 100 % .00 .00 -2,563,901.75 .00 .00-2,575,000.0000 1.000000 2,563,901.75 .00P 02/27/2025 03785DPT7 310 INTEREST EARNED ON APPLE INC DISC COML C P 2/27/25 $1 PV ON 2575000.0000 SHARES DUE 2/27/2025 2,575,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 11,098.25 .00I 02/27/2025 02/27/2025 02/27/2025 14912DPU7 10 PURCHASED PAR VALUE OF CATERPILLAR FINL SVCS C P 2/28/25 /J.P. MORGAN SECURITIES LLC/2,600,000 PAR VALUE AT 99.98805538 % .00 .00 2,599,689.44 .00 .00 2,600,000.0000 .999881 -2,599,689.44 .00P 02/27/2025 3133EPRC1 310 INTEREST EARNED ON F F C B DEB 6.65843% 5/27/25 $1 PV ON 500000.0000 SHARES DUE 2/27/2025 .00 .00 .00 .00 .00 .0000 .000000 5,823.06 FFC1825 .00I 02/27/2025 02/27/2025 02/27/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 2,583,230.56 .00 .00 2,583,230.5600 1.000000 -2,583,230.56 FGZXX .00P 02/27/2025 02/27/2025 02/27/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -2,602,096.94 .00 .00-2,602,096.9400 1.000000 2,602,096.94 FGZXX .00P 02/28/2025 02/28/2025 02/28/2025 14912DPU7 20 MATURED PAR VALUE OF CATERPILLAR FINL SVCS C P 2/28/25 350,000 PAR VALUE AT 100 % .00 .00 -349,245.75 .00 .00-350,000.0000 1.000000 349,245.75 .00P 02/28/2025 14912DPU7 310 INTEREST EARNED ON CATERPILLAR FINL SVCS C P 2/28/25 $1 PV ON 350000.0000 SHARES DUE 2/28/2025 350,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 754.25 .00I 02/28/2025 02/28/2025 02/28/2025 14912DPU7 20 MATURED PAR VALUE OF CATERPILLAR FINL SVCS C P 2/28/25 2,600,000 PAR VALUE AT 100 % .00 .00 -2,599,689.44 .00 .00-2,600,000.0000 1.000000 2,599,689.44 .00P 02/28/2025 14912DPU7 310 INTEREST EARNED ON CATERPILLAR FINL SVCS C P 2/28/25 $1 PV ON 2600000.0000 SHARES DUE 2/28/2025 2,600,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 310.56 .00I 02/28/2025 02/28/2025 02/28/2025 16677JPU4 20 MATURED PAR VALUE OF CHEVRON CORP DISC COML C P 2/28/25 3,250,000 PAR VALUE AT 100 % .00 .00 -3,219,016.67 .00 .00-3,250,000.0000 1.000000 3,219,016.67 .00P 02/28/2025 16677JPU4 310 INTEREST EARNED ON CHEVRON CORP DISC COML C P 2/28/25 $1 PV ON 3250000.0000 SHARES DUE 2/28/2025 3,250,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 30,983.33 .00I 02/28/2025 02/27/2025 02/28/2025 3130AWLH1 10 PURCHASED PAR VALUE OF F H L B DEB 0.00001% 7/10/25 /BARCLAYS CAPITAL INC. FIXED IN/765,000 PAR VALUE AT 100.05507974 % .00 .00 765,421.36 .00 .00 765,000.0000 1.000551 -765,421.36 .00P 02/28/2025 02/28/2025 3130AWLH1 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L B DEB 0.00001% 7/10/25 .00 .00 .00 .00 .00 .0000 .000000 -4,674.36 .00I 02/28/2025 02/27/2025 02/28/2025 3130AWNG1 10 PURCHASED PAR VALUE OF F H L B DEB 0.00001% 7/14/25 /BARCLAYS CAPITAL INC. FIXED IN/255,000 PAR VALUE AT 100.05679608 % .00 .00 255,144.83 .00 .00 255,000.0000 1.000568 -255,144.83 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 13 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/28/2025 02/28/2025 3130AWNG1 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L B DEB 0.00001% 7/14/25 .00 .00 .00 .00 .00 .0000 .000000 -1,431.75 .00I 02/28/2025 02/27/2025 02/28/2025 3130B2RZ0 10 PURCHASED PAR VALUE OF F H L B DEB 4.885% 3/18/25 /BARCLAYS CAPITAL INC. FIXED IN/925,000 PAR VALUE AT 99.99935676 % .00 .00 924,994.05 .00 .00 925,000.0000 .999994 -924,994.05 .00P 02/28/2025 02/28/2025 3130B2RZ0 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L B DEB 4.885% 3/18/25 .00 .00 .00 .00 .00 .0000 .000000 -8,092.72 .00I 02/28/2025 02/27/2025 02/28/2025 3130B4KJ9 10 PURCHASED PAR VALUE OF F H L B DEB 4.335% 7/21/25 /BARCLAYS CAPITAL INC. FIXED IN/1,000,000 PAR VALUE AT 99.998743 % .00 .00 999,987.43 .00 .00 1,000,000.0000 .999987 -999,987.43 .00P 02/28/2025 02/28/2025 3130B4KJ9 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L B DEB 4.335% 7/21/25 .00 .00 .00 .00 .00 .0000 .000000 -5,182.64 .00I 02/28/2025 02/28/2025 02/28/2025 313385CL8 20 MATURED PAR VALUE OF F H L B DISC NTS 2/28/25 7,000,000 PAR VALUE AT 100 % .00 .00 -6,921,967.50 .00 .00-7,000,000.0000 1.000000 6,921,967.50 .00P 02/28/2025 313385CL8 310 INTEREST EARNED ON F H L B DISC NTS 2/28/25 $1 PV ON 7000000.0000 SHARES DUE 2/28/2025 7,000,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 78,032.50 .00I 02/28/2025 02/27/2025 02/28/2025 3133EL4W1 10 PURCHASED PAR VALUE OF F F C B DEB 0.610% 8/25/25 /STONEX FINANCIAL INC./652,000 PAR VALUE AT 98.212 % .00 .00 640,342.24 .00 .00 652,000.0000 .982120 -640,342.24 .00P 02/28/2025 02/28/2025 3133EL4W1 300 PAID ACCRUED INTEREST ON PURCHASE OF F F C B DEB 0.610% 8/25/25 .00 .00 .00 .00 .00 .0000 .000000 -33.14 .00I 02/28/2025 02/27/2025 02/28/2025 3133ERZL8 10 PURCHASED PAR VALUE OF F F C B DEB 4.50842% 10/30/25 /BARCLAYS CAPITAL INC. FIXED IN/4,150,000 PAR VALUE AT 100.02728 % .00 .00 4,151,132.12 .00 .00 4,150,000.0000 1.000273 -4,151,132.12 FFC4525 .00P 02/28/2025 02/28/2025 3133ERZL8 300 PAID ACCRUED INTEREST ON PURCHASE OF F F C B DEB 4.50842% 10/30/25 .00 .00 .00 .00 .00 .0000 .000000 -14,708.87 FFC4525 .00I 02/28/2025 02/27/2025 02/28/2025 3136G4W41 10 PURCHASED PAR VALUE OF F N M A 0.650% 8/25/25 /STONEX FINANCIAL INC./445,000 PAR VALUE AT 98.231 % .00 .00 437,127.95 .00 .00 445,000.0000 .982310 -437,127.95 .00P 02/28/2025 02/28/2025 3136G4W41 300 PAID ACCRUED INTEREST ON PURCHASE OF F N M A 0.650% 8/25/25 .00 .00 .00 .00 .00 .0000 .000000 -24.10 .00I 02/28/2025 02/28/2025 02/28/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -6,514.23 .00 .00-6,514.2300 1.000000 6,514.23 FGZXX .00P 02/28/2025 02/27/2025 02/28/2025 93114EQ34 10 PURCHASED PAR VALUE OF WALMART INC DISC COML C P 3/03/25 /J.P. MORGAN SECURITIES LLC/5,000,000 PAR VALUE AT 99.9643334 % .00 .00 4,998,216.67 .00 .00 5,000,000.0000 .999643 -4,998,216.67 .00P 03/03/2025 02361DAP5 310 INTEREST EARNED ON AMEREN ILLINOIS CO 3.250% 3/01/25 $1 PV ON 1760000.0000 SHARES DUE 3/1/2025 .00 .00 .00 .00 .00 .0000 .000000 28,600.00 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 14 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/03/2025 03/01/2025 03/01/2025 02361DAP5 20 MATURED PAR VALUE OF AMEREN ILLINOIS CO 3.250% 3/01/25 1,760,000 PAR VALUE AT 100 % .00 .00 -1,753,875.20 6,124.80 .00-1,760,000.0000 1.000000 1,760,000.00 .00P 03/03/2025 03/03/2025 03/03/2025 24422EWS4 20 MATURED PAR VALUE OF DEERE JOHN M T N 5.150% 3/03/25 1,432,000 PAR VALUE AT 100 % .00 .00 -1,433,260.16 -1,260.16 .00-1,432,000.0000 1.000000 1,432,000.00 .00P 03/03/2025 24422EWS4 310 INTEREST EARNED ON DEERE JOHN M T N 5.150% 3/03/25 $1 PV ON 1432000.0000 SHARES DUE 3/3/2025 INTEREST ON 3/3/25 MATURITY .00 .00 .00 .00 .00 .0000 .000000 36,874.00 .00I 03/03/2025 31846V567 310 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 2/28/2025 INTEREST FROM 2/1/25 TO 2/28/25 .00 .00 .00 .00 .00 .0000 .000000 366.26 FGZXX .00I 03/03/2025 03/03/2025 03/03/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -9,699,894.02 .00 .00-9,699,894.0200 1.000000 9,699,894.02 FGZXX .00P 03/03/2025 03/03/2025 03/03/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 9,820,600.00 .00 .00 9,820,600.0000 1.000000 -9,820,600.00 FGZXX .00P 03/03/2025 03/03/2025 03/03/2025 45905URL0 20 MATURED PAR VALUE OF INTL BK M T N 2.125% 3/03/25 1,600,000 PAR VALUE AT 100 % .00 .00 -1,597,600.00 2,400.00 .00-1,600,000.0000 1.000000 1,600,000.00 .00P 03/03/2025 45905URL0 310 INTEREST EARNED ON INTL BK M T N 2.125% 3/03/25 $1 PV ON 1600000.0000 SHARES DUE 3/3/2025 INTEREST ON 3/3/25 MATURITY .00 .00 .00 .00 .00 .0000 .000000 17,008.00 .00I 03/03/2025 03/03/2025 03/03/2025 46625HMN7 10 PURCHASED PAR VALUE OF JPMORGAN CHASE CO 3.900% 7/15/25 /TD SECURITIES (USA) LLC/1,757,000 PAR VALUE AT 99.761 % .00 .00 1,752,800.77 .00 .00 1,757,000.0000 .997610 -1,752,800.77 .00P 03/03/2025 03/03/2025 46625HMN7 300 PAID ACCRUED INTEREST ON PURCHASE OF JPMORGAN CHASE CO 3.900% 7/15/25 .00 .00 .00 .00 .00 .0000 .000000 -9,136.40 .00I 03/03/2025 03/03/2025 03/03/2025 53245PQT8 10 PURCHASED PAR VALUE OF LILLY ELI CO DISC COML C P 3/27/25 /CITIGROUP GLOBAL MARKETS INC./6,000,000 PAR VALUE AT 99.71133333 % .00 .00 5,982,680.00 .00 .00 6,000,000.0000 .997113 -5,982,680.00 .00P 03/03/2025 03/03/2025 03/03/2025 91282CJD4 10 PURCHASED PAR VALUE OF U S TREASURY NT 5.549% 10/31/25 /BARCLAYS CAPITAL INC. FIXED IN/2,000,000 PAR VALUE AT 100.0765075 % .00 .00 2,001,530.15 .00 .00 2,000,000.0000 1.000765 -2,001,530.15 .00P 03/03/2025 03/03/2025 91282CJD4 300 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 5.549% 10/31/25 .00 .00 .00 .00 .00 .0000 .000000 -7,628.70 .00I 03/03/2025 03/03/2025 03/03/2025 93114EQ34 20 MATURED PAR VALUE OF WALMART INC DISC COML C P 3/03/25 5,000,000 PAR VALUE AT 100 % .00 .00 -4,998,216.67 .00 .00-5,000,000.0000 1.000000 4,998,216.67 .00P 03/03/2025 93114EQ34 310 INTEREST EARNED ON WALMART INC DISC COML C P 3/03/25 $1 PV ON 5000000.0000 SHARES DUE 3/3/2025 5,000,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 1,783.33 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 15 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/04/2025 3130AK5E2 310 INTEREST EARNED ON F H L B DEB 0.375% 9/04/25 $1 PV ON 250000.0000 SHARES DUE 3/4/2025 .00 .00 .00 .00 .00 .0000 .000000 468.75 .00I 03/04/2025 03/04/2025 03/04/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 835.01 .00 .00 835.0100 1.000000 -835.01 FGZXX .00P 03/07/2025 03/07/2025 03/07/2025 3133EPLN3 20 MATURED PAR VALUE OF F F C B DEB 4.56167% 3/07/25 2,382,000 PAR VALUE AT 100 % .00 .00 -2,383,840.38 -1,840.38 .00-2,382,000.0000 1.000000 2,382,000.00 FFC5325A .00P 03/07/2025 3133EPLN3 310 INTEREST EARNED ON F F C B DEB 4.56167% 3/07/25 $1 PV ON 2382000.0000 SHARES DUE 3/7/2025 .00 .00 .00 .00 .00 .0000 .000000 27,164.73 FFC5325A .00I 03/07/2025 03/07/2025 03/07/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -2,484,556.08 .00 .00-2,484,556.0800 1.000000 2,484,556.08 FGZXX .00P 03/07/2025 03/07/2025 03/07/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 2,409,164.73 .00 .00 2,409,164.7300 1.000000 -2,409,164.73 FGZXX .00P 03/07/2025 03/07/2025 03/07/2025 91282CGE5 10 PURCHASED PAR VALUE OF U S TREASURY NT 3.875% 1/15/26 /MORGAN STANLEY & CO. LLC/2,475,000 PAR VALUE AT 99.84017859 % .00 .00 2,471,044.42 .00 .00 2,475,000.0000 .998402 -2,471,044.42 .00P 03/07/2025 03/07/2025 91282CGE5 300 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 3.875% 1/15/26 .00 .00 .00 .00 .00 .0000 .000000 -13,511.66 .00I 03/12/2025 3133ERGW5 310 INTEREST EARNED ON F F C B DEB 4.33965% 6/12/25 $1 PV ON 1359000.0000 SHARES DUE 3/12/2025 .00 .00 .00 .00 .00 .0000 .000000 14,743.95 FFC5225E .00I 03/12/2025 03/12/2025 03/12/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 14,743.95 .00 .00 14,743.9500 1.000000 -14,743.95 FGZXX .00P 03/14/2025 03/14/2025 03/14/2025 03785DQE9 20 MATURED PAR VALUE OF APPLE INC DISC COML C P 3/14/25 3,000,000 PAR VALUE AT 100 % .00 .00 -2,984,915.00 .00 .00-3,000,000.0000 1.000000 2,984,915.00 .00P 03/14/2025 03785DQE9 310 INTEREST EARNED ON APPLE INC DISC COML C P 3/14/25 $1 PV ON 3000000.0000 SHARES DUE 3/14/2025 3,000,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 15,085.00 .00I 03/14/2025 03/13/2025 03/14/2025 3134GXE34 10 PURCHASED PAR VALUE OF F H L M C M T N 4.050% 7/25/25 /NMRIUS33 NOMURA SECS INTL NY/1,000,000 PAR VALUE AT 99.9 % .00 .00 999,000.00 .00 .00 1,000,000.0000 .999000 -999,000.00 .00P 03/14/2025 03/14/2025 3134GXE34 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C M T N 4.050% 7/25/25 .00 .00 .00 .00 .00 .0000 .000000 -5,512.50 .00I 03/14/2025 03/13/2025 03/14/2025 3134GXS47 10 PURCHASED PAR VALUE OF F H L B M T N 4.200% 8/28/25 /NMRIUS33 NOMURA SECS INTL NY/570,000 PAR VALUE AT 99.92 % .00 .00 569,544.00 .00 .00 570,000.0000 .999200 -569,544.00 .00P 03/14/2025 03/14/2025 3134GXS47 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L B M T N 4.200% 8/28/25 .00 .00 .00 .00 .00 .0000 .000000 -1,064.00 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 16 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/14/2025 03/14/2025 03/14/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 1,424,879.50 .00 .00 1,424,879.5000 1.000000 -1,424,879.50 FGZXX .00P 03/14/2025 03/14/2025 03/14/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -1,494,407.08 .00 .00-1,494,407.0800 1.000000 1,494,407.08 FGZXX .00P 03/14/2025 03/14/2025 03/14/2025 93114ERE9 10 PURCHASED PAR VALUE OF WAL MART INC C P 4/14/25 /BARCLAYS CAPITAL INC. FIXED IN/XOTC 1,500,000 PAR VALUE AT 99.62713867 % .00 .00 1,494,407.08 .00 .00 1,500,000.0000 .996271 -1,494,407.08 .00P 03/17/2025 03/17/2025 03/17/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 51,338.44 .00 .00 51,338.4400 1.000000 -51,338.44 FGZXX .00P 03/17/2025 437076CR1 310 INTEREST EARNED ON HOME DEPOT INC 4.000% 9/15/25 $1 PV ON 2000000.0000 SHARES DUE 3/15/2025 .00 .00 .00 .00 .00 .0000 .000000 40,000.00 .00I 03/17/2025 6944PL2T5 310 INTEREST EARNED ON PACIFIC LIFE M T 12.24123% 6/16/25 $1 PV ON 855000.0000 SHARES DUE 3/17/2025 .00 .00 .00 .00 .00 .0000 .000000 11,338.44 PLM6025 .00I 03/18/2025 03/17/2025 03/18/2025 3130ANKD1 10 PURCHASED PAR VALUE OF F H L B DEB 0.650% 5/23/25 /WELLS FARGO SECURITIES, LLC/1,000,000 PAR VALUE AT 99.3379 % .00 .00 993,379.00 .00 .00 1,000,000.0000 .993379 -993,379.00 .00P 03/18/2025 03/18/2025 3130ANKD1 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L B DEB 0.650% 5/23/25 .00 .00 .00 .00 .00 .0000 .000000 -2,076.39 .00I 03/18/2025 3130B2RZ0 310 INTEREST EARNED ON F H L B DEB 4.885% 3/18/25 $1 PV ON 925000.0000 SHARES DUE 3/18/2025 .00 .00 .00 .00 .00 .0000 .000000 10,108.97 .00I 03/18/2025 03/18/2025 03/18/2025 3130B2RZ0 20 MATURED PAR VALUE OF F H L B DEB 4.885% 3/18/25 925,000 PAR VALUE AT 100 % .00 .00 -924,994.05 5.95 .00-925,000.0000 1.000000 925,000.00 .00P 03/18/2025 03/18/2025 03/18/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -68,374.13 .00 .00-68,374.1300 1.000000 68,374.13 FGZXX .00P 03/18/2025 03/18/2025 03/18/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 34,841.21 .00 .00 34,841.2100 1.000000 -34,841.21 FGZXX .00P 03/18/2025 459058JJ3 310 INTEREST EARNED ON INTL BK M T N 5.13099% 9/18/25 $1 PV ON 2282000.0000 SHARES DUE 3/18/2025 .00 .00 .00 .00 .00 .0000 .000000 26,813.50 IBM5125 .00I 03/19/2025 03/19/2025 03/19/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 17,625.00 .00 .00 17,625.0000 1.000000 -17,625.00 FGZXX .00P 03/19/2025 459058JJ3 310 INTEREST EARNED ON INTL BK M T N 5.13099% 9/18/25 $1 PV ON 1500000.0000 SHARES DUE 3/18/2025 .00 .00 .00 .00 .00 .0000 .000000 17,625.00 IBM5125 .00I 03/25/2025 3133EPWW1 310 INTEREST EARNED ON F F C B DEB 4.494% 9/25/25 $1 PV ON 375000.0000 SHARES DUE 3/25/2025 .00 .00 .00 .00 .00 .0000 .000000 4,213.13 FFC5425R .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 17 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LIQUID OPERATING PORTFOLIO6745046600 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/25/2025 03/25/2025 03/25/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 4,213.13 .00 .00 4,213.1300 1.000000 -4,213.13 FGZXX .00P 03/27/2025 3130AXD54 310 INTEREST EARNED ON FEDERAL HOME LOAN 0.00001% 6/27/25 $1 PV ON 550000.0000 SHARES DUE 3/27/2025 .00 .00 .00 .00 .00 .0000 .000000 6,165.04 .00I 03/27/2025 03/27/2025 03/27/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 6,165.04 .00 .00 6,165.0400 1.000000 -6,165.04 FGZXX .00P 03/27/2025 03/27/2025 03/27/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 29,581.98 .00 .00 29,581.9800 1.000000 -29,581.98 FGZXX .00P 03/27/2025 03/27/2025 03/27/2025 53245PQT8 20 MATURED PAR VALUE OF LILLY ELI CO DISC COML C P 3/27/25 6,000,000 PAR VALUE AT 100 % .00 .00 -5,982,680.00 .00 .00-6,000,000.0000 1.000000 5,982,680.00 .00P 03/27/2025 53245PQT8 310 INTEREST EARNED ON LILLY ELI CO DISC COML C P 3/27/25 $1 PV ON 6000000.0000 SHARES DUE 3/27/2025 6,000,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 17,320.00 .00I 03/27/2025 03/25/2025 03/27/2025 912797NE3 10 PURCHASED PAR VALUE OF U S TREASURY BILL 5/08/25 /WELLS FARGO SECURITIES, LLC/6,000,000 PAR VALUE AT 99.506967 % .00 .00 5,970,418.02 .00 .00 6,000,000.0000 .995070 -5,970,418.02 .00P 03/31/2025 17325FBA5 310 INTEREST EARNED ON CITIBANK N A 5.864% 9/29/25 $1 PV ON 2100000.0000 SHARES DUE 3/29/2025 .00 .00 .00 .00 .00 .0000 .000000 61,572.00 .00I 03/31/2025 03/31/2025 03/31/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 61,572.00 .00 .00 61,572.0000 1.000000 -61,572.00 FGZXX .00P Account Ending Cash Principal Cash: -21,552,832.70 Income Cash: 21,552,832.70 Total Cash: 0.00 Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 18 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date Account Beginning Cash Total Cash: 0.00Income Cash: 91,073,158.28Principal Cash: -91,073,158.28 01/02/2025 01/02/2025 01/02/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -2,117,547.17 .00 .00-2,117,547.1700 1.000000 2,117,547.17 FGZXX .00P 01/02/2025 31846V567 310 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 12/31/2024 INTEREST FROM 12/1/24 TO 12/31/24 .00 .00 .00 .00 .00 .0000 .000000 5,163.88 FGZXX .00I 01/02/2025 12/31/2024 01/02/2025 91282CBH3 20 SOLD PAR VALUE OF U S TREASURY NT 0.375% 1/31/26 /MORGAN STANLEY & CO. LLC/5,500,000 PAR VALUE AT 95.97232127 % .00 .00 -5,445,859.38 .00 -167,381.71-5,500,000.0000 .959723 5,278,477.67 .00P 01/02/2025 01/02/2025 91282CBH3 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 0.375% 1/31/26 .00 .00 .00 .00 .00 .0000 .000000 8,687.16 .00I 01/02/2025 12/31/2024 01/02/2025 912833XT2 10 PURCHASED PAR VALUE OF U S TREASURY BD STRIP 11/15/29 /BNP PARIBAS BROKERAGE SECURITI/9,200,000 PAR VALUE AT 80.486 % .00 .00 7,404,712.00 .00 .00 9,200,000.0000 .804860 -7,404,712.00 .00P 01/03/2025 01/03/2025 01/03/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 5,163.88 .00 .00 5,163.8800 1.000000 -5,163.88 FGZXX .00P 01/07/2025 02665WEM9 310 INTEREST EARNED ON AMERICAN HONDA MTN 5.125% 7/07/28 $1 PV ON 1000000.0000 SHARES DUE 1/7/2025 .00 .00 .00 .00 .00 .0000 .000000 25,625.00 .00I 01/07/2025 01/07/2025 01/07/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 4,931,639.33 .00 .00 4,931,639.3300 1.000000 -4,931,639.33 FGZXX .00P 01/07/2025 01/06/2025 01/07/2025 91282CHE4 20 SOLD PAR VALUE OF U S TREASURY NT 3.625% 5/31/28 /IRVTUS3N BK OF NEW YORK/BTEC 5,000,000 PAR VALUE AT 97.7418526 % .00 .00 -4,914,257.81 .00 -27,165.18-5,000,000.0000 .977419 4,887,092.63 .00P 01/07/2025 01/07/2025 91282CHE4 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 3.625% 5/31/28 .00 .00 .00 .00 .00 .0000 .000000 18,921.70 .00I 01/09/2025 01/06/2025 01/09/2025 00138CBD9 10 PURCHASED PAR VALUE OF AIG GLOBAL FDG MTN 4.900% 1/07/28 /BOFA SECURITIES, INC./FXD INC/5,091,000 PAR VALUE AT 100 % .00 .00 5,091,000.00 .00 .00 5,091,000.0000 1.000000 -5,091,000.00 .00P 01/09/2025 01/09/2025 01/09/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -5,091,000.00 .00 .00-5,091,000.0000 1.000000 5,091,000.00 FGZXX .00P 01/13/2025 01/13/2025 01/13/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 262,500.00 .00 .00 262,500.0000 1.000000 -262,500.00 FGZXX .00P 01/13/2025 01/13/2025 01/13/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 148,425.00 .00 .00 148,425.0000 1.000000 -148,425.00 FGZXX .00P 01/13/2025 459058KT9 310 INTEREST EARNED ON INTL BK M T N 3.500% 7/12/28 $1 PV ON 15000000.0000 SHARES DUE 1/12/2025 .00 .00 .00 .00 .00 .0000 .000000 262,500.00 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 19 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/13/2025 45950KDD9 310 INTEREST EARNED ON IFC M T N 4.500% 7/13/28 $1 PV ON 4130000.0000 SHARES DUE 1/13/2025 .00 .00 .00 .00 .00 .0000 .000000 92,925.00 .00I 01/13/2025 59217GER6 310 INTEREST EARNED ON MET LIFE GLOB MTN 1.875% 1/11/27 $1 PV ON 5920000.0000 SHARES DUE 1/11/2025 .00 .00 .00 .00 .00 .0000 .000000 55,500.00 .00I 01/15/2025 02582JJT8 310 INTEREST EARNED ON AMERICAN EXPRESS 3.390% 5/17/27 $1 PV ON 18701.5000 SHARES DUE 1/15/2025 $0.00283/PV ON 6,620,000.00 PV DUE 1/15/25 .00 .00 .00 .00 .00 .0000 .000000 18,701.50 .00I 01/15/2025 02582JJV3 310 INTEREST EARNED ON AMERICAN EXPRESS 3.750% 8/16/27 $1 PV ON 6250.0000 SHARES DUE 1/15/2025 $0.00313/PV ON 2,000,000.00 PV DUE 1/15/25 .00 .00 .00 .00 .00 .0000 .000000 6,250.00 .00I 01/15/2025 161571HV9 310 INTEREST EARNED ON CHASE ISSUE TR 4.600% 1/16/29 $1 PV ON 30820.0000 SHARES DUE 1/15/2025 $0.00383/PV ON 8,040,000.00 PV DUE 1/15/25 .00 .00 .00 .00 .00 .0000 .000000 30,820.00 .00I 01/15/2025 3133TCE95 310 INTEREST EARNED ON F H L M C MLTCL MTG 4.788% 8/15/32 $1 PV ON 6.8800 SHARES DUE 1/15/2025 $0.00399/PV ON 1,724.70 PV DUE 1/15/25 .00 .00 .00 .00 .00 .0000 .000000 6.88 FHL3032 .00I 01/15/2025 01/15/2025 01/15/2025 3133TCE95 20 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.788% 8/15/32 .00 .00 -36.64 .00 -.04-36.6000 .000000 36.60 FHL3032 .00P 01/15/2025 01/15/2025 01/15/2025 31348SWZ3 20 PAID DOWN PAR VALUE OF F H L M C #786064 6.262% 1/01/28 DECEMBER FHLMC DUE 1/15/25 .00 .00 -6.51 .00 .16-6.6700 .000000 6.67 786064F .00P 01/15/2025 31348SWZ3 310 INTEREST EARNED ON F H L M C #786064 6.262% 1/01/28 $1 PV ON 1.4300 SHARES DUE 1/15/2025 NOVEMBER FHLMC DUE 1/15/25 .00 .00 .00 .00 .00 .0000 .000000 1.43 786064F .00I 01/15/2025 01/15/2025 01/15/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 606,855.07 .00 .00 606,855.0700 1.000000 -606,855.07 FGZXX .00P 01/15/2025 43815BAC4 310 INTEREST EARNED ON HONDA AUTO REC OWN 1.880% 5/15/26 $1 PV ON 1942.0200 SHARES DUE 1/15/2025 $0.00157/PV ON 1,239,585.20 PV DUE 1/15/25 .00 .00 .00 .00 .00 .0000 .000000 1,942.02 HAR1826 .00I 01/15/2025 01/15/2025 01/15/2025 43815BAC4 20 PAID DOWN PAR VALUE OF HONDA AUTO REC OWN 1.880% 5/15/26 .00 .00 -178,698.44 .00 26.88-178,725.3200 .000000 178,725.32 HAR1826 .00P 01/15/2025 43816DAC9 310 INTEREST EARNED ON HONDA AUTO 4.330% 3/15/29 $1 PV ON 7119.2400 SHARES DUE 1/15/2025 $0.00361/PV ON 1,973,000.00 PV DUE 1/15/25 .00 .00 .00 .00 .00 .0000 .000000 7,119.24 .00I 01/15/2025 47800AAC4 310 INTEREST EARNED ON JOHN DEERE OWNR TR 3.740% 2/16/27 $1 PV ON 5974.1300 SHARES DUE 1/15/2025 $0.00312/PV ON 1,916,832.84 PV DUE 1/15/25 .00 .00 .00 .00 .00 .0000 .000000 5,974.13 JDO6827 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 20 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/15/2025 01/15/2025 01/15/2025 47800AAC4 20 PAID DOWN PAR VALUE OF JOHN DEERE OWNR TR 3.740% 2/16/27 .00 .00 -156,220.43 .00 14.92-156,235.3500 .000000 156,235.35 JDO6827 .00P 01/15/2025 47800BAC2 310 INTEREST EARNED ON JOHN DEERE OWNER 5.090% 6/15/27 $1 PV ON 13061.5600 SHARES DUE 1/15/2025 $0.00424/PV ON 3,079,346.02 PV DUE 1/15/25 .00 .00 .00 .00 .00 .0000 .000000 13,061.56 JDO5027 .00I 01/15/2025 01/15/2025 01/15/2025 47800BAC2 20 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 5.090% 6/15/27 .00 .00 -187,959.78 .00 14.59-187,974.3700 .000000 187,974.37 JDO5027 .00P 01/16/2025 01/15/2025 01/16/2025 06368FAC3 20 SOLD PAR VALUE OF BANK OF MONTREAL MTN 1.250% 9/15/26 /TD SECURITIES (USA) LLC/3,000,000 PAR VALUE AT 94.607 % .00 .00 -2,994,647.40 .00 -156,437.40-3,000,000.0000 .946070 2,838,210.00 .00P 01/16/2025 01/16/2025 06368FAC3 301 RECEIVED ACCRUED INTEREST ON SALE OF BANK OF MONTREAL MTN 1.250% 9/15/26 .00 .00 .00 .00 .00 .0000 .000000 12,604.17 .00I 01/16/2025 01/15/2025 01/16/2025 210518DX1 10 PURCHASED PAR VALUE OF CONSUMERS ENERGY CO 4.700% 1/15/30 /MORGAN STANLEY & CO. LLC/XOTC 6,500,000 PAR VALUE AT 98.892 % .00 .00 6,427,980.00 .00 .00 6,500,000.0000 .988920 -6,427,980.00 .00P 01/16/2025 01/16/2025 210518DX1 300 PAID ACCRUED INTEREST ON PURCHASE OF CONSUMERS ENERGY CO 4.700% 1/15/30 .00 .00 .00 .00 .00 .0000 .000000 -848.61 .00I 01/16/2025 01/15/2025 01/16/2025 3135G03U5 20 SOLD PAR VALUE OF F N M A DEB 0.625% 4/22/25 /CITIGROUP GLOBAL MARKETS INC./9,000,000 PAR VALUE AT 99.033 % .00 .00 -9,007,011.60 .00 -94,041.60-9,000,000.0000 .990330 8,912,970.00 .00P 01/16/2025 01/16/2025 3135G03U5 301 RECEIVED ACCRUED INTEREST ON SALE OF F N M A DEB 0.625% 4/22/25 .00 .00 .00 .00 .00 .0000 .000000 13,125.00 .00I 01/16/2025 01/15/2025 01/16/2025 3137EAEU9 20 SOLD PAR VALUE OF F H L M C M T N 0.375% 7/21/25 /NMRIUS33 NOMURA SECS INTL NY/5,030,000 PAR VALUE AT 98.0211 % .00 .00 -5,004,950.60 .00 -74,489.27-5,030,000.0000 .980211 4,930,461.33 .00P 01/16/2025 01/16/2025 3137EAEU9 301 RECEIVED ACCRUED INTEREST ON SALE OF F H L M C M T N 0.375% 7/21/25 .00 .00 .00 .00 .00 .0000 .000000 9,169.27 .00I 01/16/2025 01/16/2025 01/16/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -722,756.84 .00 .00-722,756.8400 1.000000 722,756.84 FGZXX .00P 01/16/2025 01/15/2025 01/16/2025 912833XT2 10 PURCHASED PAR VALUE OF U S TREASURY BD STRIP 11/15/29 /BMO-CHICAGO BRANCH/13,800,000 PAR VALUE AT 79.786 % .00 .00 11,010,468.00 .00 .00 13,800,000.0000 .797860 -11,010,468.00 .00P 01/17/2025 01/16/2025 01/17/2025 3135G04Z3 20 SOLD PAR VALUE OF F N M A 0.500% 6/17/25 /TD SECURITIES (USA) LLC/9,905,000 PAR VALUE AT 98.45989995 % .00 .00 -9,884,496.65 .00 -132,043.56-9,905,000.0000 .984599 9,752,453.09 .00P 01/17/2025 01/17/2025 3135G04Z3 301 RECEIVED ACCRUED INTEREST ON SALE OF F N M A 0.500% 6/17/25 .00 .00 .00 .00 .00 .0000 .000000 4,127.08 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 21 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/17/2025 01/17/2025 01/17/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 4,069,094.74 .00 .00 4,069,094.7400 1.000000 -4,069,094.74 FGZXX .00P 01/17/2025 01/16/2025 01/17/2025 91282CCW9 20 SOLD PAR VALUE OF U S TREASURY NT 0.750% 8/31/26 /BMO-CHICAGO BRANCH/8,000,000 PAR VALUE AT 94.57388375 % .00 .00 -7,874,375.01 .00 -308,464.31-8,000,000.0000 .945739 7,565,910.70 UST0726A .00P 01/17/2025 01/17/2025 91282CCW9 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 0.750% 8/31/26 .00 .00 .00 .00 .00 .0000 .000000 23,038.67 UST0726A .00I 01/17/2025 01/15/2025 01/17/2025 91282CLN9 10 PURCHASED PAR VALUE OF U S TREASURY NT 3.500% 9/30/29 /RBS SECURITIES INC./13,750,000 PAR VALUE AT 95.50781251 % .00 .00 13,132,324.22 .00 .00 13,750,000.0000 .955078 -13,132,324.22 .00P 01/17/2025 01/17/2025 91282CLN9 300 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 3.500% 9/30/29 .00 .00 .00 .00 .00 .0000 .000000 -144,110.58 .00I 01/21/2025 06051GGF0 310 INTEREST EARNED ON BANK OF AMERICA MTN 3.824% 1/20/28 $1 PV ON 6275000.0000 SHARES DUE 1/20/2025 .00 .00 .00 .00 .00 .0000 .000000 119,978.00 .00I 01/21/2025 24422EWR6 310 INTEREST EARNED ON DEERE JOHN MTN 4.750% 1/20/28 $1 PV ON 6500000.0000 SHARES DUE 1/20/2025 .00 .00 .00 .00 .00 .0000 .000000 154,375.00 .00I 01/21/2025 01/21/2025 01/21/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 16,669.13 .00 .00 16,669.1300 1.000000 -16,669.13 FGZXX .00P 01/21/2025 01/21/2025 01/21/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 275,188.54 .00 .00 275,188.5400 1.000000 -275,188.54 FGZXX .00P 01/21/2025 01/20/2025 01/21/2025 36225CAZ9 20 PAID DOWN PAR VALUE OF G N M A I I #080023 3.750% 12/20/26 DECEMBER GNMA DUE 1/20/25 .00 .00 -94.13 .00 -1.53-92.6000 .000000 92.60 080023M .00P 01/21/2025 36225CAZ9 310 INTEREST EARNED ON G N M A I I #080023 3.750% 12/20/26 $1 PV ON 6.6000 SHARES DUE 1/20/2025 DECEMBER GNMA DUE 1/20/25 .00 .00 .00 .00 .00 .0000 .000000 6.60 080023M .00I 01/21/2025 01/20/2025 01/21/2025 36225CC20 20 PAID DOWN PAR VALUE OF G N M A I I #080088 5.000% 6/20/27 DECEMBER GNMA DUE 1/20/25 .00 .00 -90.13 .00 -1.93-88.2000 .000000 88.20 080088M .00P 01/21/2025 36225CC20 310 INTEREST EARNED ON G N M A I I #080088 5.000% 6/20/27 $1 PV ON 10.8500 SHARES DUE 1/20/2025 DECEMBER GNMA DUE 1/20/25 .00 .00 .00 .00 .00 .0000 .000000 10.85 080088M .00I 01/21/2025 01/20/2025 01/21/2025 36225CN28 20 PAID DOWN PAR VALUE OF G N M A I I #080408 4.875% 5/20/30 DECEMBER GNMA DUE 1/20/25 .00 .00 -228.38 .00 2.34-230.7200 .000000 230.72 080408M .00P 01/21/2025 36225CN28 310 INTEREST EARNED ON G N M A I I #080408 4.875% 5/20/30 $1 PV ON 66.2600 SHARES DUE 1/20/2025 DECEMBER GNMA DUE 1/20/25 .00 .00 .00 .00 .00 .0000 .000000 66.26 080408M .00I 01/21/2025 01/20/2025 01/21/2025 36225CNM4 20 PAID DOWN PAR VALUE OF G N M A I I #080395 4.875% 4/20/30 DECEMBER GNMA DUE 1/20/25 .00 .00 -26.76 .00 .24-27.0000 .000000 27.00 080395M .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 22 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/21/2025 36225CNM4 310 INTEREST EARNED ON G N M A I I #080395 4.875% 4/20/30 $1 PV ON 6.9000 SHARES DUE 1/20/2025 DECEMBER GNMA DUE 1/20/25 .00 .00 .00 .00 .00 .0000 .000000 6.90 080395M .00I 01/21/2025 01/20/2025 01/21/2025 36225DCB8 20 PAID DOWN PAR VALUE OF G N M A I I #080965 4.625% 7/20/34 DECEMBER GNMA DUE 1/20/25 .00 .00 -252.17 .00 .16-252.3300 .000000 252.33 080965M .00P 01/21/2025 36225DCB8 310 INTEREST EARNED ON G N M A I I #080965 4.625% 7/20/34 $1 PV ON 54.0800 SHARES DUE 1/20/2025 DECEMBER GNMA DUE 1/20/25 .00 .00 .00 .00 .00 .0000 .000000 54.08 080965M .00I 01/21/2025 92348KBG7 310 INTEREST EARNED ON VERIZON MASTER TR 4.490% 1/22/29 $1 PV ON 4455000.0000 SHARES DUE 1/20/2025 .00 .00 .00 .00 .00 .0000 .000000 16,669.13 .00I 01/22/2025 01/22/2025 01/22/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 9,902,460.31 .00 .00 9,902,460.3100 1.000000 -9,902,460.31 FGZXX .00P 01/22/2025 01/22/2025 01/22/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -14,598,256.11 .00 .00-14,598,256.1100 1.000000 14,598,256.11 FGZXX .00P 01/22/2025 01/22/2025 01/22/2025 90477DNP7 10 PURCHASED PAR VALUE OF UNILEVER CAP CORP DISC C P 1/23/25 /BOFA SECURITIES, INC./FXD INC/14,600,000 PAR VALUE AT 99.98805555 % .00 .00 14,598,256.11 .00 .00 14,600,000.0000 .999881 -14,598,256.11 .00P 01/22/2025 01/21/2025 01/22/2025 91282CHE4 20 SOLD PAR VALUE OF U S TREASURY NT 3.625% 5/31/28 /BMO-CHICAGO BRANCH/BTEC 7,500,000 PAR VALUE AT 97.76529 % .00 .00 -7,351,269.54 .00 -18,872.79-7,500,000.0000 .977653 7,332,396.75 .00P 01/22/2025 01/22/2025 91282CHE4 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 3.625% 5/31/28 .00 .00 .00 .00 .00 .0000 .000000 39,586.20 .00I 01/22/2025 01/21/2025 01/22/2025 91282CHQ7 20 SOLD PAR VALUE OF U S TREASURY NT 4.125% 7/31/28 /J.P. MORGAN SECURITIES LLC/2,500,000 PAR VALUE AT 99.2574776 % .00 .00 -2,465,234.38 .00 16,202.56-2,500,000.0000 .992575 2,481,436.94 UST0028A .00P 01/22/2025 01/22/2025 91282CHQ7 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 4.125% 7/31/28 .00 .00 .00 .00 .00 .0000 .000000 49,040.42 UST0028A .00I 01/23/2025 01/23/2025 01/23/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -9,898,809.25 .00 .00-9,898,809.2500 1.000000 9,898,809.25 FGZXX .00P 01/23/2025 01/23/2025 01/23/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 9,968,213.70 .00 .00 9,968,213.7000 1.000000 -9,968,213.70 FGZXX .00P 01/23/2025 46647PAM8 310 INTEREST EARNED ON JPMORGAN CHASE CO 3.509% 1/23/29 $1 PV ON 7250000.0000 SHARES DUE 1/23/2025 .00 .00 .00 .00 .00 .0000 .000000 127,201.25 .00I 01/23/2025 01/14/2025 01/23/2025 58773DAD6 10 PURCHASED PAR VALUE OF MERCEDES BENZ 4.780% 12/17/29 /SOGEFRPPHCM SOCIETE GEN PARIS/4,760,000 PAR VALUE AT 99.97873004 % .00 .00 4,758,987.55 .00 .00 4,760,000.0000 .999787 -4,758,987.55 .00P 01/23/2025 01/23/2025 01/23/2025 90477DNP7 20 MATURED PAR VALUE OF UNILEVER CAP CORP DISC C P 1/23/25 14,600,000 PAR VALUE AT 100 % .00 .00 -14,598,256.11 .00 .00-14,600,000.0000 1.000000 14,598,256.11 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 23 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/23/2025 90477DNP7 310 INTEREST EARNED ON UNILEVER CAP CORP DISC C P 1/23/25 $1 PV ON 14600000.0000 SHARES DUE 1/23/2025 14,600,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 1,743.89 .00I 01/23/2025 01/23/2025 01/23/2025 91058TNQ5 10 PURCHASED PAR VALUE OF UNITEDHEALTH GROUP INC C P 1/24/25 /BARCLAYS CAPITAL INC. FIXED IN/9,900,000 PAR VALUE AT 99.98797222 % .00 .00 9,898,809.25 .00 .00 9,900,000.0000 .999880 -9,898,809.25 .00P 01/24/2025 01/17/2025 01/24/2025 06051GMK2 10 PURCHASED PAR VALUE OF BANK OF AMERICA 4.979% 1/24/29 /BOFA SECURITIES, INC./FXD INC/3,250,000 PAR VALUE AT 100 % .00 .00 3,250,000.00 .00 .00 3,250,000.0000 1.000000 -3,250,000.00 .00P 01/24/2025 01/24/2025 01/24/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 3,524,395.80 .00 .00 3,524,395.8000 1.000000 -3,524,395.80 FGZXX .00P 01/24/2025 01/24/2025 01/24/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -3,250,000.00 .00 .00-3,250,000.0000 1.000000 3,250,000.00 FGZXX .00P 01/24/2025 01/16/2025 01/24/2025 46647PEU6 10 PURCHASED PAR VALUE OF JPMORGAN CHASE CO 4.915% 1/24/29 /J.P. MORGAN SECURITIES LLC/3,195,000 PAR VALUE AT 100 % .00 .00 3,195,000.00 .00 .00 3,195,000.0000 1.000000 -3,195,000.00 .00P 01/24/2025 01/16/2025 01/24/2025 46647PEU6 10 PURCHASED PAR VALUE OF JPMORGAN CHASE CO 4.915% 1/24/29 /CITIGROUP GLOBAL MARKETS INC./3,180,000 PAR VALUE AT 100.019 % .00 .00 3,180,604.20 .00 .00 3,180,000.0000 1.000190 -3,180,604.20 .00P 01/24/2025 01/24/2025 01/24/2025 91058TNQ5 20 MATURED PAR VALUE OF UNITEDHEALTH GROUP INC C P 1/24/25 9,900,000 PAR VALUE AT 100 % .00 .00 -9,898,809.25 .00 .00-9,900,000.0000 1.000000 9,898,809.25 .00P 01/24/2025 91058TNQ5 310 INTEREST EARNED ON UNITEDHEALTH GROUP INC C P 1/24/25 $1 PV ON 9900000.0000 SHARES DUE 1/24/2025 9,900,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 1,190.75 .00I 01/27/2025 05592XAD2 310 INTEREST EARNED ON BMW VEH OWNER TR 5.470% 2/25/28 $1 PV ON 6450.0400 SHARES DUE 1/25/2025 $0.00456/PV ON 1,415,000.00 PV DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 6,450.04 BVO5428 .00I 01/27/2025 3136AJZP4 310 INTEREST EARNED ON F N M A GTD REMIC 1.500% 4/25/29 $1 PV ON 1169.4400 SHARES DUE 1/25/2025 $0.00125/PV ON 935,551.56 PV DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 1,169.44 .00I 01/27/2025 01/25/2025 01/27/2025 3136AJZP4 20 PAID DOWN PAR VALUE OF F N M A GTD REMIC 1.500% 4/25/29 .00 .00 -32,875.41 3,111.39 .00-35,986.8000 .000000 35,986.80 .00P 01/27/2025 01/25/2025 01/27/2025 31371NUC7 20 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 DECEMBER FNMA DUE 1/25/25 .00 .00 -96.39 .00 -5.25-91.1400 .000000 91.14 257179A .00P 01/27/2025 31371NUC7 310 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 10.0900 SHARES DUE 1/25/2025 DECEMBER FNMA DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 10.09 257179A .00I 01/27/2025 01/25/2025 01/27/2025 31376KT22 20 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 DECEMBER FNMA DUE 1/25/25 .00 .00 -258.02 .00 -18.00-240.0200 .000000 240.02 357969A .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 24 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/27/2025 31376KT22 310 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 131.7700 SHARES DUE 1/25/2025 DECEMBER FNMA DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 131.77 357969A .00I 01/27/2025 3137BSRE5 310 INTEREST EARNED ON F H L M C MLTCL MTG 3.120% 9/25/26 $1 PV ON 13000.0000 SHARES DUE 1/25/2025 $0.00260/PV ON 5,000,000.00 PV DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 13,000.00 .00I 01/27/2025 3137FETN0 310 INTEREST EARNED ON F H L M C MLTCL MT 3.350% 1/25/28 $1 PV ON 15186.6600 SHARES DUE 1/25/2025 $0.00279/PV ON 5,440,000.00 PV DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 15,186.66 FHL0428B .00I 01/27/2025 3137FG6X8 310 INTEREST EARNED ON F H L M C MLTCL MT 3.850% 5/25/28 $1 PV ON 23260.4100 SHARES DUE 1/25/2025 $0.00321/PV ON 7,250,000.00 PV DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 23,260.41 FHL3828B .00I 01/27/2025 01/25/2025 01/27/2025 3138EG6F6 20 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 DECEMBER FNMA DUE 1/25/25 .00 .00 -59.02 .00 -3.21-55.8100 .000000 55.81 AL0869A .00P 01/27/2025 3138EG6F6 310 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 7.6800 SHARES DUE 1/25/2025 DECEMBER FNMA DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 7.68 AL0869A .00I 01/27/2025 31394JY35 310 INTEREST EARNED ON F H L M C MLTCL MT 6.49999% 9/25/43 $1 PV ON 1708.8100 SHARES DUE 1/25/2025 $0.00542/PV ON 315,472.85 PV DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 1,708.81 FHL9543 .00I 01/27/2025 01/25/2025 01/27/2025 31394JY35 20 PAID DOWN PAR VALUE OF F H L M C MLTCL MT 6.49999% 9/25/43 .00 .00 -6,832.68 .00 -799.41-6,033.2700 .000000 6,033.27 FHL9543 .00P 01/27/2025 31397QRE0 310 INTEREST EARNED ON F N M A GTD REMIC 2.472% 2/25/41 $1 PV ON 266.9700 SHARES DUE 1/25/2025 $0.00447/PV ON 59,732.61 PV DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 266.97 FNM2841 .00I 01/27/2025 01/25/2025 01/27/2025 31397QRE0 20 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.472% 2/25/41 .00 .00 -635.66 .00 .20-635.8600 172.558236 635.86 FNM2841 .00P 01/27/2025 01/25/2025 01/27/2025 31403DJZ3 20 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 DECEMBER FNMA DUE 1/25/25 .00 .00 -403.01 .00 -28.12-374.8900 .000000 374.89 745580A .00P 01/27/2025 31403DJZ3 310 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 133.3900 SHARES DUE 1/25/2025 DECEMBER FNMA DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 133.39 745580A .00I 01/27/2025 01/25/2025 01/27/2025 31403GXF4 20 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 DECEMBER FNMA DUE 1/25/25 .00 .00 -3.59 .00 -.25-3.3400 .000000 3.34 748678A .00P 01/27/2025 31403GXF4 310 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 1.7600 SHARES DUE 1/25/2025 DECEMBER FNMA DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 1.76 748678A .00I 01/27/2025 01/25/2025 01/27/2025 31406PQY8 20 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 DECEMBER FNMA DUE 1/25/25 .00 .00 -342.42 .00 -23.89-318.5300 .000000 318.53 815971A .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 25 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/27/2025 31406PQY8 310 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 174.2200 SHARES DUE 1/25/2025 DECEMBER FNMA DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 174.22 815971A .00I 01/27/2025 01/25/2025 01/27/2025 31406XWT5 20 PAID DOWN PAR VALUE OF F N M A #823358 6.250% 2/01/35 DECEMBER FNMA DUE 1/25/25 .00 .00 -121.40 .00 .96-122.3600 .000000 122.36 823358A .00P 01/27/2025 31406XWT5 310 INTEREST EARNED ON F N M A #823358 6.250% 2/01/35 $1 PV ON 63.4400 SHARES DUE 1/25/2025 DECEMBER FNMA DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 63.44 823358A .00I 01/27/2025 01/25/2025 01/27/2025 31407BXH7 20 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 DECEMBER FNMA DUE 1/25/25 .00 .00 -52.33 .00 -3.65-48.6800 .000000 48.68 826080A .00P 01/27/2025 31407BXH7 310 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 25.3400 SHARES DUE 1/25/2025 DECEMBER FNMA DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 25.34 826080A .00I 01/27/2025 01/25/2025 01/27/2025 31410F4V4 20 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 DECEMBER FNMA DUE 1/25/25 .00 .00 -884.27 .00 -61.69-822.5800 .000000 822.58 888336A .00P 01/27/2025 31410F4V4 310 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 219.1400 SHARES DUE 1/25/2025 DECEMBER FNMA DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 219.14 888336A .00I 01/27/2025 01/25/2025 01/27/2025 31417YAY3 20 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 DECEMBER FNMA DUE 1/25/25 .00 .00 -109.36 .00 -5.96-103.4000 .000000 103.40 MA0022A .00P 01/27/2025 31417YAY3 310 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 12.5800 SHARES DUE 1/25/2025 DECEMBER FNMA DUE 1/25/25 .00 .00 .00 .00 .00 .0000 .000000 12.58 MA0022A .00I 01/27/2025 01/27/2025 01/27/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -399,440.22 .00 .00-399,440.2200 1.000000 399,440.22 FGZXX .00P 01/27/2025 01/27/2025 01/27/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 56,205.89 .00 .00 56,205.8900 1.000000 -56,205.89 FGZXX .00P 01/27/2025 01/27/2025 01/27/2025 93114ENV5 10 PURCHASED PAR VALUE OF WAL MART INC C P 1/29/25 /BARCLAYS CAPITAL INC. FIXED IN/XOTC 450,000 PAR VALUE AT 99.97616667 % .00 .00 449,892.75 .00 .00 450,000.0000 .999762 -449,892.75 .00P 01/29/2025 01/29/2025 01/29/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 450,000.00 .00 .00 450,000.0000 1.000000 -450,000.00 FGZXX .00P 01/29/2025 01/29/2025 01/29/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -499,940.28 .00 .00-499,940.2800 1.000000 499,940.28 FGZXX .00P 01/29/2025 01/29/2025 01/29/2025 90477DNW2 10 PURCHASED PAR VALUE OF UNILEVER CAP CORP DISC C P 1/30/25 /GOLDMAN SACHS & CO. LLC/500,000 PAR VALUE AT 99.988056 % .00 .00 499,940.28 .00 .00 500,000.0000 .999881 -499,940.28 .00P 01/29/2025 01/29/2025 01/29/2025 93114ENV5 20 MATURED PAR VALUE OF WAL MART INC C P 1/29/25 450,000 PAR VALUE AT 100 % .00 .00 -449,892.75 .00 .00-450,000.0000 1.000000 449,892.75 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 26 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 01/29/2025 93114ENV5 310 INTEREST EARNED ON WAL MART INC C P 1/29/25 $1 PV ON 450000.0000 SHARES DUE 1/29/2025 450,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 107.25 .00I 01/30/2025 01/30/2025 01/30/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -524,749.75 .00 .00-524,749.7500 1.000000 524,749.75 FGZXX .00P 01/30/2025 01/30/2025 01/30/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 500,000.00 .00 .00 500,000.0000 1.000000 -500,000.00 FGZXX .00P 01/30/2025 01/30/2025 01/30/2025 90477DNW2 20 MATURED PAR VALUE OF UNILEVER CAP CORP DISC C P 1/30/25 500,000 PAR VALUE AT 100 % .00 .00 -499,940.28 .00 .00-500,000.0000 1.000000 499,940.28 .00P 01/30/2025 90477DNW2 310 INTEREST EARNED ON UNILEVER CAP CORP DISC C P 1/30/25 $1 PV ON 500000.0000 SHARES DUE 1/30/2025 500,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 59.72 .00I 01/30/2025 01/30/2025 01/30/2025 93114EP35 10 PURCHASED PAR VALUE OF WALMART INC DISC COML C P 2/03/25 /BARCLAYS CAPITAL INC. FIXED IN/525,000 PAR VALUE AT 99.95233333 % .00 .00 524,749.75 .00 .00 525,000.0000 .999523 -524,749.75 .00P 01/31/2025 01/31/2025 01/31/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 724,406.25 .00 .00 724,406.2500 1.000000 -724,406.25 FGZXX .00P 01/31/2025 912828Z78 310 INTEREST EARNED ON U S TREASURY NT 1.500% 1/31/27 $1 PV ON 18500000.0000 SHARES DUE 1/31/2025 .00 .00 .00 .00 .00 .0000 .000000 138,750.00 .00I 01/31/2025 91282CBH3 310 INTEREST EARNED ON U S TREASURY NT 0.375% 1/31/26 $1 PV ON 8050000.0000 SHARES DUE 1/31/2025 .00 .00 .00 .00 .00 .0000 .000000 15,093.75 .00I 01/31/2025 91282CCR0 310 INTEREST EARNED ON U S TREASURY NT 1.000% 7/31/28 $1 PV ON 17000000.0000 SHARES DUE 1/31/2025 .00 .00 .00 .00 .00 .0000 .000000 85,000.00 .00I 01/31/2025 91282CDW8 310 INTEREST EARNED ON U S TREASURY NT 1.750% 1/31/29 $1 PV ON 8350000.0000 SHARES DUE 1/31/2025 .00 .00 .00 .00 .00 .0000 .000000 73,062.50 .00I 01/31/2025 91282CHQ7 310 INTEREST EARNED ON U S TREASURY NT 4.125% 7/31/28 $1 PV ON 20000000.0000 SHARES DUE 1/31/2025 .00 .00 .00 .00 .00 .0000 .000000 412,500.00 UST0028A .00I 02/03/2025 02/03/2025 02/03/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -1,249,701.39 .00 .00-1,249,701.3900 1.000000 1,249,701.39 FGZXX .00P 02/03/2025 02/03/2025 02/03/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 525,000.00 .00 .00 525,000.0000 1.000000 -525,000.00 FGZXX .00P 02/03/2025 31846V567 310 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 1/31/2025 INTEREST FROM 1/1/25 TO 1/31/25 .00 .00 .00 .00 .00 .0000 .000000 4,962.63 FGZXX .00I 02/03/2025 02/03/2025 02/03/2025 90477DP59 10 PURCHASED PAR VALUE OF UNILEVER CAP CORP DISC C P 2/05/25 /J.P. MORGAN SECURITIES LLC/1,250,000 PAR VALUE AT 99.9761112 % .00 .00 1,249,701.39 .00 .00 1,250,000.0000 .999761 -1,249,701.39 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 27 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/03/2025 02/03/2025 02/03/2025 93114EP35 20 MATURED PAR VALUE OF WALMART INC DISC COML C P 2/03/25 525,000 PAR VALUE AT 100 % .00 .00 -524,749.75 .00 .00-525,000.0000 1.000000 524,749.75 .00P 02/03/2025 93114EP35 310 INTEREST EARNED ON WALMART INC DISC COML C P 2/03/25 $1 PV ON 525000.0000 SHARES DUE 2/3/2025 525,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 250.25 .00I 02/04/2025 02/04/2025 02/04/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 4,962.63 .00 .00 4,962.6300 1.000000 -4,962.63 FGZXX .00P 02/05/2025 02/05/2025 02/05/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 1,250,000.00 .00 .00 1,250,000.0000 1.000000 -1,250,000.00 FGZXX .00P 02/05/2025 02/05/2025 02/05/2025 90477DP59 20 MATURED PAR VALUE OF UNILEVER CAP CORP DISC C P 2/05/25 1,250,000 PAR VALUE AT 100 % .00 .00 -1,249,701.39 .00 .00-1,250,000.0000 1.000000 1,249,701.39 .00P 02/05/2025 90477DP59 310 INTEREST EARNED ON UNILEVER CAP CORP DISC C P 2/05/25 $1 PV ON 1250000.0000 SHARES DUE 2/5/2025 1,250,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 298.61 .00I 02/06/2025 17325FBK3 310 INTEREST EARNED ON CITIBANK N A 4.838% 8/06/29 $1 PV ON 7500000.0000 SHARES DUE 2/6/2025 .00 .00 .00 .00 .00 .0000 .000000 181,425.00 .00I 02/06/2025 02/06/2025 02/06/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 181,425.00 .00 .00 181,425.0000 1.000000 -181,425.00 FGZXX .00P 02/07/2025 02/07/2025 02/07/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 9,963,493.11 .00 .00 9,963,493.1100 1.000000 -9,963,493.11 FGZXX .00P 02/07/2025 02/06/2025 02/07/2025 91282CGC9 20 SOLD PAR VALUE OF U S TREASURY NT 3.875% 12/31/27 /BMO-CHICAGO BRANCH/3,500,000 PAR VALUE AT 99.06997743 % .00 .00 -3,467,734.37 .00 -285.16-3,500,000.0000 .990700 3,467,449.21 UST3827 .00P 02/07/2025 02/07/2025 91282CGC9 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 3.875% 12/31/27 .00 .00 .00 .00 .00 .0000 .000000 14,236.88 UST3827 .00I 02/07/2025 02/06/2025 02/07/2025 91282CJA0 20 SOLD PAR VALUE OF U S TREASURY NT 4.625% 9/30/28 /J.P. MORGAN SECURITIES LLC/6,300,000 PAR VALUE AT 101.23404 % .00 .00 -6,209,929.69 .00 167,814.83-6,300,000.0000 1.012340 6,377,744.52 .00P 02/07/2025 02/07/2025 91282CJA0 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 4.625% 9/30/28 .00 .00 .00 .00 .00 .0000 .000000 104,062.50 .00I 02/11/2025 02/04/2025 02/11/2025 02582JKM1 10 PURCHASED PAR VALUE OF AMERICAN EXP 4.560% 12/17/29 /WELLS FARGO SECURITIES, LLC/10,636,000 PAR VALUE AT 99.97778996 % .00 .00 10,633,637.74 .00 .00 10,636,000.0000 .999778 -10,633,637.74 AE44529 .00P 02/11/2025 02/11/2025 02/11/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -10,633,637.74 .00 .00-10,633,637.7400 1.000000 10,633,637.74 FGZXX .00P 02/12/2025 14913R3A3 310 INTEREST EARNED ON CATERPILLAR FINL MTN 3.600% 8/12/27 $1 PV ON 3250000.0000 SHARES DUE 2/12/2025 .00 .00 .00 .00 .00 .0000 .000000 58,500.00 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 28 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/12/2025 02/11/2025 02/12/2025 3134HAW33 10 PURCHASED PAR VALUE OF F H L M C M T N 4.750% 12/18/29 /WELLS FARGO SECURITIES, LLC/6,475,000 PAR VALUE AT 99.697 % .00 .00 6,455,380.75 .00 .00 6,475,000.0000 .996970 -6,455,380.75 .00P 02/12/2025 02/12/2025 3134HAW33 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C M T N 4.750% 12/18/29 .00 .00 .00 .00 .00 .0000 .000000 -41,862.67 .00I 02/12/2025 02/12/2025 02/12/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -254,944.40 .00 .00-254,944.4000 1.000000 254,944.40 FGZXX .00P 02/12/2025 02/11/2025 02/12/2025 91282CDG3 20 SOLD PAR VALUE OF U S TREASURY NT 1.125% 10/31/26 /BMO-CHICAGO BRANCH/6,500,000 PAR VALUE AT 94.81216508 % .00 .00 -6,444,082.04 .00 -281,291.31-6,500,000.0000 .948122 6,162,790.73 .00P 02/12/2025 02/12/2025 91282CDG3 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.125% 10/31/26 .00 .00 .00 .00 .00 .0000 .000000 21,008.29 .00I 02/13/2025 02/13/2025 02/13/2025 06051GHY8 20 FULL CALL PAR VALUE OF BANK OF AMERICAN MTN 2.015% 2/13/26 /CALLS/ .00 .00 -2,583,450.00 .00 -83,450.00-2,500,000.0000 1.000000 2,500,000.00 .00P 02/13/2025 06051GHY8 310 INTEREST EARNED ON BANK OF AMERICAN MTN 2.015% 2/13/26 $1 PV ON 2500000.0000 SHARES DUE 2/13/2025 .00 .00 .00 .00 .00 .0000 .000000 25,187.50 .00I 02/13/2025 02/13/2025 02/13/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 2,525,187.50 .00 .00 2,525,187.5000 1.000000 -2,525,187.50 FGZXX .00P 02/14/2025 02/11/2025 02/14/2025 3137FETN0 10 PURCHASED PAR VALUE OF F H L M C MLTCL MT 3.350% 1/25/28 /WELLS FARGO SECURITIES, LLC/3,000,000 PAR VALUE AT 96.61328133 % .00 .00 2,898,398.44 .00 .00 3,000,000.0000 .966133 -2,898,398.44 FHL0428B .00P 02/14/2025 02/14/2025 3137FETN0 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C MLTCL MT 3.350% 1/25/28 .00 .00 .00 .00 .00 .0000 .000000 -3,629.17 FHL0428B .00I 02/14/2025 02/14/2025 02/14/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -2,902,027.61 .00 .00-2,902,027.6100 1.000000 2,902,027.61 FGZXX .00P 02/18/2025 02582JJT8 310 INTEREST EARNED ON AMERICAN EXPRESS 3.390% 5/17/27 $1 PV ON 18701.5000 SHARES DUE 2/15/2025 $0.00283/PV ON 6,620,000.00 PV DUE 2/15/25 .00 .00 .00 .00 .00 .0000 .000000 18,701.50 .00I 02/18/2025 02582JJV3 310 INTEREST EARNED ON AMERICAN EXPRESS 3.750% 8/16/27 $1 PV ON 6250.0000 SHARES DUE 2/15/2025 $0.00313/PV ON 2,000,000.00 PV DUE 2/15/25 .00 .00 .00 .00 .00 .0000 .000000 6,250.00 .00I 02/18/2025 161571HV9 310 INTEREST EARNED ON CHASE ISSUE TR 4.600% 1/16/29 $1 PV ON 30820.0000 SHARES DUE 2/15/2025 $0.00383/PV ON 8,040,000.00 PV DUE 2/15/25 .00 .00 .00 .00 .00 .0000 .000000 30,820.00 .00I 02/18/2025 26884TAY8 310 INTEREST EARNED ON ERAC USA FINANCE 5.000% 2/15/29 $1 PV ON 7250000.0000 SHARES DUE 2/15/2025 .00 .00 .00 .00 .00 .0000 .000000 181,250.00 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 29 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/18/2025 30303M8S4 310 INTEREST EARNED ON META PLATFORMS INC 4.300% 8/15/29 $1 PV ON 6300000.0000 SHARES DUE 2/15/2025 .00 .00 .00 .00 .00 .0000 .000000 139,965.00 .00I 02/18/2025 3133TCE95 310 INTEREST EARNED ON F H L M C MLTCL MT 477.600% 8/15/32 $1 PV ON 6.7200 SHARES DUE 2/15/2025 $0.00398/PV ON 1,688.10 PV DUE 2/15/25 .00 .00 .00 .00 .00 .0000 .000000 6.72 FHL3032 .00I 02/18/2025 02/15/2025 02/18/2025 3133TCE95 20 PAID DOWN PAR VALUE OF F H L M C MLTCL MT 477.600% 8/15/32 .00 .00 -108.06 .00 -.11-107.9500 .000000 107.95 FHL3032 .00P 02/18/2025 02/15/2025 02/18/2025 31348SWZ3 20 PAID DOWN PAR VALUE OF F H L M C #786064 6.262% 1/01/28 JANUARY FHLMC DUE 2/15/25 .00 .00 -6.54 .00 .16-6.7000 .000000 6.70 786064F .00P 02/18/2025 31348SWZ3 310 INTEREST EARNED ON F H L M C #786064 6.262% 1/01/28 $1 PV ON 1.3900 SHARES DUE 2/15/2025 DECEMBER FHLMC DUE 2/15/25 .00 .00 .00 .00 .00 .0000 .000000 1.39 786064F .00I 02/18/2025 02/18/2025 02/18/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 1,337,991.90 .00 .00 1,337,991.9000 1.000000 -1,337,991.90 FGZXX .00P 02/18/2025 02/18/2025 02/18/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -848,265.76 .00 .00-848,265.7600 1.000000 848,265.76 FGZXX .00P 02/18/2025 43815BAC4 310 INTEREST EARNED ON HONDA AUTO REC OWN 1.880% 5/15/26 $1 PV ON 1662.0100 SHARES DUE 2/15/2025 $0.00157/PV ON 1,060,859.88 PV DUE 2/15/25 .00 .00 .00 .00 .00 .0000 .000000 1,662.01 HAR1826 .00I 02/18/2025 02/15/2025 02/18/2025 43815BAC4 20 PAID DOWN PAR VALUE OF HONDA AUTO REC OWN 1.880% 5/15/26 .00 .00 -174,274.59 .00 26.22-174,300.8100 .000000 174,300.81 HAR1826 .00P 02/18/2025 43816DAC9 310 INTEREST EARNED ON HONDA AUTO 4.330% 3/15/29 $1 PV ON 7119.2400 SHARES DUE 2/15/2025 $0.00361/PV ON 1,973,000.00 PV DUE 2/15/25 .00 .00 .00 .00 .00 .0000 .000000 7,119.24 .00I 02/18/2025 45818WFV3 310 INTEREST EARNED ON INTER AMER BK M T N 3.900% 8/15/29 $1 PV ON 1500000.0000 SHARES DUE 2/15/2025 .00 .00 .00 .00 .00 .0000 .000000 29,250.00 .00I 02/18/2025 4581X0EN4 310 INTEREST EARNED ON INTER AMER BK M T N 4.125% 2/15/29 $1 PV ON 7000000.0000 SHARES DUE 2/15/2025 .00 .00 .00 .00 .00 .0000 .000000 144,375.00 .00I 02/18/2025 47800AAC4 310 INTEREST EARNED ON JOHN DEERE OWNR TR 3.740% 2/16/27 $1 PV ON 5487.2000 SHARES DUE 2/15/2025 $0.00312/PV ON 1,760,597.49 PV DUE 2/15/25 .00 .00 .00 .00 .00 .0000 .000000 5,487.20 JDO6827 .00I 02/18/2025 02/15/2025 02/18/2025 47800AAC4 20 PAID DOWN PAR VALUE OF JOHN DEERE OWNR TR 3.740% 2/16/27 .00 .00 -211,290.96 .00 20.18-211,311.1400 .000000 211,311.14 JDO6827 .00P 02/18/2025 47800BAC2 310 INTEREST EARNED ON JOHN DEERE OWNER 5.090% 6/15/27 $1 PV ON 12264.2400 SHARES DUE 2/15/2025 $0.00424/PV ON 2,891,371.65 PV DUE 2/15/25 .00 .00 .00 .00 .00 .0000 .000000 12,264.24 JDO5027 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 30 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/18/2025 02/15/2025 02/18/2025 47800BAC2 20 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 5.090% 6/15/27 .00 .00 -279,056.09 .00 21.66-279,077.7500 .000000 279,077.75 JDO5027 .00P 02/18/2025 58773DAD6 310 INTEREST EARNED ON MERCEDES BENZ 4.780% 12/17/29 $1 PV ON 13904.4900 SHARES DUE 2/15/2025 $0.00292/PV ON 4,760,000.00 PV DUE 2/15/25 .00 .00 .00 .00 .00 .0000 .000000 13,904.49 .00I 02/18/2025 02/18/2025 02/18/2025 59157TPL1 10 PURCHASED PAR VALUE OF METLIFE SHORT TERM FDG C P 2/20/25 /CITIGROUP GLOBAL MARKETS INC./1,000,000 PAR VALUE AT 99.976 % .00 .00 999,760.00 .00 .00 1,000,000.0000 .999760 -999,760.00 .00P 02/18/2025 9128286B1 310 INTEREST EARNED ON U S TREASURY NT 2.625% 2/15/29 $1 PV ON 7800000.0000 SHARES DUE 2/15/2025 .00 .00 .00 .00 .00 .0000 .000000 102,375.00 .00I 02/18/2025 91324PEP3 310 INTEREST EARNED ON UNITEDHEALTH 5.250% 2/15/28 $1 PV ON 5000000.0000 SHARES DUE 2/15/2025 .00 .00 .00 .00 .00 .0000 .000000 131,250.00 .00I 02/20/2025 02/19/2025 02/20/2025 3134HAW33 10 PURCHASED PAR VALUE OF F H L M C M T N 4.750% 12/18/29 /WELLS FARGO SECURITIES, LLC/3,525,000 PAR VALUE AT 99.81530014 % .00 .00 3,518,489.33 .00 .00 3,525,000.0000 .998153 -3,518,489.33 .00P 02/20/2025 02/20/2025 3134HAW33 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C M T N 4.750% 12/18/29 .00 .00 .00 .00 .00 .0000 .000000 -26,510.94 .00I 02/20/2025 02/20/2025 02/20/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 34,540,929.48 .00 .00 34,540,929.4800 1.000000 -34,540,929.48 FGZXX .00P 02/20/2025 02/20/2025 02/20/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -29,969,030.87 .00 .00-29,969,030.8700 1.000000 29,969,030.87 FGZXX .00P 02/20/2025 02/20/2025 02/20/2025 36225CAZ9 20 PAID DOWN PAR VALUE OF G N M A I I #080023 4.750% 12/20/26 JANUARY GNMA DUE 2/20/25 .00 .00 -91.18 .00 -1.48-89.7000 .000000 89.70 080023M .00P 02/20/2025 36225CAZ9 310 INTEREST EARNED ON G N M A I I #080023 4.750% 12/20/26 $1 PV ON 7.9900 SHARES DUE 2/20/2025 JANUARY GNMA DUE 2/20/25 .00 .00 .00 .00 .00 .0000 .000000 7.99 080023M .00I 02/20/2025 02/20/2025 02/20/2025 36225CC20 20 PAID DOWN PAR VALUE OF G N M A I I #080088 5.000% 6/20/27 JANUARY GNMA DUE 2/20/25 .00 .00 -93.94 .00 -2.01-91.9300 .000000 91.93 080088M .00P 02/20/2025 36225CC20 310 INTEREST EARNED ON G N M A I I #080088 5.000% 6/20/27 $1 PV ON 10.4900 SHARES DUE 2/20/2025 JANUARY GNMA DUE 2/20/25 .00 .00 .00 .00 .00 .0000 .000000 10.49 080088M .00I 02/20/2025 02/20/2025 02/20/2025 36225CN28 20 PAID DOWN PAR VALUE OF G N M A I I #080408 4.875% 5/20/30 JANUARY GNMA DUE 2/20/25 .00 .00 -290.15 .00 2.98-293.1300 .000000 293.13 080408M .00P 02/20/2025 36225CN28 310 INTEREST EARNED ON G N M A I I #080408 4.875% 5/20/30 $1 PV ON 65.3300 SHARES DUE 2/20/2025 JANUARY GNMA DUE 2/20/25 .00 .00 .00 .00 .00 .0000 .000000 65.33 080408M .00I 02/20/2025 02/20/2025 02/20/2025 36225CNM4 20 PAID DOWN PAR VALUE OF G N M A I I #080395 4.875% 4/20/30 JANUARY GNMA DUE 2/20/25 .00 .00 -31.93 .00 .29-32.2200 .000000 32.22 080395M .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 31 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/20/2025 36225CNM4 310 INTEREST EARNED ON G N M A I I #080395 4.875% 4/20/30 $1 PV ON 6.7900 SHARES DUE 2/20/2025 JANUARY GNMA DUE 2/20/25 .00 .00 .00 .00 .00 .0000 .000000 6.79 080395M .00I 02/20/2025 02/20/2025 02/20/2025 36225DCB8 20 PAID DOWN PAR VALUE OF G N M A I I #080965 4.625% 7/20/34 JANUARY GNMA DUE 2/20/25 .00 .00 -141.17 .00 .09-141.2600 .000000 141.26 080965M .00P 02/20/2025 36225DCB8 310 INTEREST EARNED ON G N M A I I #080965 4.625% 7/20/34 $1 PV ON 53.1000 SHARES DUE 2/20/2025 JANUARY GNMA DUE 2/20/25 .00 .00 .00 .00 .00 .0000 .000000 53.10 080965M .00I 02/20/2025 02/20/2025 02/20/2025 59157TPL1 20 MATURED PAR VALUE OF METLIFE SHORT TERM FDG C P 2/20/25 1,000,000 PAR VALUE AT 100 % .00 .00 -999,760.00 .00 .00-1,000,000.0000 1.000000 999,760.00 .00P 02/20/2025 59157TPL1 310 INTEREST EARNED ON METLIFE SHORT TERM FDG C P 2/20/25 $1 PV ON 1000000.0000 SHARES DUE 2/20/2025 1,000,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 240.00 .00I 02/20/2025 02/20/2025 02/20/2025 6698M4PQ9 10 PURCHASED PAR VALUE OF NOVARTIS FIN CORP DISC C P 2/24/25 /J.P. MORGAN SECURITIES LLC/30,000,000 PAR VALUE AT 99.95233333 % .00 .00 29,985,700.00 .00 .00 30,000,000.0000 .999523 -29,985,700.00 .00P 02/20/2025 02/19/2025 02/20/2025 91282CEW7 20 SOLD PAR VALUE OF U S TREASURY NT 3.250% 6/30/27 /BMO-CHICAGO BRANCH/2,000,000 PAR VALUE AT 97.761384 % .00 .00 -2,024,843.75 .00 -69,616.07-2,000,000.0000 .977614 1,955,227.68 UST3227 .00P 02/20/2025 02/20/2025 91282CEW7 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 3.250% 6/30/27 .00 .00 .00 .00 .00 .0000 .000000 9,157.46 UST3227 .00I 02/20/2025 02/19/2025 02/20/2025 91282CEW7 20 SOLD PAR VALUE OF U S TREASURY NT 3.250% 6/30/27 /BMO-CHICAGO BRANCH/15,500,000 PAR VALUE AT 97.75781252 % .00 .00 -15,631,210.95 .00 -478,750.01-15,500,000.0000 .977578 15,152,460.94 UST3227 .00P 02/20/2025 02/20/2025 91282CEW7 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 3.250% 6/30/27 .00 .00 .00 .00 .00 .0000 .000000 70,970.30 UST3227 .00I 02/20/2025 02/19/2025 02/20/2025 91282CGT2 20 SOLD PAR VALUE OF U S TREASURY NT 3.625% 3/31/28 /BOFA SECURITIES, INC./FXD INC/20,000,000 PAR VALUE AT 98.0625 % .00 .00 -19,977,363.28 .00 -364,863.28-20,000,000.0000 .980625 19,612,500.00 .00P 02/20/2025 02/20/2025 91282CGT2 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 3.625% 3/31/28 .00 .00 .00 .00 .00 .0000 .000000 284,821.43 .00I 02/20/2025 92348KBG7 310 INTEREST EARNED ON VERIZON MASTER TR 4.490% 1/22/29 $1 PV ON 16669.1300 SHARES DUE 2/20/2025 $0.00374/PV ON 4,455,000.00 PV DUE 2/20/25 .00 .00 .00 .00 .00 .0000 .000000 16,669.13 .00I 02/21/2025 02/20/2025 02/21/2025 14043KAK1 10 PURCHASED PAR VALUE OF CAPITAL ONE PRIME 4.760% 8/15/28 /SOGEFRPPHCM SOCIETE GEN PARIS/5,240,000 PAR VALUE AT 100.24218702 % .00 .00 5,252,690.60 .00 .00 5,240,000.0000 1.002422 -5,252,690.60 .00P 02/21/2025 02/21/2025 14043KAK1 300 PAID ACCRUED INTEREST ON PURCHASE OF CAPITAL ONE PRIME 4.760% 8/15/28 .00 .00 .00 .00 .00 .0000 .000000 -4,157.07 .00I 02/21/2025 02/21/2025 02/21/2025 14912DPQ6 10 PURCHASED PAR VALUE OF CATERPILLAR FINL SVCS C P 2/24/25 /BARCLAYS CAPITAL INC. FIXED IN/4,225,000 PAR VALUE AT 99.964 % .00 .00 4,223,479.00 .00 .00 4,225,000.0000 .999640 -4,223,479.00 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 32 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/21/2025 02/21/2025 02/21/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -4,223,479.00 .00 .00-4,223,479.0000 1.000000 4,223,479.00 FGZXX .00P 02/21/2025 02/21/2025 02/21/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -974,426.84 .00 .00-974,426.8400 1.000000 974,426.84 FGZXX .00P 02/21/2025 02/20/2025 02/21/2025 345282AD9 10 PURCHASED PAR VALUE OF FORD CREDIT AT 4.940% 6/15/28 /RBC CAPITAL MARKETS, LLC/4,802,000 PAR VALUE AT 100.1562501 % .00 .00 4,809,503.13 .00 .00 4,802,000.0000 1.001563 -4,809,503.13 .00P 02/21/2025 02/21/2025 345282AD9 300 PAID ACCRUED INTEREST ON PURCHASE OF FORD CREDIT AT 4.940% 6/15/28 .00 .00 .00 .00 .00 .0000 .000000 -3,777.57 .00I 02/21/2025 02/20/2025 02/21/2025 34528QHV9 10 PURCHASED PAR VALUE OF FORD CR FLP MASTER 0.00001% 5/15/28 /WELLS FARGO SECURITIES, LLC/9,000,000 PAR VALUE AT 100.37109378 % .00 .00 9,033,398.44 .00 .00 9,000,000.0000 1.003711 -9,033,398.44 .00P 02/21/2025 02/21/2025 34528QHV9 300 PAID ACCRUED INTEREST ON PURCHASE OF FORD CR FLP MASTER 0.00001% 5/15/28 .00 .00 .00 .00 .00 .0000 .000000 -7,380.00 .00I 02/21/2025 02/20/2025 02/21/2025 361886DK7 10 PURCHASED PAR VALUE OF GMF FLOORPL OWNE 4.680% 11/15/28 /TD SECURITIES (USA) LLC/7,710,000 PAR VALUE AT 100.02734371 % .00 .00 7,712,108.20 .00 .00 7,710,000.0000 1.000273 -7,712,108.20 .00P 02/21/2025 02/21/2025 361886DK7 300 PAID ACCRUED INTEREST ON PURCHASE OF GMF FLOORPL OWNE 4.680% 11/15/28 .00 .00 .00 .00 .00 .0000 .000000 -6,013.80 .00I 02/21/2025 02/20/2025 02/21/2025 448984AD6 10 PURCHASED PAR VALUE OF HYUNDAI AUTO LEASE 4.620% 4/17/28 /TD SECURITIES (USA) LLC/5,000,000 PAR VALUE AT 100.078125 % .00 .00 5,003,906.25 .00 .00 5,000,000.0000 1.000781 -5,003,906.25 .00P 02/21/2025 02/21/2025 448984AD6 300 PAID ACCRUED INTEREST ON PURCHASE OF HYUNDAI AUTO LEASE 4.620% 4/17/28 .00 .00 .00 .00 .00 .0000 .000000 -3,850.00 .00I 02/21/2025 02/20/2025 02/21/2025 912828Z78 20 SOLD PAR VALUE OF U S TREASURY NT 1.500% 1/31/27 /WELLS FARGO SECURITIES, LLC/11,500,000 PAR VALUE AT 94.88281252 % .00 .00 -11,276,464.84 .00 -364,941.40-11,500,000.0000 .948828 10,911,523.44 .00P 02/21/2025 02/21/2025 912828Z78 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.500% 1/31/27 .00 .00 .00 .00 .00 .0000 .000000 10,006.91 .00I 02/21/2025 02/20/2025 02/21/2025 91282CHQ7 20 SOLD PAR VALUE OF U S TREASURY NT 4.125% 7/31/28 /MORGAN STANLEY & CO. LLC/20,000,000 PAR VALUE AT 99.46484375 % .00 .00 -19,670,703.13 .00 222,265.62-20,000,000.0000 .994648 19,892,968.75 UST0028A .00P 02/21/2025 02/21/2025 91282CHQ7 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 4.125% 7/31/28 .00 .00 .00 .00 .00 .0000 .000000 47,859.12 UST0028A .00I 02/24/2025 02/24/2025 02/24/2025 14912DPQ6 20 MATURED PAR VALUE OF CATERPILLAR FINL SVCS C P 2/24/25 4,225,000 PAR VALUE AT 100 % .00 .00 -4,223,479.00 .00 .00-4,225,000.0000 1.000000 4,223,479.00 .00P 02/24/2025 14912DPQ6 310 INTEREST EARNED ON CATERPILLAR FINL SVCS C P 2/24/25 $1 PV ON 4225000.0000 SHARES DUE 2/24/2025 4,225,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 1,521.00 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 33 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/24/2025 02/24/2025 02/24/2025 14912DPS2 10 PURCHASED PAR VALUE OF CATERPILLAR FINL SVCS C P 2/26/25 /BOFA SECURITIES, INC./FXD INC/4,450,000 PAR VALUE AT 99.97605551 % .00 .00 4,448,934.47 .00 .00 4,450,000.0000 .999761 -4,448,934.47 .00P 02/24/2025 02/24/2025 02/24/2025 14912DPS2 10 PURCHASED PAR VALUE OF CATERPILLAR FINL SVCS C P 2/26/25 /BOFA SECURITIES, INC./FXD INC/4,450,000 PAR VALUE AT 99.97605551 % .00 .00 4,448,934.47 .00 .00 4,450,000.0000 .999761 -4,448,934.47 .00P 02/24/2025 02/21/2025 02/24/2025 3135G05X7 20 SOLD PAR VALUE OF F N M A 0.375% 8/25/25 /RBOSGB2RTCM ROYAL BK SCTLND GB/4,000,000 PAR VALUE AT 98.019 % .00 .00 -3,981,280.00 .00 -60,520.00-4,000,000.0000 .980190 3,920,760.00 .00P 02/24/2025 02/24/2025 3135G05X7 301 RECEIVED ACCRUED INTEREST ON SALE OF F N M A 0.375% 8/25/25 .00 .00 .00 .00 .00 .0000 .000000 7,458.33 .00I 02/24/2025 02/19/2025 02/24/2025 3137HB3D4 10 PURCHASED PAR VALUE OF F H L M C MLTCL 5.069% 10/25/28 /TD SECURITIES (USA) LLC/10,716,000 PAR VALUE AT 101.25781252 % .00 .00 10,850,787.19 .00 .00 10,716,000.0000 1.012578 -10,850,787.19 FHL5028 .00P 02/24/2025 02/24/2025 3137HB3D4 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C MLTCL 5.069% 10/25/28 .00 .00 .00 .00 .00 .0000 .000000 -34,704.06 FHL5028 .00I 02/24/2025 02/19/2025 02/24/2025 3137HBPD0 10 PURCHASED PAR VALUE OF F H L M C MLTCL MTG 5.400% 1/25/29 /TD SECURITIES (USA) LLC/10,000,000 PAR VALUE AT 102.4414063 % .00 .00 10,244,140.63 .00 .00 10,000,000.0000 1.024414 -10,244,140.63 FHL5429 .00P 02/24/2025 02/24/2025 3137HBPD0 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C MLTCL MTG 5.400% 1/25/29 .00 .00 .00 .00 .00 .0000 .000000 -34,500.00 FHL5429 .00I 02/24/2025 02/19/2025 02/24/2025 3137HCKV3 10 PURCHASED PAR VALUE OF F H L M C MLTCL MTG 5.180% 3/25/29 /BARCLAYS CAPITAL INC. FIXED IN/XXXX 2,720,000 PAR VALUE AT 101.7421875 % .00 .00 2,767,387.50 .00 .00 2,720,000.0000 1.017422 -2,767,387.50 .00P 02/24/2025 02/24/2025 3137HCKV3 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C MLTCL MTG 5.180% 3/25/29 .00 .00 .00 .00 .00 .0000 .000000 -9,001.69 .00I 02/24/2025 02/19/2025 02/24/2025 3137HDJJ0 10 PURCHASED PAR VALUE OF F H L M C MLTCL MTG 4.803% 5/25/29 /J.P. MORGAN SECURITIES LLC/XXXX 9,000,000 PAR VALUE AT 100.40625 % .00 .00 9,036,562.50 .00 .00 9,000,000.0000 1.004063 -9,036,562.50 .00P 02/24/2025 02/24/2025 3137HDJJ0 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C MLTCL MTG 4.803% 5/25/29 .00 .00 .00 .00 .00 .0000 .000000 -27,617.25 .00I 02/24/2025 02/24/2025 02/24/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 5,148,517.51 .00 .00 5,148,517.5100 1.000000 -5,148,517.51 FGZXX .00P 02/24/2025 02/24/2025 02/24/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -5,151,647.77 .00 .00-5,151,647.7700 1.000000 5,151,647.77 FGZXX .00P 02/24/2025 02/24/2025 02/24/2025 6698M4PQ9 20 MATURED PAR VALUE OF NOVARTIS FIN CORP DISC C P 2/24/25 30,000,000 PAR VALUE AT 100 % .00 .00 -29,985,700.00 .00 .00-30,000,000.0000 1.000000 29,985,700.00 .00P 02/24/2025 6698M4PQ9 310 INTEREST EARNED ON NOVARTIS FIN CORP DISC C P 2/24/25 $1 PV ON 30000000.0000 SHARES DUE 2/24/2025 30,000,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 14,300.00 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 34 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/25/2025 05592XAD2 310 INTEREST EARNED ON BMW VEH OWNER TR 5.470% 2/25/28 $1 PV ON 6450.0400 SHARES DUE 2/25/2025 $0.00456/PV ON 1,415,000.00 PV DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 6,450.04 BVO5428 .00I 02/25/2025 02/24/2025 02/24/2025 14912DPS2 10 PURCHASE-REV PAR VALUE OF CATERPILLAR FINL SVCS C P 2/26/25 /BOFA SECURITIES, INC./FXD INC/4,450,000 PAR VALUE AT 99.97605551 % .00 .00 -4,448,934.47 .00 .00-4,450,000.0000 -.999761 4,448,934.47 .00P 02/25/2025 02/24/2025 02/25/2025 3134HA7E7 10 PURCHASED PAR VALUE OF F H L M C 5.125% 2/13/30 /BARCLAYS CAPITAL INC. FIXED IN/5,000,000 PAR VALUE AT 100.383 % .00 .00 5,019,150.00 .00 .00 5,000,000.0000 1.003830 -5,019,150.00 .00P 02/25/2025 02/25/2025 3134HA7E7 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C 5.125% 2/13/30 .00 .00 .00 .00 .00 .0000 .000000 -8,541.67 .00I 02/25/2025 3135G05X7 310 INTEREST EARNED ON F N M A 0.375% 8/25/25 $1 PV ON 3945000.0000 SHARES DUE 2/25/2025 .00 .00 .00 .00 .00 .0000 .000000 7,396.88 .00I 02/25/2025 02/24/2025 02/25/2025 3135G06G3 20 SOLD PAR VALUE OF F N M A 0.500% 11/07/25 /CITIGROUP GLOBAL MARKETS INC./5,255,000 PAR VALUE AT 97.393 % .00 .00 -5,236,187.10 .00 -118,184.95-5,255,000.0000 .973930 5,118,002.15 .00P 02/25/2025 02/25/2025 3135G06G3 301 RECEIVED ACCRUED INTEREST ON SALE OF F N M A 0.500% 11/07/25 .00 .00 .00 .00 .00 .0000 .000000 7,882.50 .00I 02/25/2025 3136AJZP4 310 INTEREST EARNED ON F N M A GTD REMIC 1.500% 4/25/29 $1 PV ON 1124.4600 SHARES DUE 2/25/2025 $0.00125/PV ON 899,564.76 PV DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 1,124.46 .00I 02/25/2025 02/25/2025 02/25/2025 3136AJZP4 20 PAID DOWN PAR VALUE OF F N M A GTD REMIC 1.500% 4/25/29 .00 .00 -24,403.38 2,309.58 .00-26,712.9600 .000000 26,712.96 .00P 02/25/2025 02/25/2025 02/25/2025 31371NUC7 20 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 JANUARY FNMA DUE 2/25/25 .00 .00 -392.11 .00 -21.35-370.7600 .000000 370.76 257179A .00P 02/25/2025 31371NUC7 310 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 9.7500 SHARES DUE 2/25/2025 JANUARY FNMA DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 9.75 257179A .00I 02/25/2025 02/25/2025 02/25/2025 31376KT22 20 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 JANUARY FNMA DUE 2/25/25 .00 .00 -809.83 .00 -56.50-753.3300 .000000 753.33 357969A .00P 02/25/2025 31376KT22 310 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 130.7700 SHARES DUE 2/25/2025 JANUARY FNMA DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 130.77 357969A .00I 02/25/2025 3137BSRE5 310 INTEREST EARNED ON F H L M C MLTCL MTG 3.120% 9/25/26 $1 PV ON 13000.0000 SHARES DUE 2/25/2025 $0.00260/PV ON 5,000,000.00 PV DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 13,000.00 .00I 02/25/2025 02/20/2025 02/25/2025 3137BSRE5 10 PURCHASED PAR VALUE OF F H L M C MLTCL MTG 3.120% 9/25/26 /BARCLAYS CAPITAL INC. FIXED IN/720,259 PAR VALUE AT 97.84375065 % .00 .00 704,728.42 .00 .00 720,259.0000 .978438 -704,728.42 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 35 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/25/2025 02/25/2025 3137BSRE5 300 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C MLTCL MTG 3.120% 9/25/26 .00 .00 .00 .00 .00 .0000 .000000 -1,498.14 .00I 02/25/2025 3137FETN0 310 INTEREST EARNED ON F H L M C MLTCL MT 3.350% 1/25/28 $1 PV ON 15186.6600 SHARES DUE 2/25/2025 $0.00279/PV ON 5,440,000.00 PV DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 15,186.66 FHL0428B .00I 02/25/2025 3137FG6X8 310 INTEREST EARNED ON F H L M C MLTCL MT 3.850% 5/25/28 $1 PV ON 23260.4100 SHARES DUE 2/25/2025 $0.00321/PV ON 7,250,000.00 PV DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 23,260.41 FHL3828B .00I 02/25/2025 02/25/2025 02/25/2025 3138EG6F6 20 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 JANUARY FNMA DUE 2/25/25 .00 .00 -57.21 .00 -3.12-54.0900 .000000 54.09 AL0869A .00P 02/25/2025 3138EG6F6 310 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 7.4700 SHARES DUE 2/25/2025 JANUARY FNMA DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 7.47 AL0869A .00I 02/25/2025 31394JY35 310 INTEREST EARNED ON F H L M C MLTCL MT 6.49999% 9/25/43 $1 PV ON 1676.1300 SHARES DUE 2/25/2025 $0.00542/PV ON 309,439.58 PV DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 1,676.13 FHL9543 .00I 02/25/2025 02/25/2025 02/25/2025 31394JY35 20 PAID DOWN PAR VALUE OF F H L M C MLTCL MT 6.49999% 9/25/43 .00 .00 -2,110.44 .00 -246.92-1,863.5200 .000000 1,863.52 FHL9543 .00P 02/25/2025 31397QRE0 310 INTEREST EARNED ON F N M A GTD REMIC 2.472% 2/25/41 $1 PV ON 253.4000 SHARES DUE 2/25/2025 $0.00429/PV ON 59,096.75 PV DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 253.40 FNM2841 .00I 02/25/2025 02/25/2025 02/25/2025 31397QRE0 20 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.472% 2/25/41 .00 .00 -543.39 .00 .17-543.5600 .000000 543.56 FNM2841 .00P 02/25/2025 02/25/2025 02/25/2025 31403DJZ3 20 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 JANUARY FNMA DUE 2/25/25 .00 .00 -393.14 .00 -27.43-365.7100 .000000 365.71 745580A .00P 02/25/2025 31403DJZ3 310 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 131.8300 SHARES DUE 2/25/2025 JANUARY FNMA DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 131.83 745580A .00I 02/25/2025 02/25/2025 02/25/2025 31403GXF4 20 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 JANUARY FNMA DUE 2/25/25 .00 .00 -3.60 .00 -.25-3.3500 .000000 3.35 748678A .00P 02/25/2025 31403GXF4 310 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 1.7400 SHARES DUE 2/25/2025 JANUARY FNMA DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 1.74 748678A .00I 02/25/2025 02/25/2025 02/25/2025 31406PQY8 20 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 JANUARY FNMA DUE 2/25/25 .00 .00 -343.19 .00 -23.94-319.2500 .000000 319.25 815971A .00P 02/25/2025 31406PQY8 310 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 172.8900 SHARES DUE 2/25/2025 JANUARY FNMA DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 172.89 815971A .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 36 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/25/2025 02/25/2025 02/25/2025 31406XWT5 20 PAID DOWN PAR VALUE OF F N M A #823358 6.504% 2/01/35 JANUARY FNMA DUE 2/25/25 .00 .00 -121.28 .00 .96-122.2400 .000000 122.24 823358A .00P 02/25/2025 31406XWT5 310 INTEREST EARNED ON F N M A #823358 6.504% 2/01/35 $1 PV ON 65.3600 SHARES DUE 2/25/2025 JANUARY FNMA DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 65.36 823358A .00I 02/25/2025 02/25/2025 02/25/2025 31407BXH7 20 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 JANUARY FNMA DUE 2/25/25 .00 .00 -95.55 .00 -6.67-88.8800 .000000 88.88 826080A .00P 02/25/2025 31407BXH7 310 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 25.1400 SHARES DUE 2/25/2025 JANUARY FNMA DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 25.14 826080A .00I 02/25/2025 02/25/2025 02/25/2025 31410F4V4 20 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 JANUARY FNMA DUE 2/25/25 .00 .00 -540.82 .00 -37.73-503.0900 .000000 503.09 888336A .00P 02/25/2025 31410F4V4 310 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 215.7200 SHARES DUE 2/25/2025 JANUARY FNMA DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 215.72 888336A .00I 02/25/2025 02/25/2025 02/25/2025 31417YAY3 20 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 JANUARY FNMA DUE 2/25/25 .00 .00 -112.61 .00 -6.13-106.4800 .000000 106.48 MA0022A .00P 02/25/2025 31417YAY3 310 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 12.1900 SHARES DUE 2/25/2025 JANUARY FNMA DUE 2/25/25 .00 .00 .00 .00 .00 .0000 .000000 12.19 MA0022A .00I 02/25/2025 02/25/2025 02/25/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 573,498.21 .00 .00 573,498.2100 1.000000 -573,498.21 FGZXX .00P 02/25/2025 02/24/2025 02/25/2025 58933YBH7 20 SOLD PAR VALUE OF MERCK CO INC 4.050% 5/17/28 /BARCLAYS CAPITAL INC. FIXED IN/7,000,000 PAR VALUE AT 99.136 % .00 .00 -6,994,864.00 .00 -55,344.00-7,000,000.0000 .991360 6,939,520.00 .00P 02/25/2025 02/25/2025 58933YBH7 301 RECEIVED ACCRUED INTEREST ON SALE OF MERCK CO INC 4.050% 5/17/28 .00 .00 .00 .00 .00 .0000 .000000 77,175.00 .00I 02/25/2025 02/24/2025 02/25/2025 693475BR5 10 PURCHASED PAR VALUE OF PNC FINL SVCS GROUP 5.582% 6/12/29 /CITIGROUP GLOBAL MARKETS INC./8,000,000 PAR VALUE AT 102.477 % .00 .00 8,198,160.00 .00 .00 8,000,000.0000 1.024770 -8,198,160.00 .00P 02/25/2025 02/25/2025 693475BR5 300 PAID ACCRUED INTEREST ON PURCHASE OF PNC FINL SVCS GROUP 5.582% 6/12/29 .00 .00 .00 .00 .00 .0000 .000000 -90,552.44 .00I 02/25/2025 02/24/2025 02/25/2025 931142ER0 20 SOLD PAR VALUE OF WALMART INC 1.050% 9/17/26 /GOLDMAN SACHS & CO. LLC/1,725,000 PAR VALUE AT 95.186 % .00 .00 -1,721,739.75 .00 -79,781.25-1,725,000.0000 .951860 1,641,958.50 .00P 02/25/2025 02/25/2025 931142ER0 301 RECEIVED ACCRUED INTEREST ON SALE OF WALMART INC 1.050% 9/17/26 .00 .00 .00 .00 .00 .0000 .000000 7,949.37 .00I 02/26/2025 02/26/2025 02/26/2025 14912DPS2 20 MATURED PAR VALUE OF CATERPILLAR FINL SVCS C P 2/26/25 4,450,000 PAR VALUE AT 100 % .00 .00 -4,448,934.47 .00 .00-4,450,000.0000 1.000000 4,448,934.47 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 37 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 02/26/2025 14912DPS2 310 INTEREST EARNED ON CATERPILLAR FINL SVCS C P 2/26/25 $1 PV ON 4450000.0000 SHARES DUE 2/26/2025 4,450,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 1,065.53 .00I 02/26/2025 02/26/2025 02/26/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 72,057.35 .00 .00 72,057.3500 1.000000 -72,057.35 FGZXX .00P 02/26/2025 02/26/2025 02/26/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -624,925.35 .00 .00-624,925.3500 1.000000 624,925.35 FGZXX .00P 02/26/2025 02/20/2025 02/26/2025 89239NAD7 10 PURCHASED PAR VALUE OF TOYOTA LEASE OWNER 4.750% 2/22/28 /BNP PARIBAS SECURITIES BOND/4,378,000 PAR VALUE AT 99.99869004 % .00 .00 4,377,942.65 .00 .00 4,378,000.0000 .999987 -4,377,942.65 .00P 02/26/2025 02/26/2025 02/26/2025 90477DPT7 10 PURCHASED PAR VALUE OF UNILEVER CAP CORP DISC C P 2/27/25 /J.P. MORGAN SECURITIES LLC/625,000 PAR VALUE AT 99.988056 % .00 .00 624,925.35 .00 .00 625,000.0000 .999881 -624,925.35 .00P 02/27/2025 02/27/2025 02/27/2025 14912DPU7 10 PURCHASED PAR VALUE OF CATERPILLAR FINL SVCS C P 2/28/25 /J.P. MORGAN SECURITIES LLC/625,000 PAR VALUE AT 99.988056 % .00 .00 624,925.35 .00 .00 625,000.0000 .999881 -624,925.35 .00P 02/27/2025 02/27/2025 02/27/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 625,000.00 .00 .00 625,000.0000 1.000000 -625,000.00 FGZXX .00P 02/27/2025 02/27/2025 02/27/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -624,925.35 .00 .00-624,925.3500 1.000000 624,925.35 FGZXX .00P 02/27/2025 02/27/2025 02/27/2025 90477DPT7 20 MATURED PAR VALUE OF UNILEVER CAP CORP DISC C P 2/27/25 625,000 PAR VALUE AT 100 % .00 .00 -624,925.35 .00 .00-625,000.0000 1.000000 624,925.35 .00P 02/27/2025 90477DPT7 310 INTEREST EARNED ON UNILEVER CAP CORP DISC C P 2/27/25 $1 PV ON 625000.0000 SHARES DUE 2/27/2025 625,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 74.65 .00I 02/28/2025 02/28/2025 02/28/2025 14912DPU7 20 MATURED PAR VALUE OF CATERPILLAR FINL SVCS C P 2/28/25 625,000 PAR VALUE AT 100 % .00 .00 -624,925.35 .00 .00-625,000.0000 1.000000 624,925.35 .00P 02/28/2025 14912DPU7 310 INTEREST EARNED ON CATERPILLAR FINL SVCS C P 2/28/25 $1 PV ON 625000.0000 SHARES DUE 2/28/2025 625,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 74.65 .00I 02/28/2025 02/28/2025 02/28/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -14,558.42 .00 .00-14,558.4200 1.000000 14,558.42 FGZXX .00P 02/28/2025 91282CFJ5 310 INTEREST EARNED ON U S TREASURY NT 3.125% 8/31/29 $1 PV ON 10250000.0000 SHARES DUE 2/28/2025 .00 .00 .00 .00 .00 .0000 .000000 160,156.25 .00I 02/28/2025 02/27/2025 02/28/2025 93114EQ34 10 PURCHASED PAR VALUE OF WALMART INC DISC COML C P 3/03/25 /J.P. MORGAN SECURITIES LLC/800,000 PAR VALUE AT 99.96433375 % .00 .00 799,714.67 .00 .00 800,000.0000 .999643 -799,714.67 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 38 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/03/2025 03/03/2025 03/03/2025 16677JQ41 10 PURCHASED PAR VALUE OF CHEVRON CORP DISC COML C P 3/04/25 /CITIGROUP GLOBAL MARKETS INC./1,325,000 PAR VALUE AT 99.98808302 % .00 .00 1,324,842.10 .00 .00 1,325,000.0000 .999881 -1,324,842.10 .00P 03/03/2025 02/28/2025 03/03/2025 3135G05X7 20 SOLD PAR VALUE OF F N M A 0.375% 8/25/25 /NMRIUS33 NOMURA SECS INTL NY/3,945,000 PAR VALUE AT 98.128 % .00 .00 -3,926,537.40 .00 -55,387.80-3,945,000.0000 .981280 3,871,149.60 .00P 03/03/2025 03/03/2025 3135G05X7 301 RECEIVED ACCRUED INTEREST ON SALE OF F N M A 0.375% 8/25/25 .00 .00 .00 .00 .00 .0000 .000000 328.75 .00I 03/03/2025 03/03/2025 03/03/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -1,324,842.10 .00 .00-1,324,842.1000 1.000000 1,324,842.10 FGZXX .00P 03/03/2025 03/03/2025 03/03/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 1,341,062.24 .00 .00 1,341,062.2400 1.000000 -1,341,062.24 FGZXX .00P 03/03/2025 31846V567 310 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 2/28/2025 INTEREST FROM 2/1/25 TO 2/28/25 .00 .00 .00 .00 .00 .0000 .000000 7,200.42 FGZXX .00I 03/03/2025 02/28/2025 03/03/2025 91282CKD2 10 PURCHASED PAR VALUE OF U S TREASURY NT 4.250% 2/28/29 /J.P. MORGAN SECURITIES LLC/3,300,000 PAR VALUE AT 100.88705364 % .00 .00 3,329,272.77 .00 .00 3,300,000.0000 1.008871 -3,329,272.77 .00P 03/03/2025 03/03/2025 91282CKD2 300 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 4.250% 2/28/29 .00 .00 .00 .00 .00 .0000 .000000 -1,143.34 .00I 03/03/2025 03/03/2025 03/03/2025 93114EQ34 20 MATURED PAR VALUE OF WALMART INC DISC COML C P 3/03/25 800,000 PAR VALUE AT 100 % .00 .00 -799,714.67 .00 .00-800,000.0000 1.000000 799,714.67 .00P 03/03/2025 93114EQ34 310 INTEREST EARNED ON WALMART INC DISC COML C P 3/03/25 $1 PV ON 800000.0000 SHARES DUE 3/3/2025 800,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 285.33 .00I 03/04/2025 03/04/2025 03/04/2025 16677JQ41 20 MATURED PAR VALUE OF CHEVRON CORP DISC COML C P 3/04/25 1,325,000 PAR VALUE AT 100 % .00 .00 -1,324,842.10 .00 .00-1,325,000.0000 1.000000 1,324,842.10 .00P 03/04/2025 16677JQ41 310 INTEREST EARNED ON CHEVRON CORP DISC COML C P 3/04/25 $1 PV ON 1325000.0000 SHARES DUE 3/4/2025 1,325,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 157.90 .00I 03/04/2025 03/04/2025 03/04/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 1,332,200.42 .00 .00 1,332,200.4200 1.000000 -1,332,200.42 FGZXX .00P 03/05/2025 06051GHG7 310 INTEREST EARNED ON BANK OF AMERICA MTN 3.970% 3/05/29 $1 PV ON 4500000.0000 SHARES DUE 3/5/2025 .00 .00 .00 .00 .00 .0000 .000000 89,325.00 .00I 03/05/2025 03/05/2025 03/05/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 89,325.00 .00 .00 89,325.0000 1.000000 -89,325.00 FGZXX .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 39 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/06/2025 03/05/2025 03/06/2025 3130AWMN7 20 SOLD PAR VALUE OF F H L B DEB 4.375% 6/09/28 /RBS SECURITIES INC./2,500,000 PAR VALUE AT 101.088 % .00 .00 -2,511,025.00 .00 16,175.00-2,500,000.0000 1.010880 2,527,200.00 .00P 03/06/2025 03/06/2025 3130AWMN7 301 RECEIVED ACCRUED INTEREST ON SALE OF F H L B DEB 4.375% 6/09/28 .00 .00 .00 .00 .00 .0000 .000000 26,432.29 .00I 03/06/2025 03/06/2025 03/06/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -6,191,201.17 .00 .00-6,191,201.1700 1.000000 6,191,201.17 FGZXX .00P 03/06/2025 03/06/2025 03/06/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 13,562,777.73 .00 .00 13,562,777.7300 1.000000 -13,562,777.73 FGZXX .00P 03/06/2025 03/06/2025 03/06/2025 912797NR4 10 PURCHASED PAR VALUE OF U S TREASURY BILL 3/18/25 /NMRIUS33 NOMURA SECS INTL NY/6,200,000 PAR VALUE AT 99.85808339 % .00 .00 6,191,201.17 .00 .00 6,200,000.0000 .998581 -6,191,201.17 .00P 03/06/2025 03/05/2025 03/06/2025 91282CLN9 20 SOLD PAR VALUE OF U S TREASURY NT 3.500% 9/30/29 /HSBC SECURITIES, INC./11,100,000 PAR VALUE AT 97.67187505 % .00 .00 -10,601,367.19 240,210.94 .00-11,100,000.0000 .976719 10,841,578.13 .00P 03/06/2025 03/06/2025 91282CLN9 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 3.500% 9/30/29 .00 .00 .00 .00 .00 .0000 .000000 167,567.31 .00I 03/10/2025 3130ATS57 310 INTEREST EARNED ON F H L B DEB 4.500% 3/10/28 $1 PV ON 7500000.0000 SHARES DUE 3/10/2025 .00 .00 .00 .00 .00 .0000 .000000 168,750.00 .00I 03/10/2025 03/10/2025 03/10/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 168,750.00 .00 .00 168,750.0000 1.000000 -168,750.00 FGZXX .00P 03/11/2025 03/11/2025 03/11/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -3,045,808.41 .00 .00-3,045,808.4100 1.000000 3,045,808.41 FGZXX .00P 03/11/2025 03/04/2025 03/11/2025 47800DAD6 10 PURCHASED PAR VALUE OF JOHN DEERE OWNER TR 4.830% 9/17/29 /MITSUBISHI UFJ SECURITIES (USA/3,046,000 PAR VALUE AT 99.99371 % .00 .00 3,045,808.41 .00 .00 3,046,000.0000 .999937 -3,045,808.41 .00P 03/12/2025 03/12/2025 03/12/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -5,930,171.93 .00 .00-5,930,171.9300 1.000000 5,930,171.93 FGZXX .00P 03/12/2025 03/04/2025 03/12/2025 44935CAD3 10 PURCHASED PAR VALUE OF HYUNDAI AUTO RECV TR 4.790% 10/15/29 /BARCLAYS CAPITAL INC. FIXED IN/4,231,000 PAR VALUE AT 99.98525006 % .00 .00 4,230,375.93 .00 .00 4,231,000.0000 .999852 -4,230,375.93 .00P 03/12/2025 03/04/2025 03/12/2025 92887TAC5 10 PURCHASED PAR VALUE OF VOLVO FINANCIAL 4.460% 5/15/29 /BOFA SECURITIES, INC./FXD INC/1,700,000 PAR VALUE AT 99.988 % .00 .00 1,699,796.00 .00 .00 1,700,000.0000 .999880 -1,699,796.00 .00P 03/13/2025 03/13/2025 03/13/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 3,535,087.50 .00 .00 3,535,087.5000 1.000000 -3,535,087.50 FGZXX .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 40 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/13/2025 03/13/2025 03/13/2025 46647PBH8 20 FULL CALL PAR VALUE OF JPMORGAN CHASE CO 2.005% 3/13/26 /CALLS/ .00 .00 -3,602,345.00 .00 -102,345.00-3,500,000.0000 1.000000 3,500,000.00 .00P 03/13/2025 46647PBH8 310 INTEREST EARNED ON JPMORGAN CHASE CO 2.005% 3/13/26 $1 PV ON 3500000.0000 SHARES DUE 3/13/2025 .00 .00 .00 .00 .00 .0000 .000000 35,087.50 .00I 03/14/2025 03/14/2025 03/14/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 23,406.25 .00 .00 23,406.2500 1.000000 -23,406.25 FGZXX .00P 03/14/2025 58989V2D5 310 INTEREST EARNED ON MET TOWER MTN 1.250% 9/14/26 $1 PV ON 3745000.0000 SHARES DUE 3/14/2025 .00 .00 .00 .00 .00 .0000 .000000 23,406.25 .00I 03/17/2025 02582JJT8 310 INTEREST EARNED ON AMERICAN EXPRESS 3.390% 5/17/27 $1 PV ON 18701.5000 SHARES DUE 3/15/2025 $0.00283/PV ON 6,620,000.00 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 18,701.50 .00I 03/17/2025 02582JJV3 310 INTEREST EARNED ON AMERICAN EXPRESS 3.750% 8/16/27 $1 PV ON 6250.0000 SHARES DUE 3/15/2025 $0.00313/PV ON 2,000,000.00 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 6,250.00 .00I 03/17/2025 02582JKM1 310 INTEREST EARNED ON AMERICAN EXP 4.560% 12/17/29 $1 PV ON 45805.7100 SHARES DUE 3/15/2025 $0.00431/PV ON 10,636,000.00 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 45,805.71 AE44529 .00I 03/17/2025 14043KAK1 310 INTEREST EARNED ON CAPITAL ONE PRIME 4.760% 8/15/28 $1 PV ON 20785.3400 SHARES DUE 3/15/2025 $0.00397/PV ON 5,240,000.00 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 20,785.34 .00I 03/17/2025 161571HV9 310 INTEREST EARNED ON CHASE ISSUE TR 4.600% 1/16/29 $1 PV ON 30820.0000 SHARES DUE 3/15/2025 $0.00383/PV ON 8,040,000.00 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 30,820.00 .00I 03/17/2025 24422EWK1 310 INTEREST EARNED ON DEERE JOHN MTN 4.150% 9/15/27 $1 PV ON 2000000.0000 SHARES DUE 3/15/2025 .00 .00 .00 .00 .00 .0000 .000000 41,500.00 .00I 03/17/2025 3133TCE95 310 INTEREST EARNED ON F H L M C MLTCL MT 477.600% 8/15/32 $1 PV ON 6.1800 SHARES DUE 3/15/2025 $0.00398/PV ON 1,580.15 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 6.18 FHL3032 .00I 03/17/2025 03/15/2025 03/17/2025 3133TCE95 20 PAID DOWN PAR VALUE OF F H L M C MLTCL MT 477.600% 8/15/32 .00 .00 -61.31 .00 -.06-61.2500 .000000 61.25 FHL3032 .00P 03/17/2025 03/15/2025 03/17/2025 31348SWZ3 20 PAID DOWN PAR VALUE OF F H L M C #786064 6.262% 1/01/28 FEBRUARY FHLMC DUE 3/15/25 .00 .00 -6.58 .00 .16-6.7400 .000000 6.74 786064F .00P 03/17/2025 31348SWZ3 310 INTEREST EARNED ON F H L M C #786064 6.262% 1/01/28 $1 PV ON 1.3600 SHARES DUE 3/15/2025 JANUARY FHLMC DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 1.36 786064F .00I 03/17/2025 03/17/2025 03/17/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 691,469.71 .00 .00 691,469.7100 1.000000 -691,469.71 FGZXX .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 41 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/17/2025 03/17/2025 03/17/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -3,485,618.57 .00 .00-3,485,618.5700 1.000000 3,485,618.57 FGZXX .00P 03/17/2025 345282AD9 310 INTEREST EARNED ON FORD CREDIT AT 4.940% 6/15/28 $1 PV ON 18887.8700 SHARES DUE 3/15/2025 $0.00393/PV ON 4,802,000.00 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 18,887.87 .00I 03/17/2025 34528QHV9 310 INTEREST EARNED ON FORD CR FLP MASTER 0.00001% 5/15/28 $1 PV ON 36900.0000 SHARES DUE 3/15/2025 $0.00410/PV ON 9,000,000.00 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 36,900.00 .00I 03/17/2025 361886DK7 310 INTEREST EARNED ON GMF FLOORPL OWNE 4.680% 11/15/28 $1 PV ON 30069.0000 SHARES DUE 3/15/2025 $0.00390/PV ON 7,710,000.00 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 30,069.00 .00I 03/17/2025 43815BAC4 310 INTEREST EARNED ON HONDA AUTO REC OWN 1.880% 5/15/26 $1 PV ON 1388.9400 SHARES DUE 3/15/2025 $0.00157/PV ON 886,559.07 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 1,388.94 HAR1826 .00I 03/17/2025 03/15/2025 03/17/2025 43815BAC4 20 PAID DOWN PAR VALUE OF HONDA AUTO REC OWN 1.880% 5/15/26 .00 .00 -164,777.83 .00 24.79-164,802.6200 .000000 164,802.62 HAR1826 .00P 03/17/2025 43816DAC9 310 INTEREST EARNED ON HONDA AUTO 4.330% 3/15/29 $1 PV ON 7119.2400 SHARES DUE 3/15/2025 $0.00361/PV ON 1,973,000.00 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 7,119.24 .00I 03/17/2025 448984AD6 310 INTEREST EARNED ON HYUNDAI AUTO LEASE 4.620% 4/17/28 $1 PV ON 19250.0000 SHARES DUE 3/15/2025 $0.00385/PV ON 5,000,000.00 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 19,250.00 .00I 03/17/2025 47800AAC4 310 INTEREST EARNED ON JOHN DEERE OWNR TR 3.740% 2/16/27 $1 PV ON 4828.6100 SHARES DUE 3/15/2025 $0.00312/PV ON 1,549,286.35 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 4,828.61 JDO6827 .00I 03/17/2025 03/15/2025 03/17/2025 47800AAC4 20 PAID DOWN PAR VALUE OF JOHN DEERE OWNR TR 3.740% 2/16/27 .00 .00 -139,337.63 .00 13.31-139,350.9400 .000000 139,350.94 JDO6827 .00P 03/17/2025 47800BAC2 310 INTEREST EARNED ON JOHN DEERE OWNER 5.090% 6/15/27 $1 PV ON 11080.4800 SHARES DUE 3/15/2025 $0.00424/PV ON 2,612,293.90 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 11,080.48 JDO5027 .00I 03/17/2025 03/15/2025 03/17/2025 47800BAC2 20 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 5.090% 6/15/27 .00 .00 -181,968.76 .00 14.12-181,982.8800 1.260088 181,982.88 JDO5027 .00P 03/17/2025 58773DAD6 310 INTEREST EARNED ON MERCEDES BENZ 4.780% 12/17/29 $1 PV ON 18960.6700 SHARES DUE 3/15/2025 $0.00398/PV ON 4,760,000.00 PV DUE 3/15/25 .00 .00 .00 .00 .00 .0000 .000000 18,960.67 .00I 03/17/2025 880591EZ1 310 INTEREST EARNED ON T V A 3.875% 3/15/28 $1 PV ON 6805000.0000 SHARES DUE 3/15/2025 .00 .00 .00 .00 .00 .0000 .000000 131,846.88 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 42 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/17/2025 03/17/2025 03/17/2025 90477DQJ8 10 PURCHASED PAR VALUE OF UNILEVER CAPITAL CRP C P 3/18/25 /J.P. MORGAN SECURITIES LLC/XOTC 3,725,000 PAR VALUE AT 99.98805557 % .00 .00 3,724,555.07 .00 .00 3,725,000.0000 .999881 -3,724,555.07 .00P 03/18/2025 03/18/2025 03/18/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 10,053,906.25 .00 .00 10,053,906.2500 1.000000 -10,053,906.25 FGZXX .00P 03/18/2025 4581X0DC9 310 INTEREST EARNED ON INTER AMER DEV BK 3.125% 9/18/28 $1 PV ON 8250000.0000 SHARES DUE 3/18/2025 .00 .00 .00 .00 .00 .0000 .000000 128,906.25 .00I 03/18/2025 03/18/2025 03/18/2025 90477DQJ8 20 MATURED PAR VALUE OF UNILEVER CAPITAL CRP C P 3/18/25 3,725,000 PAR VALUE AT 100 % .00 .00 -3,724,555.07 .00 .00-3,725,000.0000 1.000000 3,724,555.07 .00P 03/18/2025 90477DQJ8 310 INTEREST EARNED ON UNILEVER CAPITAL CRP C P 3/18/25 $1 PV ON 3725000.0000 SHARES DUE 3/18/2025 3,725,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 444.93 .00I 03/18/2025 03/18/2025 03/18/2025 912797NR4 20 MATURED PAR VALUE OF U S TREASURY BILL 3/18/25 6,200,000 PAR VALUE AT 100 % .00 .00 -6,191,201.17 .00 .00-6,200,000.0000 1.000000 6,191,201.17 .00P 03/18/2025 912797NR4 310 INTEREST EARNED ON U S TREASURY BILL 3/18/25 $1 PV ON 6200000.0000 SHARES DUE 3/18/2025 6,200,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 8,798.83 .00I 03/19/2025 03/11/2025 03/19/2025 12674BAB1 10 PURCHASED PAR VALUE OF CNH EQUIPMENT 4.300% 8/15/28 /BOFA SECURITIES, INC./FXD INC/4,053,913 PAR VALUE AT 99.99773996 % .00 .00 4,053,821.38 .00 .00 4,053,913.0000 .999977 -4,053,821.38 CE44328 .00P 03/19/2025 03/19/2025 03/19/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -6,749,191.88 .00 .00-6,749,191.8800 1.000000 6,749,191.88 FGZXX .00P 03/19/2025 03/19/2025 03/19/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -4,053,821.38 .00 .00-4,053,821.3800 1.000000 4,053,821.38 FGZXX .00P 03/19/2025 03/19/2025 03/19/2025 90477DQL3 10 PURCHASED PAR VALUE OF UNILEVER CAP CORP DISC C P 3/20/25 /J.P. MORGAN SECURITIES LLC/6,750,000 PAR VALUE AT 99.98802785 % .00 .00 6,749,191.88 .00 .00 6,750,000.0000 .999880 -6,749,191.88 .00P 03/20/2025 03/20/2025 03/20/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 6,781,236.29 .00 .00 6,781,236.2900 1.000000 -6,781,236.29 FGZXX .00P 03/20/2025 03/20/2025 03/20/2025 36225CAZ9 20 PAID DOWN PAR VALUE OF G N M A I I #080023 4.750% 12/20/26 FEBRUARY GNMA DUE 3/20/25 .00 .00 -96.98 .00 -1.58-95.4000 .000000 95.40 080023M .00P 03/20/2025 36225CAZ9 310 INTEREST EARNED ON G N M A I I #080023 4.750% 12/20/26 $1 PV ON 7.6300 SHARES DUE 3/20/2025 FEBRUARY GNMA DUE 3/20/25 .00 .00 .00 .00 .00 .0000 .000000 7.63 080023M .00I 03/20/2025 03/20/2025 03/20/2025 36225CC20 20 PAID DOWN PAR VALUE OF G N M A I I #080088 5.000% 6/20/27 FEBRUARY GNMA DUE 3/20/25 .00 .00 -92.70 .00 -1.99-90.7100 .000000 90.71 080088M .00P 03/20/2025 36225CC20 310 INTEREST EARNED ON G N M A I I #080088 5.000% 6/20/27 $1 PV ON 10.1000 SHARES DUE 3/20/2025 FEBRUARY GNMA DUE 3/20/25 .00 .00 .00 .00 .00 .0000 .000000 10.10 080088M .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 43 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/20/2025 03/20/2025 03/20/2025 36225CN28 20 PAID DOWN PAR VALUE OF G N M A I I #080408 4.875% 5/20/30 FEBRUARY GNMA DUE 3/20/25 .00 .00 -230.26 .00 2.36-232.6200 .000000 232.62 080408M .00P 03/20/2025 36225CN28 310 INTEREST EARNED ON G N M A I I #080408 4.875% 5/20/30 $1 PV ON 64.1300 SHARES DUE 3/20/2025 FEBRUARY GNMA DUE 3/20/25 .00 .00 .00 .00 .00 .0000 .000000 64.13 080408M .00I 03/20/2025 03/20/2025 03/20/2025 36225CNM4 20 PAID DOWN PAR VALUE OF G N M A I I #080395 4.875% 4/20/30 FEBRUARY GNMA DUE 3/20/25 .00 .00 -24.55 .00 .22-24.7700 .000000 24.77 080395M .00P 03/20/2025 36225CNM4 310 INTEREST EARNED ON G N M A I I #080395 4.875% 4/20/30 $1 PV ON 6.6600 SHARES DUE 3/20/2025 FEBRUARY GNMA DUE 3/20/25 .00 .00 .00 .00 .00 .0000 .000000 6.66 080395M .00I 03/20/2025 03/20/2025 03/20/2025 36225DCB8 20 PAID DOWN PAR VALUE OF G N M A I I #080965 4.625% 7/20/34 FEBRUARY GNMA DUE 3/20/25 .00 .00 -118.84 .00 .07-118.9100 .000000 118.91 080965M .00P 03/20/2025 36225DCB8 310 INTEREST EARNED ON G N M A I I #080965 4.625% 7/20/34 $1 PV ON 52.5600 SHARES DUE 3/20/2025 FEBRUARY GNMA DUE 3/20/25 .00 .00 .00 .00 .00 .0000 .000000 52.56 080965M .00I 03/20/2025 89239NAD7 310 INTEREST EARNED ON TOYOTA LEASE OWNER 4.750% 2/22/28 $1 PV ON 13863.6700 SHARES DUE 3/20/2025 $0.00317/PV ON 4,378,000.00 PV DUE 3/20/25 .00 .00 .00 .00 .00 .0000 .000000 13,863.67 .00I 03/20/2025 03/20/2025 03/20/2025 90477DQL3 20 MATURED PAR VALUE OF UNILEVER CAP CORP DISC C P 3/20/25 6,750,000 PAR VALUE AT 100 % .00 .00 -6,749,191.88 .00 .00-6,750,000.0000 1.000000 6,749,191.88 .00P 03/20/2025 90477DQL3 310 INTEREST EARNED ON UNILEVER CAP CORP DISC C P 3/20/25 $1 PV ON 6750000.0000 SHARES DUE 3/20/2025 6,750,000 PAR VALUE AT 100 % .00 .00 .00 .00 .00 .0000 .000000 808.12 .00I 03/20/2025 92348KBG7 310 INTEREST EARNED ON VERIZON MASTER TR 4.490% 1/22/29 $1 PV ON 16669.1300 SHARES DUE 3/20/2025 $0.00374/PV ON 4,455,000.00 PV DUE 3/20/25 .00 .00 .00 .00 .00 .0000 .000000 16,669.13 .00I 03/24/2025 03/21/2025 03/24/2025 3133ER5D9 10 PURCHASED PAR VALUE OF FEDERAL FARM CR BKS 4.490% 3/05/29 /STONEX FINANCIAL INC./6,475,000 PAR VALUE AT 100.442 % .00 .00 6,503,619.50 .00 .00 6,475,000.0000 1.004420 -6,503,619.50 .00P 03/24/2025 03/24/2025 3133ER5D9 300 PAID ACCRUED INTEREST ON PURCHASE OF FEDERAL FARM CR BKS 4.490% 3/05/29 .00 .00 .00 .00 .00 .0000 .000000 -15,343.95 .00I 03/24/2025 3137EAEX3 310 INTEREST EARNED ON F H L M C M T N 0.375% 9/23/25 $1 PV ON 7660000.0000 SHARES DUE 3/23/2025 .00 .00 .00 .00 .00 .0000 .000000 14,362.50 .00I 03/24/2025 03/24/2025 03/24/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -6,474,100.95 .00 .00-6,474,100.9500 1.000000 6,474,100.95 FGZXX .00P 03/24/2025 89236TJZ9 310 INTEREST EARNED ON TOYOTA MOTOR MTN 3.050% 3/22/27 $1 PV ON 2000000.0000 SHARES DUE 3/22/2025 .00 .00 .00 .00 .00 .0000 .000000 30,500.00 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 44 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/25/2025 05592XAD2 310 INTEREST EARNED ON BMW VEH OWNER TR 5.470% 2/25/28 $1 PV ON 1415000.0000 SHARES DUE 3/25/2025 .00 .00 .00 .00 .00 .0000 .000000 6,450.04 BVO5428 .00I 03/25/2025 03/25/2025 03/25/2025 05592XAD2 20 PAID DOWN PAR VALUE OF BMW VEH OWNER TR 5.470% 2/25/28 .00 .00 -79,312.87 .00 14.06-79,326.9300 .190420 79,326.93 BVO5428 .00P 03/25/2025 3136AJZP4 310 INTEREST EARNED ON F N M A GTD REMIC 1.500% 4/25/29 $1 PV ON 1091.0600 SHARES DUE 3/25/2025 $0.00125/PV ON 872,851.80 PV DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 1,091.06 .00I 03/25/2025 03/25/2025 03/25/2025 3136AJZP4 20 PAID DOWN PAR VALUE OF F N M A GTD REMIC 1.500% 4/25/29 .00 .00 -22,233.24 2,104.20 .00-24,337.4400 .000000 24,337.44 .00P 03/25/2025 03/25/2025 03/25/2025 31371NUC7 20 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 FEBRUARY FNMA DUE 3/25/25 .00 .00 -256.60 .00 -13.97-242.6300 .000000 242.63 257179A .00P 03/25/2025 31371NUC7 310 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 8.3600 SHARES DUE 3/25/2025 FEBRUARY FNMA DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 8.36 257179A .00I 03/25/2025 03/25/2025 03/25/2025 31376KT22 20 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 FEBRUARY FNMA DUE 3/25/25 .00 .00 -233.53 .00 -16.29-217.2400 .000000 217.24 357969A .00P 03/25/2025 31376KT22 310 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 127.6300 SHARES DUE 3/25/2025 FEBRUARY FNMA DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 127.63 357969A .00I 03/25/2025 3137BSRE5 310 INTEREST EARNED ON F H L M C MLTCL MTG 3.120% 9/25/26 $1 PV ON 14872.6700 SHARES DUE 3/25/2025 $0.00260/PV ON 5,720,259.00 PV DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 14,872.67 .00I 03/25/2025 3137FETN0 310 INTEREST EARNED ON F H L M C MLTCL MT 3.350% 1/25/28 $1 PV ON 23561.6600 SHARES DUE 3/25/2025 $0.00279/PV ON 8,440,000.00 PV DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 23,561.66 FHL0428B .00I 03/25/2025 3137FG6X8 310 INTEREST EARNED ON F H L M C MLTCL MT 3.850% 5/25/28 $1 PV ON 23260.4100 SHARES DUE 3/25/2025 $0.00321/PV ON 7,250,000.00 PV DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 23,260.41 FHL3828B .00I 03/25/2025 3137HB3D4 310 INTEREST EARNED ON F H L M C MLTCL 5.069% 10/25/28 $1 PV ON 45266.1700 SHARES DUE 3/25/2025 $0.00422/PV ON 10,716,000.00 PV DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 45,266.17 FHL5028 .00I 03/25/2025 3137HBPD0 310 INTEREST EARNED ON F H L M C MLTCL MTG 5.400% 1/25/29 $1 PV ON 45000.0000 SHARES DUE 3/25/2025 $0.00450/PV ON 10,000,000.00 PV DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 45,000.00 FHL5429 .00I 03/25/2025 3137HCKV3 310 INTEREST EARNED ON F H L M C MLTCL MTG 5.180% 3/25/29 $1 PV ON 11741.3300 SHARES DUE 3/25/2025 $0.00432/PV ON 2,720,000.00 PV DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 11,741.33 .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 45 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/25/2025 3137HDJJ0 310 INTEREST EARNED ON F H L M C MLTCL MTG 4.803% 5/25/29 $1 PV ON 36022.5000 SHARES DUE 3/25/2025 $0.00400/PV ON 9,000,000.00 PV DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 36,022.50 .00I 03/25/2025 03/25/2025 03/25/2025 3138EG6F6 20 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 FEBRUARY FNMA DUE 3/25/25 .00 .00 -75.76 .00 -4.13-71.6300 .000000 71.63 AL0869A .00P 03/25/2025 3138EG6F6 310 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 7.2700 SHARES DUE 3/25/2025 FEBRUARY FNMA DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 7.27 AL0869A .00I 03/25/2025 31394JY35 310 INTEREST EARNED ON F H L M C MLTCL MT 6.49999% 9/25/43 $1 PV ON 1666.0400 SHARES DUE 3/25/2025 $0.00542/PV ON 307,576.06 PV DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 1,666.04 FHL9543 .00I 03/25/2025 03/25/2025 03/25/2025 31394JY35 20 PAID DOWN PAR VALUE OF F H L M C MLTCL MT 6.49999% 9/25/43 .00 .00 -6,392.51 .00 -747.91-5,644.6000 41.127924 5,644.60 FHL9543 .00P 03/25/2025 31397QRE0 310 INTEREST EARNED ON F N M A GTD REMIC 2.472% 2/25/41 $1 PV ON 251.1200 SHARES DUE 3/25/2025 $0.00429/PV ON 58,553.19 PV DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 251.12 FNM2841 .00I 03/25/2025 03/25/2025 03/25/2025 31397QRE0 20 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.472% 2/25/41 .00 .00 -589.56 .00 .18-589.7400 393.649201 589.74 FNM2841 .00P 03/25/2025 03/25/2025 03/25/2025 31403DJZ3 20 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 FEBRUARY FNMA DUE 3/25/25 .00 .00 -793.01 .00 -55.33-737.6800 .000000 737.68 745580A .00P 03/25/2025 31403DJZ3 310 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 130.3000 SHARES DUE 3/25/2025 FEBRUARY FNMA DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 130.30 745580A .00I 03/25/2025 03/25/2025 03/25/2025 31403GXF4 20 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 FEBRUARY FNMA DUE 3/25/25 .00 .00 -3.62 .00 -.25-3.3700 .000000 3.37 748678A .00P 03/25/2025 31403GXF4 310 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 1.7300 SHARES DUE 3/25/2025 FEBRUARY FNMA DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 1.73 748678A .00I 03/25/2025 03/25/2025 03/25/2025 31406PQY8 20 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 FEBRUARY FNMA DUE 3/25/25 .00 .00 -348.78 .00 -24.33-324.4500 .000000 324.45 815971A .00P 03/25/2025 31406PQY8 310 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 171.5600 SHARES DUE 3/25/2025 FEBRUARY FNMA DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 171.56 815971A .00I 03/25/2025 03/25/2025 03/25/2025 31406XWT5 20 PAID DOWN PAR VALUE OF F N M A #823358 6.504% 2/01/35 FEBRUARY FNMA DUE 3/25/25 .00 .00 -122.04 .00 .96-123.0000 .000000 123.00 823358A .00P 03/25/2025 31406XWT5 310 INTEREST EARNED ON F N M A #823358 6.504% 2/01/35 $1 PV ON 64.6900 SHARES DUE 3/25/2025 FEBRUARY FNMA DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 64.69 823358A .00I Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 46 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/25/2025 03/25/2025 03/25/2025 31407BXH7 20 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 FEBRUARY FNMA DUE 3/25/25 .00 .00 -49.40 .00 -3.45-45.9500 .000000 45.95 826080A .00P 03/25/2025 31407BXH7 310 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 24.7700 SHARES DUE 3/25/2025 FEBRUARY FNMA DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 24.77 826080A .00I 03/25/2025 03/25/2025 03/25/2025 31410F4V4 20 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 FEBRUARY FNMA DUE 3/25/25 .00 .00 -845.93 .00 -59.02-786.9100 .000000 786.91 888336A .00P 03/25/2025 31410F4V4 310 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 213.6200 SHARES DUE 3/25/2025 FEBRUARY FNMA DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 213.62 888336A .00I 03/25/2025 03/25/2025 03/25/2025 31417YAY3 20 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 FEBRUARY FNMA DUE 3/25/25 .00 .00 -115.81 .00 -6.31-109.5000 .000000 109.50 MA0022A .00P 03/25/2025 31417YAY3 310 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 11.7900 SHARES DUE 3/25/2025 FEBRUARY FNMA DUE 3/25/25 .00 .00 .00 .00 .00 .0000 .000000 11.79 MA0022A .00I 03/25/2025 03/25/2025 03/25/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 60,565.74 .00 .00 60,565.7400 1.000000 -60,565.74 FGZXX .00P 03/25/2025 03/25/2025 03/25/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 261,940.05 .00 .00 261,940.0500 1.000000 -261,940.05 FGZXX .00P 03/26/2025 03/25/2025 03/26/2025 3135G06G3 20 SOLD PAR VALUE OF F N M A 0.500% 11/07/25 /RBOSGB2RTCM ROYAL BK SCTLND GB/3,000,000 PAR VALUE AT 97.725 % .00 .00 -2,989,260.00 .00 -57,510.00-3,000,000.0000 .977250 2,931,750.00 .00P 03/26/2025 03/26/2025 3135G06G3 301 RECEIVED ACCRUED INTEREST ON SALE OF F N M A 0.500% 11/07/25 .00 .00 .00 .00 .00 .0000 .000000 5,791.67 .00I 03/26/2025 03/25/2025 03/26/2025 3137EAEX3 20 SOLD PAR VALUE OF F H L M C M T N 0.375% 9/23/25 /RBS SECURITIES INC./7,660,000 PAR VALUE AT 98.091 % .00 .00 -7,636,943.40 .00 -123,172.80-7,660,000.0000 .980910 7,513,770.60 .00P 03/26/2025 03/26/2025 3137EAEX3 301 RECEIVED ACCRUED INTEREST ON SALE OF F H L M C M T N 0.375% 9/23/25 .00 .00 .00 .00 .00 .0000 .000000 239.38 .00I 03/26/2025 03/26/2025 03/26/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 10,451,551.65 .00 .00 10,451,551.6500 1.000000 -10,451,551.65 FGZXX .00P 03/27/2025 3130AH6Y4 310 INTEREST EARNED ON FEDERAL HOME LOAN BA 2.060% 9/27/29 $1 PV ON 1300000.0000 SHARES DUE 3/27/2025 .00 .00 .00 .00 .00 .0000 .000000 13,390.00 .00I 03/27/2025 03/27/2025 03/27/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -10,656,539.70 .00 .00-10,656,539.7000 1.000000 10,656,539.70 FGZXX .00P 03/27/2025 03/25/2025 03/27/2025 912828Z94 10 PURCHASED PAR VALUE OF U S TREASURY NT 1.500% 2/15/30 /BOFA SECURITIES, INC./FXD INC/12,000,000 PAR VALUE AT 88.750335 % .00 .00 10,650,040.20 .00 .00 12,000,000.0000 .887503 -10,650,040.20 .00P Post Date Trade Date Settle Date SEDOL Type Explanation Comm Fee Fee Cost Gain/Loss Gain/LossUnitsPriceAmount Long TermShort TermMiscSECTranTicker CUSIP Page: Print Date: 47 of 47 04/14/2025 at 6:08:32 pm Data From: Thru: 01/01/2025 03/31/2025 Net CashPort P/I OCSD LONG-TERM PORTFOLIO6745046601 U.S. Bank Pivot Transaction History Without Totals By Account Id, Post Date 03/27/2025 03/27/2025 912828Z94 300 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.500% 2/15/30 .00 .00 .00 .00 .00 .0000 .000000 -19,889.50 .00I 03/31/2025 03/31/2025 03/31/2025 31846V567 10 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 1,078,092.98 .00 .00 1,078,092.9800 1.000000 -1,078,092.98 FGZXX .00P 03/31/2025 03/31/2025 03/31/2025 31846V567 20 SOLD UNITS OF FIRST AM GOVT OB FD CL Z .00 .00 -448,129.18 .00 .00-448,129.1800 1.000000 448,129.18 FGZXX .00P 03/31/2025 03/31/2025 03/31/2025 91282CBH3 20 SOLD PAR VALUE OF U S TREASURY NT 0.375% 1/31/26 /MORGAN STANLEY & CO. LLC/8,050,000 PAR VALUE AT 96.97622745 % .00 .00 -7,929,820.31 .00 -123,234.00-8,050,000.0000 .969762 7,806,586.31 .00P 03/31/2025 03/31/2025 91282CBH3 301 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 0.375% 1/31/26 .00 .00 .00 .00 .00 .0000 .000000 4,920.06 .00I 03/31/2025 91282CBT7 310 INTEREST EARNED ON U S TREASURY NT 0.750% 3/31/26 $1 PV ON 10000000.0000 SHARES DUE 3/31/2025 .00 .00 .00 .00 .00 .0000 .000000 37,500.00 UST0026A .00I 03/31/2025 91282CEE7 310 INTEREST EARNED ON U S TREASURY NT 2.375% 3/31/29 $1 PV ON 12500000.0000 SHARES DUE 3/31/2025 .00 .00 .00 .00 .00 .0000 .000000 148,437.50 .00I 03/31/2025 91282CJA0 310 INTEREST EARNED ON U S TREASURY NT 4.625% 9/30/28 $1 PV ON 13700000.0000 SHARES DUE 3/31/2025 .00 .00 .00 .00 .00 .0000 .000000 316,812.50 .00I 03/31/2025 91282CLN9 310 INTEREST EARNED ON U S TREASURY NT 3.500% 9/30/29 $1 PV ON 2650000.0000 SHARES DUE 3/31/2025 .00 .00 .00 .00 .00 .0000 .000000 46,375.00 .00I 03/31/2025 03/25/2025 03/31/2025 92348KDY6 10 PURCHASED PAR VALUE OF VERIZON MASTER TRUST 4.510% 3/20/30 /BOFA SECURITIES, INC./FXD INC/7,731,000 PAR VALUE AT 99.99570004 % .00 .00 7,730,667.57 .00 .00 7,731,000.0000 .999957 -7,730,667.57 .00P Account Ending Cash Principal Cash: -96,481,721.30 Income Cash: 96,481,721.30 Total Cash: 0.00 * * * * * E n d O f R e p o r t * * * * * Callan Investment Measurement Service Quarterly Review Flash Report March 31, 2025 Orange County Sanitation District Flash Report Investment Measurement Service Quarterly Review Important Disclosures regarding the use of this document are included at the end of this document. These disclosures are an integral part of this document and should be considered by the user. Table of Contents March 31, 2025 Asset Allocation Investment Manager Asset Allocation 2 Investment Manager Returns 3 Disclosures 77 Asset Allocation Investment Manager Asset Allocation The table below contrasts the distribution of assets across the Fund’s investment managers as of March 31, 2025, with the distribution as of December 31, 2024. The change in asset distribution is broken down into the dollar change due to Net New Investment and the dollar change due to Investment Return. Asset Distribution Across Investment Managers March 31, 2025 December 31, 2024 Market Value Weight Net New Inv. Inv. Return Market Value Weight Domestic Fixed Income Insight Long Term 650,111,024 83.92%0 13,355,944 636,755,081 84.56% Insight Liquid 124,613,706 16.08%7,000,000 1,356,528 116,257,178 15.44% Total Fund $774,724,730 100.00% $7,000,000 $14,712,472 $753,012,258 100.00% *Insight replaced Chandler during the 1st quarter of 2024. Assets were transferred in-kind as of 03/01/2024. 2Orange County Sanitation District Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods ended March 31, 2025. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. Returns for Periods Ended March 31, 2025 Last Last Last Last Last 3 5 7 Quarter Year Years Years Years Domestic Fixed Income Long Term Operating Fund^2.10% 5.78% 3.01% 1.39% 2.29% Blmbg Govt/Cred 1-5 Year Idx 2.02% 5.71% 2.81% 1.27% 2.19% ML 1-5 Govt/Corp 2.00% 5.78% 2.86% 1.33% 2.22% Liquid Operating Monies^1.06% 5.12% 4.32% 2.62% 2.54% Citigroup 3-Month Treasury Bill 1.10% 5.17% 4.42% 2.69% 2.51% Total Fund 1.92% 5.58% 3.21% 1.60% 2.33% Target*1.82% 5.67% 3.18% 1.61% 2.29% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Insight on 3/1/2024. Performance from 12/1/2014 to 3/1/2024 represents Chandler. Previous performance reflects PIMCO. 3Orange County Sanitation District Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods ended March 31, 2025. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. Returns for Periods Ended March 31, 2025 Last Last Last 10 15 29-1/2 Years Years Years Domestic Fixed Income Long Term Operating Fund^1.86%2.02%3.79% Blmbg Govt/Cred 1-5 Year Idx 1.77%1.90%3.62% ML 1-5 Govt/Corp 1.80%1.95%3.65% Liquid Operating Monies^1.96%1.36%2.58% Citigroup 3-Month Treasury Bill 1.90%1.29%2.34% Total Fund 1.84%1.88%3.60% Target*1.82%1.82%3.39% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Insight on 3/1/2024. Performance from 12/1/2014 to 3/1/2024 represents Chandler. Previous performance reflects PIMCO. 4Orange County Sanitation District Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. 12/2024- 3/2025 2024 2023 2022 2021 Domestic Fixed Income Long Term Operating Fund^2.10% 3.89% 4.96%(4.75%) (0.79%) Blmbg Govt/Cred 1-5 Year Idx 2.02% 3.76% 4.89%(5.50%) (0.97%) ML 1-5 Govt/Corp 2.00% 3.91% 4.89%(5.54%) (0.87%) Liquid Operating Monies^1.06% 5.41% 5.17% 1.30% 0.15% Citigroup 3-Month Treasury Bill 1.10% 5.45% 5.26% 1.50% 0.05% Total Fund 1.92% 4.09% 5.01%(3.70%) (0.61%) Target*1.82% 4.23% 4.97%(4.16%) (0.68%) * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Insight on 3/1/2024. Performance from 12/1/2014 to 3/1/2024 represents Chandler. Previous performance reflects PIMCO. 5Orange County Sanitation District Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. 2020 2019 2018 2017 2016 Domestic Fixed Income Long Term Operating Fund^4.42% 4.70% 1.60% 1.18% 1.58% Blmbg Govt/Cred 1-5 Year Idx 4.71% 5.01% 1.38% 1.27% 1.56% ML 1-5 Govt/Corp 4.65% 5.08% 1.40% 1.28% 1.62% Liquid Operating Monies^0.84% 2.39% 1.90% 0.91% 0.47% Citigroup 3-Month Treasury Bill 0.58% 2.25% 1.86% 0.84% 0.27% Total Fund 3.73% 4.26% 1.72% 1.02% 1.15% Target*3.82% 4.51% 1.49% 1.19% 1.35% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Insight on 3/1/2024. Performance from 12/1/2014 to 3/1/2024 represents Chandler. Previous performance reflects PIMCO. 6Orange County Sanitation District Disclosures Important Disclosures Information contained in this document may include confidential, trade secret and/or proprietary information of Callan and the client. It is incumbent upon the user to maintain such information in strict confidence. Neither this document nor any specific information contained herein is to be used other than by the intended recipient for its intended purpose. The content of this document is particular to the client and should not be relied upon by any other individual or entity. There can be no assurance that the performance of any account or investment will be comparable to the performance information presented in this document. Certain information herein has been compiled by Callan from a variety of sources believed to be reliable but for which Callan has not necessarily verified for accuracy or completeness. Information contained herein may not be current. Callan has no obligation to bring current the information contained herein. Callan’s performance, market value, and, if applicable, liability calculations are inherently estimates based on data available at the time each calculation is performed and may later be determined to be incorrect or require subsequent material adjustment due to many variables including, but not limited to, reliance on third party data, differences in calculation methodology, presence of illiquid assets, the timing and magnitude of unrecognized cash flows, and other data/assumptions needed to prepare such estimated calculations. In no event should the performance measurement and reporting services provided by Callan be used in the calculation, deliberation, policy determination, or any other action of the client as it pertains to determining amounts, timing or activity of contribution levels or funding amounts, rebalancing activity, benefit payments, distribution amounts, and/or performance-based fee amounts, unless the client understands and accepts the inherent limitations of Callan’s estimated performance, market value, and liability calculations. Callan’s performance measurement service reports estimated returns for a portfolio and compares them against relevant benchmarks and peer groups, as appropriate; such service may also report on historical portfolio holdings, comparing them to holdings of relevant benchmarks and peer groups, as appropriate ("portfolio holdings analysis"). To the extent that Callan’s reports include a portfolio holdings analysis, Callan relies entirely on holdings, pricing, characteristics, and risk data provided by third parties including custodian banks, record keepers, pricing services, index providers, and investment managers. Callan reports the performance and holdings data as received and does not attempt to audit or verify the holdings data. Callan is not responsible for the accuracy or completeness of the performance or holdings data received from third parties and such data may not have been verified for accuracy or completeness. Callan’s performance measurement service may report on illiquid asset classes, including, but not limited to, private real estate, private equity, private credit, hedge funds and infrastructure. The final valuation reports, which Callan receives from third parties, for of these types of asset classes may not be available at the time a Callan performance report is issued. As a result, the estimated returns and market values reported for these illiquid asset classes, as well as for any composites including these illiquid asset classes, including any total fund composite prepared, may not reflect final data, and therefore may be subject to revision in future quarters. The content of this document may consist of statements of opinion, which are made as of the date they are expressed and are not statements of fact. The opinions expressed herein may change based upon changes in economic, market, financial and political conditions and other factors. Callan has no obligation to bring current the opinions expressed herein. The information contained herein may include forward-looking statements regarding future results. The forward-looking statements herein: (i) are best estimations consistent with the information available as of the date hereof and (ii) involve known and unknown risks and uncertainties. Actual results may vary, perhaps materially, from the future results projected in this document. Undue reliance should not be placed on forward-looking statements. Callan is not responsible for reviewing the risks of individual securities or the compliance/non-compliance of individual security holdings with a client’s investment policy guidelines. This document should not be construed as legal or tax advice on any matter. You should consult with legal and tax advisers before applying any of this information to your particular situation. Reference to, or inclusion in this document of, any product, service or entity should not necessarily be construed as recommendation, approval, or endorsement or such product, service or entity by Callan. This document is provided in connection with Callan’s consulting services and should not be viewed as an advertisement of Callan, or of the strategies or products discussed or referenced herein. The issues considered and risks highlighted herein are not comprehensive and other risks may exist that the user of this document may deem material regarding the enclosed information. Please see any applicable full performance report or annual communication for other important disclosures. Unless Callan has been specifically engaged to do so, Callan does not conduct background checks or in-depth due diligence of the operations of any investment manager search candidate or investment vehicle, as may be typically performed in an operational due diligence evaluation assignment and in no event does Callan conduct due diligence beyond what is described in its report to the client. Any decision made on the basis of this document is sole responsibility of the client, as the intended recipient, and it is incumbent upon the client to make an independent determination of the suitability and consequences of such a decision. Callan undertakes no obligation to update the information contained herein except as specifically requested by the client. Past performance is no guarantee of future results. Investment Transactions and Balances in LAIF Par Value Book Value Market Value Rate Yield Balance 3/1/2025 $50,302,857 $50,302,857 $50,302,857 4.31 4.31 Deposits: 3/13/2025 29,100,000 29,100,000 29,100,000 4.31 4.31 Total Deposits 29,100,000 29,100,000 29,100,000 4.31 4.31 Quarterly Interest Distribution - - - 4.31 4.31 Withdrawals: 3/4/2025 (7,200,000) (7,200,000) (7,200,000) 4.31 4.31 3/12/2025 (3,800,000) (3,800,000) (3,800,000) 4.31 4.31 3/18/2025 (9,500,000) (9,500,000) (9,500,000) 4.31 4.31 3/21/2025 (1,600,000) (1,600,000) (1,600,000) 4.31 4.31 3/25/2025 (3,700,000) (3,700,000) (3,700,000) 4.31 4.31 Total Withdrawals (25,800,000) (25,800,000) (25,800,000) 4.31 4.31 Balance 3/31/2025 $53,602,857 $53,602,857 $53,602,857 4.31 4.31 Orange County Sanitation District Investment Transactions and Balances in the State of California Local Agency Investment Fund March 31, 2025 BNY Mellon Owner Controlled Insurance Program Escrow Account Current Period Year-to-Date Go Paperless. Securely access your accounts online to view your statements. Ask your BNY contact how we can help you access your account balances and activity in real time, receive your reports, enter your own transactions or submit an audit confirmation online. Also be sure to ask how NEXEN(SM) Gateway, our cloud-based ecosystem, can help you. Visit us at www.bny.com CLIENT SERVICE MANAGER: ROSS KEGLER Percent of all Investments Asset Classification Market Value 100%TOTAL OF ALL INVESTMENTS 250,000.00 Estimated Market Asset Classification Market Value Cost Accrued Income Annual Income Yield ACCOUNT TOTALS 250,000.00 250,000.00 0.00 0.00 0.00 % Realized Transaction Category Income Principal Gains/Losses Income Principal OPENING BALANCE 2,403.62- 252,403.62 2,403.62- 252,403.62 CLOSING BALANCE 2,403.62- 252,403.62 0.00 2,403.62- 252,403.62 Account Statement Account Overview Summary of Assets Held by Asset Classification Summary of Cash Transactions by Transaction Category Statement Period 03/01/2025 Through 03/31/2025 Account 00300282 Base Currency = USD OCSD LIBERTY MUTUAL 240 GREENWICH ST NEW YORK, NY 10286 +12128152716 ROSS.B.KEGLER@BNYMELLON.COM 100%CASH AND SHORT TERM 250,000.00 CASH AND SHORT TERM 250,000.00 250,000.00 0.00 0.00 0.00 % The above cash transactions summary is provided for information purposes only and may not reflect actual taxable income or deductible expenses as reportable under the Internal Revenue Code. Page 1 of 2 e 0 9 9 7 3 2 n 0 8 6 1 2 2 a 0 1 t D O M i W I s 3 4 1 , 9 7 3 The Bank of New York Mellon may utilize subsidiaries and affiliates to provide services and certain products to the Account. Subsidiaries and affiliates may be compensated for their services and products. The value of securities set forth on this Account Statement are determined by The Bank of New York Mellon for Corporate Trust on the basis of market prices and information obtained by The Bank of New York Mellon from unaffiliated third parties (including independent pricing vendors) ("third party pricing services"). The Bank of New York Mellon has not verified such market values or information and makes no assurances as to the accuracy or correctness of such market values or information or that the market values set forth on this Account Statement reflect the value of the securities that can be realized upon the sale of such securities. In addition, the market values for securities set forth in this Account Statement may differ from the market prices and information for the same securities used by other business units of The Bank of New York Mellon or its subsidiaries or affiliates based upon market prices and information received from other third party pricing services utilized by such other business units. Corporate Trust does not compare its market values with those used by, or reconcile different market values used by, other business units of The Bank of New York Mellon or its subsidiaries or its affiliates. The Bank of New York Mellon shall not be liable for any loss, damage or expense incurred as a result of or arising from or related to the market values or information provided by third party pricing services or the differences in market prices or information provided by other third party pricing services. No Transactions This Period Accrued Estimated Market Shares/Par Value Asset Description Market Price Market Value Cost Average Cost Income Income Yield Realized Transaction Date Transaction Description Income Principal Cost Gains/Losses Statement Period 03/01/2025 Through 03/31/2025 Statement of Assets Held by Asset Classification Statement of Transactions by Transaction Date Account 00300282 Base Currency = USD OCSD LIBERTY MUTUAL CASH BALANCE 250,000.00 250,000.00 0.00000 0.00 0.00 0.00% Total Market Value Plus Total Accrued Income 250,000.00 Cumulative realized capital gain and loss position from 12/31/2024 for securities held in principal of account: Short Term: 0.00 * Long Term: 0.00 * * The above gain and loss position does not include transactions where tax cost information is incomplete or unavailable. CASH AND SHORT TERM Total CASH AND SHORT TERM 250,000.00 250,000.00 0.00 0.00 0.00% ACCOUNT TOTALS 250,000.00 250,000.00 0.00 0.00 0.00% Page 2 of 2 e 0 9 9 7 3 2 n 0 8 6 1 2 2 a 0 1 t D O M i W I s 3 4 1 , 9 7 4 PARS Section 115 Trust Account Report ORANGE COUNTY SANITATION DISTRICT PARS Post-Employment Benefits Trust 3/1/2025 to 3/31/2025 Robert Thompson General Manager Orange County Sanitation District 10844 Ellis Ave. Fountain Valley, CA 92708 Account Summary Source 3/1/2025 Contributions Earnings Expenses Distributions Transfers 3/31/2025 OC SAN A1 1128 $11,087,445.11 $0.00 -$247,197.12 $4,019.30 $0.00 $0.00 $10,836,228.69 OC SAN B1 1129 $5,661,481.96 $0.00 -$150,948.33 $2,053.06 $0.00 $0.00 $5,508,480.57 Totals $16,748,927.07 $0.00 -$398,145.45 $6,072.36 $0.00 $0.00 $16,344,709.26 Investment Selection Source OC SAN A1 OC SAN B1 Investment Objective Source OC SAN A1 OC SAN B1 Investment Return Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years OC SAN A1 -2.23%0.23%5.50%4.10%--1/14/2022 OC SAN B1 -2.67%-0.28%5.53%4.56%--1/14/2022 Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Balance as of Individual account based on Moderate - Strategic Blend. The dual goals of the Moderate Strategy are growth of principal and income. It is expected that dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally important. The portfolio will be allocated between equity and fixed income investments. Orange County SD - PEN B1 Plan's Inception Date Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return. Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change. Individual account based on Balanced - Strategic Blend. The dual goals of the Balanced Strategy are growth of principal and income. While dividend and interest income are an important component of the objective's total return, it is expected that capital appreciation will comprise a larger portion of the total return. The portfolio will be allocated between equity and fixed income investments. Account Report for the Period Balance as of Orange County SD - PEN A1 PARS - U.S. Bank Month End Investment Detail with Accruals Page: 1 of 3 Print Date:04/14/2025 at 6:14:51 pm 03/31/2025Month End Investment Detail w/Accruals As of Date: U.S. Bank Pivot Account Number: 6746065800 Name: PARS/OC SANITATION 115P-A1 Asset Name CUSIP Current Allocation Units Price Date Market Value Cost Gain/Loss Unrealized Est. Annual Income Yield Income Accrued Priced Cash & Cash Equivalents SHORT TERM FDS-TAXABLE (ACM) FIRST AM GOVT OB FD CL X 31846V336 3.0% 321,985.8100 1.0000 03/31/2025 321,985.81 321,985.81 0.00 13,776.02 4.3% 1,193.35 Total for SHORT TERM FDS-TAXABLE (ACM) 321,985.81 321,985.81 0.00 13,776.02 1,193.35 4.3% 321,985.81 321,985.81 0.00 13,776.02 1,193.35Total For Cash & Cash Equivalents 4.3% Mutual/Collective Funds CLOSED END MUTUAL FUND EQUITY SCHWAB U S LARGE CAP ETF 808524201 23.4% 114,896.0000 22.0800 03/31/2025 2,536,903.68 2,622,805.54 -85,901.86 32,630.46 1.3% Total for CLOSED END MUTUAL FUND EQUITY 2,536,903.68 2,622,805.54 -85,901.86 32,630.46 1.3% CLOSED END MUTUAL FUND FIXED ISHARES CORE U.S. AGGREGATE BOND ETF 464287226 9.0% 9,802.0000 98.9200 03/31/2025 969,613.84 954,243.12 15,370.72 36,365.42 3.8% Total for CLOSED END MUTUAL FUND FIXED 969,613.84 954,243.12 15,370.72 36,365.42 3.8% MUTUAL FUNDS - EQUITY COHEN & STEERS INSTL REALTY SHARES 19247U106 2.4% 5,335.9780 49.0900 03/31/2025 261,943.16 272,364.55 -10,421.39 7,593.10 2.9% COLUMBIA CONTRARIAN CORE FUND 19766M709 7.5% 23,362.5630 34.7700 03/31/2025 812,316.32 802,507.01 9,809.31 5,910.73 0.7% COLUMBIA SMALL CAP GROWTH INST3 19765Y340 0.3% 1,408.8900 25.9800 03/31/2025 36,602.96 38,772.65 -2,169.69 0.00 0.0% EMERALD GROWTH INSTITUTIONAL 317609253 0.3% 1,479.9720 22.5800 03/31/2025 33,417.77 32,092.08 1,325.69 1,000.46 3.0% FIDELITY INTERNATIONAL INDEX FUND 315911727 3.6% 7,551.9720 51.3200 03/31/2025 387,567.20 376,355.09 11,212.11 11,750.87 3.0% GOLDMAN SACHS GQG PTNRS INTL OPPS IN 38147N293 1.4% 7,184.4530 21.1700 03/31/2025 152,094.87 163,250.85 -11,155.98 3,218.63 2.1% HARTFORD SCHRODERS EMERGING MARKETS 41665X859 2.7% 17,202.2090 17.0500 03/31/2025 293,297.66 282,828.99 10,468.67 3,818.89 1.3% LAZARD CL LIST INFRASTR INST 52106N459 1.3% 8,690.6060 16.6000 03/31/2025 144,264.06 144,529.48 -265.42 3,745.65 2.6% MFS INTERNATIONAL GROWTH R6 552746356 1.2% 3,039.1450 43.1600 03/31/2025 131,169.50 123,202.81 7,966.69 2,133.48 1.6% NYLI CBRE GLOBAL INFRASTRUCTURE FD I 56064L298 1.3% 9,987.2970 13.8100 03/31/2025 137,924.57 130,494.52 7,430.05 2,546.76 1.8% PUTNAM CORE EQUITY FUND Y 74676P839 3.2% 8,480.3750 41.1300 03/31/2025 348,797.82 368,012.63 -19,214.81 2,671.32 0.8% UNDISCOVERED MGRS BEHAVIORAL VALUE 904504479 1.1% 1,456.4640 81.0700 03/31/2025 118,075.54 111,004.57 7,070.97 2,417.73 2.0% Total for MUTUAL FUNDS - EQUITY 2,857,471.43 2,845,415.23 12,056.20 46,807.62 1.6% MUTUAL FUNDS-FIXED TAXABLE BAIRD AGGREGATE BOND FD INSTL 057071854 12.5% 137,322.2670 9.8300 03/31/2025 1,349,877.88 1,323,593.91 26,283.97 54,516.94 4.0% DODGE COX INCOME 256210105 11.7% 100,736.9430 12.6000 03/31/2025 1,269,285.48 1,264,901.94 4,383.54 53,390.58 4.2% NYLI MACKAY HIGH YIELD CORP BD FD R6 56063N881 2.3% 47,865.7430 5.1600 03/31/2025 246,987.23 246,149.16 838.07 15,460.63 6.3% PGIM TOTAL RETURN BOND CL R6 74440B884 11.8% 105,927.1490 12.0300 03/31/2025 1,274,303.60 1,379,938.75 -105,635.15 60,378.47 4.7% 4,956.55 Total for MUTUAL FUNDS-FIXED TAXABLE 4,140,454.20 4,214,583.76 -74,129.56 183,746.63 4,956.55 4.4% 10,504,443.15 10,637,047.65 -132,604.50 299,550.13 4,956.55Total For Mutual/Collective Funds 2.9% 10,826,428.96 10,959,033.46 -132,604.50 313,326.16 6,149.90Total For Account 6746065800 2.9% Page: 2 of 3 Print Date:04/14/2025 at 6:14:51 pm 03/31/2025Month End Investment Detail w/Accruals As of Date: U.S. Bank Pivot Account Number: 6746065801 Name: PARS/OC SANITATION 115P-B1 Asset Name CUSIP Current Allocation Units Price Date Market Value Cost Gain/Loss Unrealized Est. Annual Income Yield Income Accrued Priced Cash & Cash Equivalents SHORT TERM FDS-TAXABLE (ACM) FIRST AM GOVT OB FD CL X 31846V336 2.9% 157,147.0200 1.0000 03/31/2025 157,147.02 157,147.02 0.00 6,723.47 4.3% 589.67 Total for SHORT TERM FDS-TAXABLE (ACM) 157,147.02 157,147.02 0.00 6,723.47 589.67 4.3% 157,147.02 157,147.02 0.00 6,723.47 589.67Total For Cash & Cash Equivalents 4.3% Mutual/Collective Funds CLOSED END MUTUAL FUND EQUITY SCHWAB U S LARGE CAP ETF 808524201 28.3% 70,488.0000 22.0800 03/31/2025 1,556,375.04 1,609,154.19 -52,779.15 20,018.59 1.3% Total for CLOSED END MUTUAL FUND EQUITY 1,556,375.04 1,609,154.19 -52,779.15 20,018.59 1.3% CLOSED END MUTUAL FUND FIXED ISHARES CORE U.S. AGGREGATE BOND ETF 464287226 7.1% 3,935.0000 98.9200 03/31/2025 389,250.20 383,106.45 6,143.75 14,598.85 3.8% Total for CLOSED END MUTUAL FUND FIXED 389,250.20 383,106.45 6,143.75 14,598.85 3.8% MUTUAL FUNDS - EQUITY COHEN & STEERS INSTL REALTY SHARES 19247U106 2.9% 3,283.4000 49.0900 03/31/2025 161,182.11 168,425.53 -7,243.42 4,672.28 2.9% COLUMBIA CONTRARIAN CORE FUND 19766M709 9.0% 14,284.0100 34.7700 03/31/2025 496,655.03 491,448.40 5,206.63 3,613.85 0.7% COLUMBIA SMALL CAP GROWTH INST3 19765Y340 0.4% 866.4360 25.9800 03/31/2025 22,510.01 23,844.32 -1,334.31 0.00 0.0% EMERALD GROWTH INSTITUTIONAL 317609253 0.4% 910.1320 22.5800 03/31/2025 20,550.78 19,741.67 809.11 615.25 3.0% FIDELITY INTERNATIONAL INDEX FUND 315911727 4.3% 4,606.1800 51.3200 03/31/2025 236,389.16 229,663.01 6,726.15 7,167.22 3.0% GOLDMAN SACHS GQG PTNRS INTL OPPS IN 38147N293 1.7% 4,330.6480 21.1700 03/31/2025 91,679.82 98,258.44 -6,578.62 1,940.13 2.1% HARTFORD SCHRODERS EMERGING MARKETS 41665X859 3.3% 10,722.2050 17.0500 03/31/2025 182,813.60 176,590.46 6,223.14 2,380.33 1.3% LAZARD CL LIST INFRASTR INST 52106N459 1.6% 5,152.2900 16.6000 03/31/2025 85,528.01 85,685.34 -157.33 2,220.64 2.6% MFS INTERNATIONAL GROWTH R6 552746356 1.4% 1,779.6260 43.1600 03/31/2025 76,808.66 72,064.01 4,744.65 1,249.30 1.6% NYLI CBRE GLOBAL INFRASTRUCTURE FD I 56064L298 1.5% 6,116.4950 13.8100 03/31/2025 84,468.80 79,936.44 4,532.36 1,559.71 1.8% PUTNAM CORE EQUITY FUND Y 74676P839 3.9% 5,215.3080 41.1300 03/31/2025 214,505.62 226,444.59 -11,938.97 1,642.82 0.8% UNDISCOVERED MGRS BEHAVIORAL VALUE 904504479 1.2% 820.8650 81.0700 03/31/2025 66,547.53 62,203.33 4,344.20 1,362.64 2.0% Total for MUTUAL FUNDS - EQUITY 1,739,639.10 1,734,305.54 5,333.56 28,424.16 1.6% MUTUAL FUNDS-FIXED TAXABLE BAIRD AGGREGATE BOND FD INSTL 057071854 9.8% 55,136.3280 9.8300 03/31/2025 541,990.10 531,480.62 10,509.48 21,889.12 4.0% DODGE COX INCOME 256210105 9.3% 40,446.8650 12.6000 03/31/2025 509,630.50 508,119.65 1,510.85 21,436.84 4.2% NYLI MACKAY HIGH YIELD CORP BD FD R6 56063N881 1.8% 19,046.0660 5.1600 03/31/2025 98,277.70 97,944.23 333.47 6,151.88 6.3% PGIM TOTAL RETURN BOND CL R6 74440B884 9.3% 42,530.0220 12.0300 03/31/2025 511,636.16 552,814.83 -41,178.67 24,242.11 4.7% 1,990.07 Total for MUTUAL FUNDS-FIXED TAXABLE 1,661,534.47 1,690,359.33 -28,824.86 73,719.95 1,990.07 4.4% 5,346,798.81 5,416,925.51 -70,126.70 136,761.55 1,990.07Total For Mutual/Collective Funds 2.6% 5,503,945.83 5,574,072.53 -70,126.70 143,485.02 2,579.74Total For Account 6746065801 2.6% Page: 3 of 3 Print Date:04/14/2025 at 6:14:51 pm 03/31/2025Month End Investment Detail w/Accruals As of Date: U.S. Bank Pivot * * * * * E n d O f R e p o r t * * * * * 16,330,374.80 16,533,105.99 -202,731.19 456,811.18 8,729.64Grand Total 2.8% FY 2024-25 Third Quarter Financial Report This Page Intentionally Left Blank April 30, 2025 STAFF REPORT Certificates of Participation (COP) Report For the Period Ended March 31, 2025 Summary The Orange County Sanitation District (OC San) began issuing Certificates of Participation (COPs) in 1990. These COPs were a part of our long-term financing plan that included both variable interest rate and traditional fixed rate borrowing. There remains no variable interest rate COPs at OC San. Following are the current outstanding debt issues of OC San: In May 2010, OC San issued $80 million of fixed rate Build America Bonds (BABs), Series 2010A at a true interest cost of 3.68 percent for the issue. In December 2010, OC San issued $157 million of fixed rate BABs, Series 2010C at a true interest cost of 4.11 percent for the issue. In March 2016, OC San issued $145.88 million of fixed rate COPs, Series 2016A, refunding $162.78 million of the Series 2009A fixed rate debt. The true interest cost for the issue is 3.02 percent. In February 2017, OC San issued $66.37 million of fixed rate COPs, Series 2017A, refunding $91.885 million of the Series 2007A debt. The true interest cost for the issue is 2.55 percent. In July 2021, OC San issued $133.51 million of fixed rate COPs, Series 2021A, refunding $61.575 million of the Series 2011A fixed rate debt and $102.2 million of the Series 2018A fixed rate debt. The true interest cost for the issue is 1.06 percent. In February 2022, OC San issued $81.62 million of fixed rate COPs, Series 2022A, refunding $100.645 million of the Series 2012A fixed rate debt and $6.67 million of the Series 2012B fixed rate debt. The true interest cost for the issue is 1.59 percent. In May 2024, OC San issued $139.72 million of fixed rate COPs, Series 2024A, refunding $30.095 million of the Series 2014A fixed rate debt and $127.51 million of the Series 2015A fixed rate debt. The true interest cost for the issue is 2.72 percent. COP Report For the Period Ended March 31, 2025 Page 2 of 2 Issue Description Outstanding COP Balance Annual Interest Rate Approx Annual Interest Original Principal Issue Date Final Maturity 2010A Fixed 80,000,000.00 3.68% 2,944,000.00 80,000,000.00 5/18/2010 2/1/2040 2010C Fixed 22,830,000.00 4.11% 938,313.00 157,000,000.00 12/8/2010 2/1/2032 2016A Fixed 115,850,000.00 3.02% 3,498,670.00 145,880,000.00 3/30/2016 2/1/2039 2017A Fixed 65,815,000.00 2.55% 1,678,282.50 66,370,000.00 2/1/2017 2/1/2030 2021A Fixed 76,705,000.00 1.06% 813,073.00 133,510,000.00 7/29/2021 2/1/2036 2022A Fixed 81,620,000.00 1.59% 1,297,758.00 81,620,000.00 2/1/2022 2/1/2033 2024A Fixed 129,210,000.00 2.72% 3,514,512.00 139,720,000.00 5/7/2024 2/1/2037 572,030,000.00 14,684,608.50 804,100,000.00 2.53%Weighted Avg Cost of Funds Orange County Sanitation District Financial Management Division 18480 Bandilier Circle Fountain Valley, California 92708-7018 714.962.2411 | www.ocsan.gov 03/31/25 ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4268 Agenda Date:5/14/2025 Agenda Item No:3. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: GENERAL MANAGER APPROVED PURCHASES AND ADDITIONS TO THE PRE-APPROVED OEM SOLE SOURCE LIST GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: A. Receive and file Orange County Sanitation District (OC San) purchases made under the General Manager’s authority for the period of January 1, 2025 to March 31, 2025; and B. Approve the following additions to the pre-approved Original Equipment Manufacturers (OEM) Sole Source List: ·MANITOWOC CRANE - Crane and Heavy Equipment Parts and Service ·MODEC USA INC - Portable Valve Actuators and Associated Equipment ·PITBULL INDUSTRIAL PUMPS - Pumps and Parts ·SPAANS BABCOCK - Parts and Equipment BACKGROUND Staff provides the Administration Committee and the Board of Directors quarterly reports of General Manager approved and executed purchases between $50,000 and $150,000;maintenance and repair Services Task Orders between $50,000 and $500,000;and additions to the pre-approved OEM Sole Source List. The list of additions to the pre-approved OEM Sole Source List displays the OEM added this quarter that require sole source procurement to maintain,service,or replace equipment currently in operation at Orange County Sanitation District (OC San)facilities,because the parts and/or service can only be provided by the OEM or their designated representative. RELEVANT STANDARDS ·Quarterly financial reporting ·Ensure the public’s money is wisely spent Orange County Sanitation District Printed on 5/5/2025Page 1 of 5 powered by Legistar™ File #:2025-4268 Agenda Date:5/14/2025 Agenda Item No:3. PRIOR COMMITTEE/BOARD ACTIONS December 2016 -Minute Order 12(b)authorized the General Manager to ratify additions or deletions to the OEM Sole Source list on the General Manager’s quarterly approved purchases agenda report. ADDITIONAL INFORMATION In accordance with Board purchasing policies,Ordinance No.OC SAN-61,the General Manager has authority to approve and execute purchases between $50,000 and $150,000.Below is a summary of General Manager approved purchases,in amounts exceeding $50,000,for the third quarter of fiscal year 2024-25: Vendor Name Amount Department Description/Discussion ACE HEATERS, LLC $52,300.00 Administrative Services Stock Item Purchase of One (1) Water to Steam Heat Exchanger Informal Bid 45243- OQ AGILENT TECHNOLOGIES INC $57,571.44 Environmental Services Annual PO for Crosslab Silver Science Service Plan 4/7/25 - 4/6/26 Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) AIR DUCT CLEANING COMPANY $149,000.00 Administrative Services Blanket PO to Provide Air Duct Cleaning and Repairs for HVAC Equipment at Plant No.1, Plant No. 2, and Headquarters 2/17/25 - 2/16/26 County of Orange Contract # MA-080- 25010052, in Accordance with Ordinance No. OC SAN-61 Section 2.03 (B) Cooperative Purchases ALLIED NETWORK SOLUTIONS, INC. $52,700.00 Administrative Services Blanket PO for Tenable OT Security Annual Subscription (Up to 2500 Assets) 5/6/2025 - 5/5/2026 Informal Bid 139115-OR BAY CITY INDUSTRIAL SUPPLY $106,012.36 Administrative Services Stock Item Purchase of Sixteen (16) SKF Cylindrical Roller Bearings Informal Bid 45455- OQ BIG SKY ELECTRIC, INC. $72,950.00 Operations & Maintenance Service PO for Solids Contact Blower #2 (22MBWR260) Cable Replacement at Plant No. 2 Informal Bid 137866-OR CARAHSOFT TECHNOLOGY CORPORATION $79,415.73 Administrative Services ServiceNow Implementation of ER Module NASPO Cloud Solutions Contract # 7-17-70- 40-05, in Accordance with Ordinance No. OC SAN-61 Section 2.03 (B) Cooperative Purchases CARAHSOFT TECHNOLOGY CORPORATION $105,649.71 Administrative Services Service PO to replace Bold Planning and Implement ServiceNow Management Module 3/24/2025 - 7/22/2025 NASPO Contract # AR2472 In accordance with Ordinance No. OC SAN-61, Section 2.03 (B) Cooperative Purchases CARAHSOFT TECHNOLOGY CORPORATION $149,972.36 Administrative Services OpenGov Procurement Platform Implementation Services 5/1/2025 - 4/30/2026 NASPO Cloud Solutions Contract # AR2472, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases CS-AMSCO $50,470.00 Operations & Maintenance Purchase of Seven (7) DeZURIK Eccentric Plug Valves Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) DANIELS TIRE SERVICE, INC. $60,000.00 Administrative Services Blanket PO for Tire Purchases, Service, Mobile Tire Repair 1/1/2025 - 12/31/2026 State Contracts 1-23-26-01A Daniel’s Tire Service and 1-23-26-01C The Goodyear Company, in Accordance with Ordinance No. OC SAN-61 2.03(B) Cooperative Purchases DC FROST ASSOCIATES, INC. $53,600.00 Administrative Services Stock Item Purchase of Eight Thousand (8,000) Xylem 7-inch Membrane Disc Diffusers Board Approved OEM Sole Source List M.O. 8/28/2024, Item 7(B) DXP ENTERPRISES, INC. $68,572.00 Administrative Services Stock Item Purchase for One (1) Patterson Split Case Pump Board Approved OEM Sole Source List M.O. 2/26/2020, Item 13(B) EPLUS TECHNOLOGY, INC. $67,499.52 Administrative Services Blanket PO for Nutanix Cloud Software Renewal 3/31/25 - 8/17/25 NASPO 7-17-70- 40-05 CA-CARAHSOFT-NVP AR2472, in Accordance with Ordinance No. OC SAN-61 Section 2.03 (B) Cooperative Purchases HYTORC $149,785.56 Operations & Maintenance Purchase of Four (4) Standard Duty Portable Valve Actuators and Associated Equipment Sole Source Justification 2844 Reason: OEM Equipment/Part/Service INSIGHT PUBLIC SECTOR, INC. $65,927.27 Administrative Services Annual PO for Abnormal Security Software Renewal 4/25/25 - 4/24/26 Omnia Partners Contract # 23-6692-03, in Accordance with Ordinance No. OC SAN-61 Section 2.03 (B) Cooperative Purchases JOHN J PRESTON $100,000.00 Administrative Services Blanket PO Loss Control & Risk Management Consulting Services 12/20/2024 - 12/19/2025 w/ Two (2) Optional One-Year Renewal Periods Sole Source Justification 2834 Reason: Unique Product/Service LARRY WALKER ASSOCIATES, INC. $84,965.00 Environmental Services Blanket PO to Provide National Pollutant Discharge Elimination System (NPDES) Permit Renewal Consulting Services 4/1/25 - 3/31/30 Specification No. CS-2025-667BD MISCO WATER $71,716.00 Administrative Services Stock Item Purchase of One (1) NETZSCH Progressing Cavity Pump Board Approved OEM Sole Source List M.O. 8/28/2024, Item 7 (B) NAUTILUS ENVIRONMENTAL $129,750.00 Environmental Services Reverse Osmosis Concentrate Whole Effluent Toxicity Characterization Study Specification No. CS-2024-651BD OVIVO USA, LLC $74,400.00 Operations & Maintenance Purchase of One (1) Replacement/New J&A Jeta Drive Head and One (1) Rebuild Kit with Parts Sole Source Justification 2832 Reason: OEM Equipment/Part/Service for water and wastewater treatment processes PONTON INDUSTRIES, INC. $111,261.00 Environmental Services Purchase of Eight (8) Hach Portable Samplers and One (1) Hach All Weather Refrigerated (AWRS) Sampler Board Approved OEM Sole Source List M.O. 12/14/16 Item 12 (B) PRESIDIO NETWORKED SOLUTIONS GROUP, LLC $120,000.00 Administrative Services Blanket PO for Monthly AWS Cloud Storage for CCTV Data 3/18/2025 - 3/17/2026 County of Orange Contract # RCA-017-25010063, in Accordance with Ordinance No. OC SAN-61 Section 2.03 (B) Cooperative Purchases SADDLEBACK ENVIRONMENTAL EQUIPMENT, INC. $83,800.00 Operations & Maintenance Purchase of One (1) Gooch Thermal Systems Spiral Heat Exchanger Board Approved OEM Sole Source List M.O. 2/24/21 Item 10(B) SC FUELS $56,397.68 Operations & Maintenance Purchase of 5,000 Gallons (Bulk Oil) of Chevron 5200 Hdax Low Ash 40 for Plant 2 Informal Bid 137687-OR SCA OF CA, LLC $120,000.00 Administrative Services Blanket PO for Street Sweeping, Blowing, and General BMP Maintenance Services for Headquarters, Plant 1, and Plant 2 4/1/2025 - 3/31/2026 County of Orange Contract #RCA- 017-23010040, in Accordance with Ordinance OC SAN-61 2.03(B) Cooperative Purchases SEL ENGINEERING SERVICES, INC. $118,634.00 Engineering Professional Services Agreement (PSA) Sole Source for EPSA Standby Power Generator Control Upgrades at Plant No. 2 Project No. SC19-06, in accordance with Ordinance No. OC SAN-61, Article 7. Delegation of Authority to Award Contracts. SPAANS BABCOCK INC. $55,250.00 Administrative Services Stock Item Purchase of One (1) Set of Internals ECO-21-R Lower Bearings and One (1) LGB-35-R Upper Bearing Sole Source Justification 2852 Reason: OEM Equipment/Part/Service TEVORA BUSINESS SOLUTIONS, INC. $50,925.00 Administrative Services Blanket PO for Menlo Security Software Subscription 4/1/2025 - 3/31/2026 Informal Bid 138391-OR VWR SCIENTIFIC $95,000.00 Environmental Services Blanket PO for Various Miscellaneous Laboratory Supplies 4/1/2025 - 3/31/2026 NASPO Master Contract # MA2024005, and California Participating Addendum No. 7-24- 99-50-03, in accordance with Ordinance No. OC SAN-61, Section 2.03(B) Cooperative Purchases Orange County Sanitation District Printed on 5/5/2025Page 2 of 5 powered by Legistar™ File #:2025-4268 Agenda Date:5/14/2025 Agenda Item No:3. Vendor Name Amount Department Description/DiscussionACE HEATERS, LLC $52,300.00 AdministrativeServices Stock Item Purchase of One (1) Water toSteam Heat Exchanger Informal Bid 45243-OQAGILENTTECHNOLOGIESINC$57,571.44 EnvironmentalServices Annual PO for Crosslab Silver Science ServicePlan 4/7/25 - 4/6/26 Board Approved OEMSole Source List M.O. 12/14/16, Item 12(B)AIR DUCTCLEANINGCOMPANY $149,000.00 AdministrativeServices Blanket PO to Provide Air Duct Cleaning andRepairs for HVAC Equipment at Plant No.1,Plant No. 2, and Headquarters 2/17/25 -2/16/26 County of Orange Contract # MA-080-25010052, in Accordance with Ordinance No.OC SAN-61 Section 2.03 (B) CooperativePurchasesALLIED NETWORKSOLUTIONS, INC.$52,700.00 AdministrativeServices Blanket PO for Tenable OT Security AnnualSubscription (Up to 2500 Assets) 5/6/2025 -5/5/2026 Informal Bid 139115-ORBAY CITYINDUSTRIALSUPPLY $106,012.36 AdministrativeServices Stock Item Purchase of Sixteen (16) SKFCylindrical Roller Bearings Informal Bid 45455-OQBIG SKY ELECTRIC,INC.$72,950.00 Operations &Maintenance Service PO for Solids Contact Blower #2(22MBWR260) Cable Replacement at PlantNo. 2 Informal Bid 137866-ORCARAHSOFTTECHNOLOGYCORPORATION$79,415.73 AdministrativeServices ServiceNow Implementation of ER ModuleNASPO Cloud Solutions Contract # 7-17-70-40-05, in Accordance with Ordinance No. OCSAN-61 Section 2.03 (B) CooperativePurchasesCARAHSOFTTECHNOLOGY CORPORATION $105,649.71 AdministrativeServices Service PO to replace Bold Planning andImplement ServiceNow Management Module 3/24/2025 - 7/22/2025 NASPO Contract # AR2472 In accordance with Ordinance No. OC SAN-61, Section 2.03 (B) Cooperative Purchases CARAHSOFT TECHNOLOGY CORPORATION $149,972.36 Administrative Services OpenGov Procurement Platform Implementation Services 5/1/2025 - 4/30/2026 NASPO Cloud Solutions Contract # AR2472, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases CS-AMSCO $50,470.00 Operations & Maintenance Purchase of Seven (7) DeZURIK Eccentric Plug Valves Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) DANIELS TIRE SERVICE, INC. $60,000.00 Administrative Services Blanket PO for Tire Purchases, Service, Mobile Tire Repair 1/1/2025 - 12/31/2026 State Contracts 1-23-26-01A Daniel’s Tire Service and 1-23-26-01C The Goodyear Company, in Accordance with Ordinance No. OC SAN-61 2.03(B) Cooperative Purchases DC FROST ASSOCIATES, INC. $53,600.00 Administrative Services Stock Item Purchase of Eight Thousand (8,000) Xylem 7-inch Membrane Disc Diffusers Board Approved OEM Sole Source List M.O. 8/28/2024, Item 7(B) DXP ENTERPRISES, INC. $68,572.00 Administrative Services Stock Item Purchase for One (1) Patterson Split Case Pump Board Approved OEM Sole Source List M.O. 2/26/2020, Item 13(B) EPLUS TECHNOLOGY, INC. $67,499.52 Administrative Services Blanket PO for Nutanix Cloud Software Renewal 3/31/25 - 8/17/25 NASPO 7-17-70- 40-05 CA-CARAHSOFT-NVP AR2472, in Accordance with Ordinance No. OC SAN-61 Section 2.03 (B) Cooperative Purchases HYTORC $149,785.56 Operations & Maintenance Purchase of Four (4) Standard Duty Portable Valve Actuators and Associated Equipment Sole Source Justification 2844 Reason: OEM Equipment/Part/Service INSIGHT PUBLIC SECTOR, INC. $65,927.27 Administrative Services Annual PO for Abnormal Security Software Renewal 4/25/25 - 4/24/26 Omnia Partners Contract # 23-6692-03, in Accordance with Ordinance No. OC SAN-61 Section 2.03 (B) Cooperative Purchases JOHN J PRESTON $100,000.00 Administrative Services Blanket PO Loss Control & Risk Management Consulting Services 12/20/2024 - 12/19/2025 w/ Two (2) Optional One-Year Renewal Periods Sole Source Justification 2834 Reason: Unique Product/Service LARRY WALKER ASSOCIATES, INC. $84,965.00 Environmental Services Blanket PO to Provide National Pollutant Discharge Elimination System (NPDES) Permit Renewal Consulting Services 4/1/25 - 3/31/30 Specification No. CS-2025-667BD MISCO WATER $71,716.00 Administrative Services Stock Item Purchase of One (1) NETZSCH Progressing Cavity Pump Board Approved OEM Sole Source List M.O. 8/28/2024, Item 7 (B) NAUTILUS ENVIRONMENTAL $129,750.00 Environmental Services Reverse Osmosis Concentrate Whole Effluent Toxicity Characterization Study Specification No. CS-2024-651BD OVIVO USA, LLC $74,400.00 Operations & Maintenance Purchase of One (1) Replacement/New J&A Jeta Drive Head and One (1) Rebuild Kit with Parts Sole Source Justification 2832 Reason: OEM Equipment/Part/Service for water and wastewater treatment processes PONTON INDUSTRIES, INC. $111,261.00 Environmental Services Purchase of Eight (8) Hach Portable Samplers and One (1) Hach All Weather Refrigerated (AWRS) Sampler Board Approved OEM Sole Source List M.O. 12/14/16 Item 12 (B) PRESIDIO NETWORKED SOLUTIONS GROUP, LLC $120,000.00 Administrative Services Blanket PO for Monthly AWS Cloud Storage for CCTV Data 3/18/2025 - 3/17/2026 County of Orange Contract # RCA-017-25010063, in Accordance with Ordinance No. OC SAN-61 Section 2.03 (B) Cooperative Purchases SADDLEBACK ENVIRONMENTAL EQUIPMENT, INC. $83,800.00 Operations & Maintenance Purchase of One (1) Gooch Thermal Systems Spiral Heat Exchanger Board Approved OEM Sole Source List M.O. 2/24/21 Item 10(B) SC FUELS $56,397.68 Operations & Maintenance Purchase of 5,000 Gallons (Bulk Oil) of Chevron 5200 Hdax Low Ash 40 for Plant 2 Informal Bid 137687-OR SCA OF CA, LLC $120,000.00 Administrative Services Blanket PO for Street Sweeping, Blowing, and General BMP Maintenance Services for Headquarters, Plant 1, and Plant 2 4/1/2025 - 3/31/2026 County of Orange Contract #RCA- 017-23010040, in Accordance with Ordinance OC SAN-61 2.03(B) Cooperative Purchases SEL ENGINEERING SERVICES, INC. $118,634.00 Engineering Professional Services Agreement (PSA) Sole Source for EPSA Standby Power Generator Control Upgrades at Plant No. 2 Project No. SC19-06, in accordance with Ordinance No. OC SAN-61, Article 7. Delegation of Authority to Award Contracts. SPAANS BABCOCK INC. $55,250.00 Administrative Services Stock Item Purchase of One (1) Set of Internals ECO-21-R Lower Bearings and One (1) LGB-35-R Upper Bearing Sole Source Justification 2852 Reason: OEM Equipment/Part/Service TEVORA BUSINESS SOLUTIONS, INC. $50,925.00 Administrative Services Blanket PO for Menlo Security Software Subscription 4/1/2025 - 3/31/2026 Informal Bid 138391-OR VWR SCIENTIFIC $95,000.00 Environmental Services Blanket PO for Various Miscellaneous Laboratory Supplies 4/1/2025 - 3/31/2026 NASPO Master Contract # MA2024005, and California Participating Addendum No. 7-24- 99-50-03, in accordance with Ordinance No. OC SAN-61, Section 2.03(B) Cooperative Purchases Orange County Sanitation District Printed on 5/5/2025Page 3 of 5 powered by Legistar™ File #:2025-4268 Agenda Date:5/14/2025 Agenda Item No:3. Vendor Name Amount Department Description/DiscussionACE HEATERS, LLC $52,300.00 AdministrativeServices Stock Item Purchase of One (1) Water toSteam Heat Exchanger Informal Bid 45243-OQAGILENTTECHNOLOGIESINC$57,571.44 EnvironmentalServices Annual PO for Crosslab Silver Science ServicePlan 4/7/25 - 4/6/26 Board Approved OEMSole Source List M.O. 12/14/16, Item 12(B)AIR DUCTCLEANINGCOMPANY $149,000.00 AdministrativeServices Blanket PO to Provide Air Duct Cleaning andRepairs for HVAC Equipment at Plant No.1,Plant No. 2, and Headquarters 2/17/25 -2/16/26 County of Orange Contract # MA-080-25010052, in Accordance with Ordinance No.OC SAN-61 Section 2.03 (B) CooperativePurchasesALLIED NETWORKSOLUTIONS, INC.$52,700.00 AdministrativeServices Blanket PO for Tenable OT Security AnnualSubscription (Up to 2500 Assets) 5/6/2025 -5/5/2026 Informal Bid 139115-ORBAY CITYINDUSTRIALSUPPLY $106,012.36 AdministrativeServices Stock Item Purchase of Sixteen (16) SKFCylindrical Roller Bearings Informal Bid 45455-OQBIG SKY ELECTRIC,INC.$72,950.00 Operations &Maintenance Service PO for Solids Contact Blower #2(22MBWR260) Cable Replacement at PlantNo. 2 Informal Bid 137866-ORCARAHSOFTTECHNOLOGYCORPORATION$79,415.73 AdministrativeServices ServiceNow Implementation of ER ModuleNASPO Cloud Solutions Contract # 7-17-70-40-05, in Accordance with Ordinance No. OCSAN-61 Section 2.03 (B) CooperativePurchasesCARAHSOFTTECHNOLOGYCORPORATION$105,649.71 AdministrativeServices Service PO to replace Bold Planning andImplement ServiceNow Management Module3/24/2025 - 7/22/2025 NASPO Contract #AR2472 In accordance with Ordinance No.OC SAN-61, Section 2.03 (B) CooperativePurchasesCARAHSOFTTECHNOLOGYCORPORATION$149,972.36 AdministrativeServices OpenGov Procurement PlatformImplementation Services 5/1/2025 - 4/30/2026NASPO Cloud Solutions Contract # AR2472,in Accordance with Ordinance OC SAN-61Section 2.03 (B) Cooperative PurchasesCS-AMSCO $50,470.00 Operations &Maintenance Purchase of Seven (7) DeZURIK EccentricPlug Valves Board Approved OEM SoleSource List M.O. 12/14/16, Item 12(B)DANIELS TIRESERVICE, INC.$60,000.00 AdministrativeServices Blanket PO for Tire Purchases, Service,Mobile Tire Repair 1/1/2025 - 12/31/2026State Contracts 1-23-26-01A Daniel’s TireService and 1-23-26-01C The GoodyearCompany, in Accordance with Ordinance No.OC SAN-61 2.03(B) Cooperative PurchasesDC FROSTASSOCIATES, INC.$53,600.00 AdministrativeServices Stock Item Purchase of Eight Thousand(8,000) Xylem 7-inch Membrane Disc DiffusersBoard Approved OEM Sole Source List M.O.8/28/2024, Item 7(B)DXPENTERPRISES,INC.$68,572.00 AdministrativeServices Stock Item Purchase for One (1) PattersonSplit Case Pump Board Approved OEM SoleSource List M.O. 2/26/2020, Item 13(B)EPLUSTECHNOLOGY, INC.$67,499.52 AdministrativeServices Blanket PO for Nutanix Cloud SoftwareRenewal 3/31/25 - 8/17/25 NASPO 7-17-70-40-05 CA-CARAHSOFT-NVP AR2472, inAccordance with Ordinance No. OC SAN-61Section 2.03 (B) Cooperative PurchasesHYTORC$149,785.56 Operations &Maintenance Purchase of Four (4) Standard Duty PortableValve Actuators and Associated EquipmentSole Source Justification 2844 Reason: OEMEquipment/Part/ServiceINSIGHT PUBLICSECTOR, INC.$65,927.27 AdministrativeServices Annual PO for Abnormal Security SoftwareRenewal 4/25/25 - 4/24/26 Omnia PartnersContract # 23-6692-03, in Accordance withOrdinance No. OC SAN-61 Section 2.03 (B)Cooperative PurchasesJOHN J PRESTON $100,000.00 AdministrativeServices Blanket PO Loss Control & Risk ManagementConsulting Services 12/20/2024 - 12/19/2025w/ Two (2) Optional One-Year RenewalPeriods Sole Source Justification 2834Reason: Unique Product/ServiceLARRY WALKERASSOCIATES, INC.$84,965.00 EnvironmentalServices Blanket PO to Provide National PollutantDischarge Elimination System (NPDES)Permit Renewal Consulting Services 4/1/25 -3/31/30 Specification No. CS-2025-667BDMISCO WATER $71,716.00 AdministrativeServices Stock Item Purchase of One (1) NETZSCHProgressing Cavity Pump Board ApprovedOEM Sole Source List M.O. 8/28/2024, Item 7 (B) NAUTILUS ENVIRONMENTAL $129,750.00 Environmental Services Reverse Osmosis Concentrate Whole Effluent Toxicity Characterization Study Specification No. CS-2024-651BD OVIVO USA, LLC $74,400.00 Operations & Maintenance Purchase of One (1) Replacement/New J&A Jeta Drive Head and One (1) Rebuild Kit with Parts Sole Source Justification 2832 Reason: OEM Equipment/Part/Service for water and wastewater treatment processes PONTON INDUSTRIES, INC. $111,261.00 Environmental Services Purchase of Eight (8) Hach Portable Samplers and One (1) Hach All Weather Refrigerated (AWRS) Sampler Board Approved OEM Sole Source List M.O. 12/14/16 Item 12 (B) PRESIDIO NETWORKED SOLUTIONS GROUP, LLC $120,000.00 Administrative Services Blanket PO for Monthly AWS Cloud Storage for CCTV Data 3/18/2025 - 3/17/2026 County of Orange Contract # RCA-017-25010063, in Accordance with Ordinance No. OC SAN-61 Section 2.03 (B) Cooperative Purchases SADDLEBACK ENVIRONMENTAL EQUIPMENT, INC. $83,800.00 Operations & Maintenance Purchase of One (1) Gooch Thermal Systems Spiral Heat Exchanger Board Approved OEM Sole Source List M.O. 2/24/21 Item 10(B) SC FUELS $56,397.68 Operations & Maintenance Purchase of 5,000 Gallons (Bulk Oil) of Chevron 5200 Hdax Low Ash 40 for Plant 2 Informal Bid 137687-OR SCA OF CA, LLC $120,000.00 Administrative Services Blanket PO for Street Sweeping, Blowing, and General BMP Maintenance Services for Headquarters, Plant 1, and Plant 2 4/1/2025 - 3/31/2026 County of Orange Contract #RCA- 017-23010040, in Accordance with Ordinance OC SAN-61 2.03(B) Cooperative Purchases SEL ENGINEERING SERVICES, INC. $118,634.00 Engineering Professional Services Agreement (PSA) Sole Source for EPSA Standby Power Generator Control Upgrades at Plant No. 2 Project No. SC19-06, in accordance with Ordinance No. OC SAN-61, Article 7. Delegation of Authority to Award Contracts. SPAANS BABCOCK INC. $55,250.00 Administrative Services Stock Item Purchase of One (1) Set of Internals ECO-21-R Lower Bearings and One (1) LGB-35-R Upper Bearing Sole Source Justification 2852 Reason: OEM Equipment/Part/Service TEVORA BUSINESS SOLUTIONS, INC. $50,925.00 Administrative Services Blanket PO for Menlo Security Software Subscription 4/1/2025 - 3/31/2026 Informal Bid 138391-OR VWR SCIENTIFIC $95,000.00 Environmental Services Blanket PO for Various Miscellaneous Laboratory Supplies 4/1/2025 - 3/31/2026 NASPO Master Contract # MA2024005, and California Participating Addendum No. 7-24- 99-50-03, in accordance with Ordinance No. OC SAN-61, Section 2.03(B) Cooperative Purchases Additionally,in accordance with Board purchasing policies,Ordinance No.OC SAN-61,the General Orange County Sanitation District Printed on 5/5/2025Page 4 of 5 powered by Legistar™ File #:2025-4268 Agenda Date:5/14/2025 Agenda Item No:3. Additionally,in accordance with Board purchasing policies,Ordinance No.OC SAN-61,the General Manager has authority to approve and execute maintenance and repair Services Task Orders between $50,000 and $500,000.Below is a summary of General Manager approved maintenance and repair Services Task Orders,in amounts exceeding $50,000,for the third quarter of fiscal year 2024-25: Vendor Name Amount Department Description/Discussion BAKER ELECTRIC & RENEWABLES LLC $204,064.00 Operations & Maintenance Headworks 2 Main Sewage Pump No. 2 (10CMTR420) Power Cable Replacement at Plant No. 1 Specification No. TOB-2025-665 of Master Service Contract S-2024-1447BD-9 BIG SKY ELECTRIC, INC. $358,360.00 Operations & Maintenance Headworks Phase 3 Cable Replacement at Plant No. 2 Specification No. TOB-2025-670 of Master Service Contract S-2024-1447BD-10 JAMISON ENGINEERING CONTRACTORS, INC. $255,962.00 Operations & Maintenance Digesters O-T Bridger Repair at Plant No. 2 (FR2-033) Specification No. TOB-2024-655 of Master Service Contract S-2021-1234BD-3 ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 5/5/2025Page 5 of 5 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4260 Agenda Date:5/14/2025 Agenda Item No:4. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: MIGRATE PRIMAVERA P6 PROFESSIONAL TO PRIMAVERA P6 ENTERPRISE PROJECT PORTFOLIO MANAGEMENT GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a Purchase Order Contract to Mythics VIII, LLC for the purchase of Primavera P6 Enterprise Project Portfolio Management software licenses, utilizing the cooperative OMNIA Contract No. 182233-002 for a total amount not to exceed $112,728; B. Approve a Purchase Order Contract to Mythics VIII, LLC for Phase II Primavera Migration Services utilizing the cooperative OMNIA Contract No. 182233-002, for a total amount not to exceed $121,599; C. Approve a Purchase Order Contract to Carahsoft Technology Corp., for Phase III Primavera P6 Enterprise Project Portfolio Management system integrations utilizing Naspo ValuePoint Master Contract AR2472-CAR001-101, for a total amount not to exceed $101,271; and D. Approve a 10% contingency for each contract. BACKGROUND Primavera is a project management software used by Orange County Sanitation District (OC San) since 2007 to plan,track,and manage capital improvement projects.OC San is migrating from Primavera P6 Professional to Primavera P6 Enterprise Project Portfolio Management (EPPM)to improve integration with OC San’s financial system,JD Edwards,and streamline project data management.EPPM offers a more modern platform that allows improved automation and data synchronization, enhances reporting, and improves financial tracking. RELEVANT STANDARDS ·Ensure the public’s money is wisely spent ·Maintain a culture of improving efficiency to reduce the cost to provide the current service level or standard Orange County Sanitation District Printed on 5/5/2025Page 1 of 3 powered by Legistar™ File #:2025-4260 Agenda Date:5/14/2025 Agenda Item No:4. PROBLEM OC San’s current use of Primavera P6 Professional requires significant staff effort to manage project data and maintain integration with OC San’s financial system,JD Edwards.The existing process relies on manual data transfer and reconciliation,leading to inefficiencies,potential data discrepancies,and increased administrative workload for project controls staff.This labor-intensive approach limits the ability to focus on higher value tasks and increases the risk of errors in financial tracking and project reporting. PROPOSED SOLUTION Migrate from Primavera P6 Professional to EPPM.This process will include configuring the EPPM environment,setting up user roles and access controls,migrating project data,and integrating EPPM with JD Edwards using modern integration solutions.The transition will also involve system testing, user acceptance testing,deployment,and post-implementation support to ensure a smooth cutover and operational stability. TIMING CONCERNS Delaying the migration to EPPM prolongs the inefficiencies associated with manual data integration and reconciliation,requiring continued staff effort to maintain project and financial data separately. Moving forward with the transition now will accelerate automation,reducing administrative workload and allowing project controls staff to focus on higher-value tasks such as project analysis,risk management, and process improvements. RAMIFICATIONS OF NOT TAKING ACTION If OC San does not migrate to EPPM,project controls staff will continue to spend significant time manually transferring data between JD Edwards and Primavera P6 Professional.This ongoing effort increases the risk of data inconsistencies,errors in financial reporting,and inefficiencies in project tracking.The reliance on outdated processes may also limit the ability to scale operations effectively as project volume grows.Additionally,maintaining the current system could lead to higher long-term support and maintenance costs,as Primavera P6 Professional lacks modern automation and integration capabilities.Without migration,OC San will miss the opportunity to streamline workflows, improve accuracy, and reallocate staff efforts to higher-value tasks. PRIOR COMMITTEE/BOARD ACTIONS N/A ADDITIONAL INFORMATION The County of Maricopa,Arizona negotiated OMNIA Contract 180233-002 for Oracle Products, Services,and Solutions on behalf of all states,local governments,and other government agencies in the United States of America. The State of Utah negotiated Naspo ValuePoint Master Contract AR2472-CAR001-101 for CloudOrange County Sanitation District Printed on 5/5/2025Page 2 of 3 powered by Legistar™ File #:2025-4260 Agenda Date:5/14/2025 Agenda Item No:4. The State of Utah negotiated Naspo ValuePoint Master Contract AR2472-CAR001-101 for Cloud Services Solutions,on behalf of all states,local governments,and other government agencies in the United States of America. Staff recommend approving multiple Purchase Order Contracts utilizing OMNIA Contract 180233-002 to cover licenses and services for this integration and Naspo ValuePoint Master Contract AR2472- CAR001-101 for system integrations and Cloud Services Solutions. CEQA N/A FINANCIAL CONSIDERATIONS This request complies with the authority levels of OC San’s Purchasing Ordinance.This item has been budgeted (Budget FY 2024-25 and 2025-26,Section 8,Page 50,Information Technology Capital Program) and the budget is sufficient for the recommended action. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: NA Orange County Sanitation District Printed on 5/5/2025Page 3 of 3 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4281 Agenda Date:5/14/2025 Agenda Item No:5. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: INTERNAL AUDIT UPDATE GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Orange County Sanitation District Enterprise Risk Assessment Report. BACKGROUND Orange County Sanitation District (OC San)selected the audit firm of Vasquez +Company LLP to provide audits of various OC San programs and processes as selected by the Audit Ad Hoc Committee.Most recently,the Audit Ad Hoc Committee selected an organization wide risk assessment.On May 7,2025,the auditors provided an update of those efforts to the Audit Ad Hoc Committee and presented potential topics for future audit selection. RELEVANT STANDARDS ·Conduct audits to determine if OC San operations are being conducted in an economical and efficient manner ·Conduct audits to establish whether specific government programs are effective in meeting their stated goals and objectives ·Conduct audits to determine if OC San is following policies and procedures in conducting operations ADDITIONAL INFORMATION N/A ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Enterprise Risk Assessment Report - April 2025 ·Presentation Orange County Sanitation District Printed on 5/1/2025Page 1 of 1 powered by Legistar™ Orange County Sanitation District Enterprise Risk Assessment April 23, 2025 Orange County Sanitation District Enterprise Risk Assessment April 23, 2025 April 23, 2025 To the Audit Ad Hoc Committee, Board of Directors, and Management Orange County Sanitation District Fountain Valley, CA 92708 Dear Ladies and Gentlemen: We are pleased to present this Enterprise Risk Assessment (ERA) and Proposed Audit Plan for the Fiscal Years 2025 – 2029 for Orange County Sanitation District (OC San or the Organization). The basis of the Proposed Audit Plan was developed by considering the results from the recent risk assessment process performed, the previously approved risk assessment and audit plan prepared in July 2022, results of audits completed since the previous audit plan was approved and the approved budget for internal audits. This document serves as the primary work plan to carry out the responsibilities of Internal Audit. This plan is not intended to be static or unchangeable. Changes in conditions, emerging risks, or special requests may require changes to the Proposed Audit Plan. The final Audit Plan will be determined by the Audit Ad Hoc Committee of the Board of Directors, and it may require changes to the approved internal audit budget. This report is intended solely for the information and use of the Audit Ad Hoc Committee, Board of Directors, and management and is not intended to be, and should not be, used by anyone other than these specified parties. It will be our pleasure to respond to any questions you have about this report. We appreciate the opportunity to continue to be of service to the Orange County Sanitation District. Very truly yours, VASQUEZ & COMPANY, LLP Roger Martinez Partner Orange County Sanitation District Enterprise Risk Assessment Table of Contents PAGE ENTERPRISE RISK ASSESSMENT 1 RISKS IDENTIFIED 2 RISK AREA SCORING MATRIX 4 RISK HEAT MAP 5 ENTERPRISE RISK ASSESSMENT RESULTS 6 PROPOSED AUDIT PLAN 12 CONCLUSION 22 Orange County Sanitation District Enterprise Risk Assessment Enterprise and Risk Assessment and Methodology April 23, 2025 1 ENTERPRISE RISK ASSESSMENT Vasquez & Company LLP (Vasquez) follows the guidance of the International Professional Practices Framework (IPPF) issued by the Institute of Internal Auditors. The IPPF standards emphasize that internal audit plans should be risk-based and align with the organization's goals. These plans must be found on a documented risk assessment, updated periodically, and should incorporate input from management and the Audit Ad Hoc Committee. What is an Enterprise Risk Assessment? An enterprise risk assessment is a comprehensive process that helps organizations identify, assess, and manage risks across all departments and business units, ensuring a holistic approach to risk management and compliance. It involves using professional judgment to evaluate risk factors and their effects on the entity. Risk factors refer to the relevant information that significantly affects how the identified risk is managed, prioritized, monitored, and reported. This may include the following: • Results of prior period internal audit reports • Size and significance of the affected department operations • Effects on operations • Regulatory requirements • Financial exposure • Volume of transactions • Vulnerability to fraud • Effectiveness of the internal control system An enterprise risk assessment is designed to enable management, governance, and other key stakeholders to identify and agree on the key risks facing OC San through a rigorous process of discovery and assessment. Risk Assessment Methodology Vasquez created a tailored risk assessment approach for OC San's departments, people, and processes. The process begins with planning and scoping to steer the risk assessment, followed by developing risk types, measures, and risk scores. To identify and understand current emerging risk areas, Vasquez conducted interviews and discussions with members of the governance and management of OC San. Vasquez also reviewed the information provided by OC San, including organizational charts, regulatory reports, strategic plans, minutes of board meetings, financial statements, and results of past internal audits. The information gathered from the interviews, along with documents reviewed, was utilized to develop the Enterprise Risk Assessment Results and Proposed Audit Plan. Orange County Sanitation District Enterprise Risk Assessment Risks Identified April 23, 2025 2 RISKS IDENTIFIED Risk arises when there are internal and/or external forces that could negatively affect the fundamentals that drive OC San’s objectives, strategies, and values in the services provided to its customers. Future changes in environmental factors and actions by personnel that cannot be anticipated may significantly and adversely impact risk exposure. This risk assessment identified sixteen (16) risks applicable to OC San: 1. Talent Acquisition: The risk associated with an organization's difficulty in acquiring suitable workers with the requisite skill set to meet the organization's workforce needs. 2. Talent Retention: The risk associated with an organization's difficulty in retaining top-performing employees to meet or sustain the organization's workforce needs. 3. Succession Planning: The risk associated with an organization's difficulty in maintaining its normal operations in the event of the loss of key or critical personnel. The need for a comprehensive, enterprise-wide succession planning process impacts OC San's business continuity, may lead to potential knowledge loss, employee turnover, and cultural impairment, and could result in a struggle to execute the organization's strategic objectives. 4. Physical Security of Assets: The risk associated with the vulnerability of the organization's assets against internal and/or external threats that may result in the loss or destruction of property and/or disruption of services to customers. 5. Supply Chain: The risk associated with the potential disruption of an organization’s operational flow of goods and services, which may result in delays of projects, delayed maintenance, and losses being incurred. 6. Vendor Management: The risk in vendor management refers to the potential for adverse outcomes resulting from the organization's reliance on third-party vendors. It encompasses any threat that could arise from the vendor's actions, inactions, or external factors affecting the vendor's ability to deliver services or products as expected. 7. Construction Projects (Project and Budget Management): The risk associated with potential disruption on the execution of construction projects, such as delays, construction incidents, backlogs, and cost overruns, including significant differences or changes between the actual cost of materials or projects and estimated costs. 8. Business Continuity: The risk associated with the organization's vulnerability or struggle to continue operating at normal capacity and provide essential services during or after a major and/ or prolonged disruptive event. 9. Generative AI: The risk associated with the organization's vulnerability related to data security and inappropriate or over-reliance on information generated using Artificial Intelligence. Orange County Sanitation District Enterprise Risk Assessment Risks Identified April 23, 2025 3 10. Cybersecurity Vulnerabilities: The risk associated with the organization's vulnerability to cyber-attacks such as hacking, the infestation of malware, viruses & ransomware, phishing, social engineering, and others. Lack of robust ongoing cybersecurity efforts across the organization to keep up with changes and advances in external attacker capabilities and threats could lead to theft of employee or customer information, including personally identifiable information (PII) and/or intellectual property. Security breaches may result in business disruption, reputational harm, lawsuits, and financial loss. 11. Technology Obsolescence Risk: The risk associated with the organization's obsolescence of IT infrastructure, such as equipment, platforms, programs, and software. IT applications and infrastructure, including various disparate systems that do not interface or integrate, may limit visibility and transparency of information across the organization, thereby inhibiting the organization’s ability to make informed business decisions and achieve its strategic objectives. 12. IT Governance: The risk associated with the misalignment between IT strategy and business objectives, which can lead to security vulnerabilities and negatively impact organizational performance. 13. Regulatory Complexity: The risk associated with the organization's vulnerability or struggle to readily comply with the dynamic changes and legislation advances of regulatory requirements, which may result in fines and/or penalties and, under worst-case scenarios, disruption of operations. An example of these regulatory requirements includes those related to the management of hazardous waste, such as biosolids, micro-plastics, and Polyfluoroalkyl Substances (PFAS), which, if improperly discarded or managed, might result in harm to consumers, the community, or the environment. 14. Workplace Safety: The risk associated with workplace hazards that may lead to injuries, illness, or damage, including but not limited to exposure to harmful substances, electrical, and fire hazards. 15. Reputation: The risk associated with a negative view of the organization by the public due to regulatory noncompliance and shortcomings in delivering its promise to protect health and the environment by providing effective wastewater collection, treatment, and recycling. 16. Rights and Obligations: The risk associated with an organization's struggle to consistently enforce its rights and to acknowledge its obligations. This may include inconsistently monitoring and handling assets and obligations for items such as easements. Orange County Sanitation District Enterprise Risk Assessment Risks Identified April 23, 2025 4 Risk Score Assignment of risk scores and ratings involved professional judgment. To determine the significance of the risks identified, Vasquez combined the impact, should it occur, and the likelihood or the probability of the risk’s occurrence. Risk scores and ratings are assigned to both impact and likelihood; the average of which is determined to be the Final Risk Score and Final Risk Rating. • Impact refers to the magnitude to which an identified risk may affect the Organization. The impact is determined through a combination of considerations that a certain risk may significantly affect the Organization’s operations, financial health, reputation, safety, and significant areas of the Organization. • Likelihood refers to the probability that a certain event will occur. Likelihood is often described using qualitative terms such as likely, possible, unlikely, rare, or as a percentage of probability. Orange County Sanitation District Enterprise Risk Assessment Risk Area Scoring-Matrix April 23, 2025 5 RISK AREA SCORING MATRIX Impact Likelihood Final Risk Score Score Score 9 3 6 6 6 6 9 9 9 9 3 6 9 9 9 6 9 7.5 9 6 7.5 9 5 7 9 9 9 9 9 9 9 9 9 9 6 7.5 6 6 6 6 6 6 3 1 2 6 6 6 Supply Chain Vendor Management Construction Projects (Project & Budget Management) Rights and Obligations IT Governance Generative AI Cybersecurity Vulnerabilities Technology Obsolescence Risk Risk Area Scoring Matrix Regulatory/ Safety/ Reputation/ Legal Risks Regulatory Complexity Workplace Safety Reputation Resources and Supplier Operational Business Continuity Information Technology Human Capital Risks Talent Acquisition Talent Retention Succession Planning Risks Identified Business / Operations Physical Security of Assets Risk Rating Risk Score High > 7.51 Medium 4.51 to 7.50 Low 1 to 4.50 Poses a moderate financial reporting or operational risk, will involve less resources, involves fewer complex controls and accounting issues. Minimal financial reporting or operational risk, requires low level of resources, routine control and accounting issues. Risk Definition Poses a significant financial reporting or operational risk, will most likely require ongoing sustained resources, includes accounting issues or balances that include significant estimates or judgments. Orange County Sanitation District Enterprise Risk Assessment Risk Heat Map April 23, 2025 6 RISK HEAT MAP Go v e r n a n c e Ge n e r a l M a n a g e r Fi n a n c i a l M a n a g e m e n t Co n t r a c t s , P u r c h a s i n g , & M a t e r i a l s Ma n a g e m e n t In f o r m a t i o n Te c h n o l o g y Fa c i l i t i e s M a n a g e m e n t Co m m u n i c a t i o n s De p a r t m e n t Hu m a n R e s o u r c e s Ad m i n i s t r a t i o n Ri s k M a n a g e m e n t En v i r o n m e n t a l Se r v i c e s Ad m i n i s t r a t i o n Re s o u r c e P r o t e c t i o n En v i r o n m e n t a l Co m p l i a n c e En g i n e e r i n g De p a r t m e n t O& M D e p a r t m e n t Pl a n t 1 & 2 O p e r a t i o n s Generative AI Human Capital Risks Talent Acquisition Talent Retention Succession Planning Resources and Supplier Physical Security of Assets Supply Chain Vendor Management Workplace Safety Reputation Rights and Obligations Regulatory/ Safety/ Reputation/ Legal Risks Cybersecurity Vulnerabilities Technology Obsolescence Risk IT Governance Regulatory Complexity Departments Risk Identified Business / Operations Operational Information Technology Construction Projects (Project & Budget Management) Business Continuity Orange County Sanitation District Enterprise Risk Assessment Enterprise Risk Assessment Results April 23, 2025 7 ENTERPRISE RISK ASSESSMENT RESULTS From the Risk Heat Map, identified risks are listed below in accordance with the determined risk rating, along with the details related to noted key trigger points and respondent departments. Risk Identified Key Trigger Points Risk Rating Departments Human Capital Talent Acquisition • Inconsistency in the competitiveness of the salary and benefits package for certain positions as compared to the industry • Tenured personnel leaving/retiring • Some understaffing noted in upper level of management, especially in the O&M department Medium • Human Resources Administration Talent Retention • Inconsistency in the competitiveness of the salary and benefits package for certain positions as compared to the industry • Tenured personnel leaving/ retiring Medium • Financial Management • Resource Protection • Environmental Compliance • Plant 1 & 2 Operations Succession Planning • Inconsistency in competitiveness of salary and benefits package for certain positions as compared to industry • Tenured personnel leaving/ retiring • Personnel that are the only source of knowledge regarding key processes • Some understaffing noted in upper level of management, especially in the O&M department High • Governance • Financial Management • Facilities Management • Human Resources Administration • Risk Management • Resource Protection • Environmental Compliance • Engineering Department • O&M Department • Plant 1 & 2 Operations Orange County Sanitation District Enterprise Risk Assessment Enterprise Risk Assessment Results April 23, 2025 8 Risk Identified Key Trigger Points Risk Rating Departments Business/ Operations Resources and Supplier Physical Security of Assets • Drones as a risk to physical access • Potential acts of terrorism • Structural integrity/ resilience of the plants and facilities against seismic activities • Buildings and facilities requiring maintenance • Adequacy of current physical security (security guards and cameras) • Theft, vandalism, and destruction of property Medium • Governance • Information Technology • Human Resources Administration • Risk Management Supply Chain • Significant lead time on receipt of supply • Contractors’ delay is experienced in procurement • Contractors not performing in accordance with the agreed level or quality of work • Expense payment and income collection processes need upgrades. High • Governance • General Manager • Financial Management • Engineering Department Vendor Management • Contractors are not performing as agreed upon • Robust enforcement of contracts agreed upon • Making sure contracts are in OC San's best interest • Over- or under-reliance on consultants, suggesting the need for clear guidelines and accountability Medium • General Manager • Financial Management • O&M Department • Plan 1 & 2 Operations Orange County Sanitation District Enterprise Risk Assessment Enterprise Risk Assessment Results April 23, 2025 9 Risk Identified Key Trigger Points Risk Rating Departments Operational Construction Projects (Project and Budget Management) • Delays in project designs and executions • Incomplete / Delayed projects costing more money and time • Cost estimates that are significantly different from actuals • Contractors not performing as agreed upon. Medium • Governance • Facilities Management • Environmental Services Administration • Environmental Compliance Business Continuity • Business continuity amidst crisis or natural catastrophes • Structural integrity/ resilience of the plants and facilities against seismic activities • Buildings and facilities requiring maintenance • Power outages • Equipment and facilities with limited alternative replacement options, higher cost of replacement, and/ or higher cost of repairs; This may cause the Organization to be unable to operate at maximum level. Medium • Governance • Contracts, Purchasing, & Materials Management • Engineering Department • Plant 1 & 2 Operations Orange County Sanitation District Enterprise Risk Assessment Enterprise Risk Assessment Results April 23, 2025 10 Risk Identified Key Trigger Points Risk Rating Departments Information Technology Generative AI • Planned integration of AI in operations/ processes • Developing memorialized guidelines for the use of AI High • Governance • General Manager • Financial Management • Contracts, Purchasing, & Materials Management • Information Technology • Communications Department • Human Resources Administration • Resource Protection • Engineering Department Cybersecurity Vulnerabilities • Use of third-party Software as a Service (SaaS) • Vulnerability related to attacks on a third-party SaaS vendor • Cloud-based storage High • Governance • Information Technology • Facilities Management • Communications Department • Human Resources Administration • Risk Management • Engineering Department Technology Obsolescence Risk • Risk of software obsolescence related to legacy systems • Shift to virtual timecards High • General Manager • Information Technology IT Governance • Use of third-party SaaS • Vulnerability related to attacks on a third-party SaaS vendor Medium • General Manager • Financial Management • Information Technology • Communications Department Orange County Sanitation District Enterprise Risk Assessment Enterprise Risk Assessment Results April 23, 2025 11 Risk Identified Key Trigger Points Risk Rating Departments Regulatory/ Safety/ Reputation/ Legal Risks Regulatory Complexity • The complexity of new regulatory requirements related to waste management, such as PFAS and biosolids Medium • Governance • Financial Management • Environmental Services Administration Workplace Safety • Workplace safety vs. outcomes • Incidents are expensive and often avoidable • Sufficiency of safety policies and procedures Medium • Governance Reputation • Potential for the negative viewpoint of the public/ affected community on OC San’s delivery on promises and obligations Low • Governance • Communications Department Asset Management - Rights and Obligations • Unaccounted properties from prior years, including obligations such as easement rights • Possibility of unknown properties as noted by the prior year's external auditor Medium • Governance • Communications Department • Predecessor Auditor Orange County Sanitation District Enterprise Risk Assessment Proposed Audit Plan April 23, 2025 12 PROPOSED AUDIT PLAN The Proposed Audit Plan outlines the suggested Internal Audit engagements for the next five-year period. It is important to note that the Proposed Audit Plan is a working document that should be flexible in addressing current priorities in a changing environment. The Audit Ad Hoc Committee will review and approve any significant additions, deletions, or other changes in the Proposed Audit Plan prior to modification. Annual review and approval of purchase orders is required. The methodology used to create the list of eight proposed audits below was as follows: • We did not propose an audit for low-risk areas • We proposed audits for all high and medium risk areas, and we evaluated whether they should have recurring audits in the 5-year period (all IT related areas have recurring audits on the schedule, other proposed audits for multiple years relate to either other high risk areas or breaking apart the procedures due to scope size) • We combined certain audit risk areas into one proposed audit category as follows: Human Capital Management includes all 3 risk areas identified (succession planning, talent acquisition, and talent retention); we suggest focusing on succession planning, as that is the high-risk area of the three, for the first proposed audit in FY 25-26 and the talent acquisition and talent retention areas for the second proposed audit in FY 28-29 We combined physical security of assets, business continuity, and rights and obligations under the Asset Management proposed audits for FY 27-28 and FY 29-30 (divided into two separate proposed audits to stay within budget) We combined technology obsolescence risk, vendor management, and IT governance in the proposed audit IT Governance - Vendor, Asset, and Change Management The proposed Workplace Safety audit also includes the risks related to regulatory complexity The proposed audit Construction Project and Budget management also includes risks related to vendor management Orange County Sanitation District Enterprise Risk Assessment Proposed Audit Plan April 23, 2025 13 Proposed Audits FY 25-26 through FY 29-30 The table below summarizes the proposed FY 25-26 through FY 29-30 internal audits, activities, estimated timing, and risk rating discussed and validated through the risk assessment process. Please note that two audits have been approved for FY 25-26, and any additional audits may require an adjustment to the approved budget. 25-26 26-27 27-28 28-29 29-30 1 Human Capital Management High/ Medium X X 2 IT Cybersecurity Vulnerabilities High X X 3 IT Generative AI High X X 4 Supply Chain High X X 5 IT Governance - Vendor, Asset, and Change Management High/ Medium X X X 6 Construction Projects and Budget Management Medium X 7 Workplace Safety Medium X 8 Asset Management Medium X X No.Proposed Audits Fiscal YearsFinal Risk Rating Orange County Sanitation District Enterprise Risk Assessment Proposed Audit Plan April 23, 2025 14 Details of Proposed Audits FY 25-26 through FY 29-30 The proposed audits will cover the following areas: No. Proposed Audits Risk Factors Proposed Audit Scope 1 Human Capital Management • Leadership Vacuum: A significant risk is the potential for a leadership vacuum if key leaders leave unexpectedly without suitable successors in place. • Skill Gaps: When experienced personnel depart, there is a risk of losing valuable institutional knowledge and expertise. • Challenges in Onboarding: New employees may find it more difficult to get up to speed without access to the accumulated knowledge of their predecessors. • Regulatory Compliance: New leaders may lack the necessary understanding of regulatory requirements, leading to potential non-compliance issues. • Selecting the Wrong Candidate: Absence of a well-defined succession planning process increases the likelihood of selecting an unsuitable candidate for a position. • Compensation and Benefits: Inconsistency in competitiveness of the salary and benefits package for certain positions as compared to the industry The following proposed audits and procedures will assess the actions taken by the Organization to address the identified Human Capital Management Risk Factors: Proposed Audit No. 1 – Succession Planning: a. Assess the Organization’s succession planning framework to ensure it includes key elements such as identification of critical roles, talent assessment, development plans, and contingency strategies. b. Review implementation of knowledge transfer strategies, such as adequacy of training, mentorship program, and documentation of best practices, to help preserve critical information. Proposed Audit No. 2 – Talent Acquisition and Retention: a. Assess the Organization’s current leadership structure to identify vacant positions, roles with unclear responsibilities, and areas where leadership is deficient. Orange County Sanitation District Enterprise Risk Assessment Proposed Audit Plan April 23, 2025 15 No. Proposed Audits Risk Factors Proposed Audit Scope b. Evaluate the quality and readiness of the Organization’s internal talent pool including reviewing the skills, competencies, and potential of identified successors. c. Review of the Organization’s current pay structures, benefits offerings, and related policies to ensure they are effective, competitive, and compliant with legal regulations. 2 IT Cybersecurity Vulnerabilities • Data Breaches: Vulnerabilities can be exploited to gain unauthorized access to sensitive data. • Malware and Ransomware: These threats can disrupt operations and cause significant financial losses. • Insider Threats: Employees or contractors with legitimate access can misuse their privileges. • Denial of Service (DoS) Attacks: These attacks can overwhelm systems, making them unavailable to users. • Software Vulnerabilities: Unpatched software can be exploited by attackers. The following proposed audits and procedures will assess the actions taken by the Organization to address the identified IT Cybersecurity Vulnerability Risk Factors: a. Examine the Organization's security policies and procedures to ensure they are comprehensive and up-to-date and address key areas such as access control, incident response, and data protection. b. Evaluate the Organization's mission-critical information system to identify potential security weaknesses. c. Assess the procedures taken by the Organization to test and scan mission-critical information systems to uncover vulnerabilities that could be exploited by cyber threats, verify compliance with relevant laws and industry standards, and provide actionable insights to improve the organization's security posture. Orange County Sanitation District Enterprise Risk Assessment Proposed Audit Plan April 23, 2025 16 No. Proposed Audits Risk Factors Proposed Audit Scope d. Assess the Organization’s tools and techniques used for monitoring user activities, such as event logs and automated solutions. 3 IT Generative AI • Data Privacy and Security: Generative AI systems often require large amounts of data, which can include sensitive information. • Bias and Fairness: AI models can inadvertently learn and perpetuate biases present in the training data. • Model Integrity: Generative AI models can produce inaccurate or misleading outputs, known as "hallucinations." • Ethical and Legal Compliance: The use of generative AI can raise ethical and legal concerns, such as intellectual property issues and compliance with regulations. • Operational Risks: Integrating generative AI into business processes can introduce operational risks, such as system failures or performance issues. The following proposed audits and procedures will assess the actions taken by the Organization to address the identified IT Generative AI Risk Factors: a. Assess the Organization’s policies and guidelines for the use of generative AI. b. Evaluation of the performance and accuracy of AI models, c. Verification that data privacy and protection measures are in place and comply with regulations. d. Examination of how generative AI is integrated into workflows and systems. e. Assessment of the quality and reliability of AI-generated outputs. f. Determination of potential biases in AI outputs and ensuring measures are in place to mitigate them. 4 Supply Chain • Supplier Reliability: Dependence on a single supplier can be risky if they face disruptions. This may include risks related to delays, significant lead time for receipt of supply, vulnerability to price changes, and unsatisfactory quality of supply. The following proposed audits and procedures will assess the actions taken by the Organization to address the identified Supply Chain Risk Factors: a. Review the Organization’s practices and policies to ensure supplier diversification, including criteria for selecting and evaluating Orange County Sanitation District Enterprise Risk Assessment Proposed Audit Plan April 23, 2025 17 No. Proposed Audits Risk Factors Proposed Audit Scope • Logistics Disruptions: Transportation delays, port congestion, and accidents can disrupt the supply chain. • Regulatory Compliance: Changes in regulations can impact supply chain operations. suppliers (sufficiently diversified across different regions, industries, and risk profiles), and managing supplier relationships. b. Supplier’s compliance with contractual obligations and performance standards. Review of regulatory changes and comparison to supplier information to determine whether there are risks of noncompliance or disruption. c. Review KPIs related to logistics, such as delivery times, order accuracy, and cost efficiency, and conduct tests to ensure logistics plans are effective and can adapt to changes in demand or supply chain disruptions. 5 IT Governance – Vendor, Asset, and Change Management • Alignment with Business Goals: IT initiatives may not align with the overall business strategy, leading to wasted resources and missed opportunities. • Risk Management: Inconsistently identifying and managing IT risks can lead to significant disruptions. • Compliance: Non-compliance with regulatory requirements can result in legal penalties and reputational damage. • Resource Constraints and Obsolescence: Limited resources can hinder the effective implementation of IT governance. The risk of obsolescence could lead to disruption in The following proposed audits and procedures will assess the actions taken by the Organization to address the identified IT Governance – Vendor, Asset, and Change Management Risk Factors: a. Evaluate the Organization's IT environment maturity by evaluating the clarity and effectiveness of roles and responsibilities among the IT Organization and assessing established IT Policies and Procedures. Assess the effectiveness of the IT Policies and Procedures by testing control areas such as Access Management, Program Change Management, and IT Operations. b. Evaluate if the Organization has identified outdated or soon-to-be-obsolete technology within the Organization and assess the risks Orange County Sanitation District Enterprise Risk Assessment Proposed Audit Plan April 23, 2025 18 No. Proposed Audits Risk Factors Proposed Audit Scope operations or struggle to meet strategic objectives. • Transparency and Accountability: A lack of transparency and accountability in IT decision-making can lead to inefficiencies and mismanagement. • Vendor Risks: Vendors and partners can introduce vulnerabilities into your systems. and impacts of using such technology, including security vulnerabilities, inefficiencies, and compliance issues. Evaluate how the Organization manages the changes and implementation of the new systems. c. Assess the processes for selecting and managing third-party vendors and ensure that due diligence is performed and that vendors are regularly evaluated. d. Assess the Organization's processes for continuously monitoring third-party vendors to manage risks such as cybersecurity threats, compliance issues, and performance failures. 6 Construction Projects and Budget Management • Budget/Cost Overruns: Projects often exceed their budgets due to unforeseen expenses not included in cost estimation. • Unscheduled Delays: Delays can occur due to various factors such as weather conditions, supply chain disruptions, or labor. • Cost Deviations: Significant deviations from cost estimates can disrupt ongoing operations, especially if funds need to be diverted from other critical areas to cover the shortfall, or the change in estimates was not factored into long-term rate adjustments. • Quality Control Issues: Ensuring that construction meets the required standards is crucial. The following proposed audits and procedures will assess the actions taken by the Organization to address the identified Construction Projects and Budget Management Risk Factors: a. Review of cost estimation and approval process. b. Review the approval and ongoing monitoring of the budget and spending associated with projects. c. Review the internal and external quality control processes in place to ensure that construction standards are met. Orange County Sanitation District Enterprise Risk Assessment Proposed Audit Plan April 23, 2025 19 No. Proposed Audits Risk Factors Proposed Audit Scope • Regulatory Compliance: Adhering to local, state, and federal regulations can be challenging and time-consuming, but non-compliance can result in significant fines and project delays. d. Review key performance indicators (KPIs) and other metrics to assess the project's progress, efficiency, and effectiveness. 7 Workplace Safety • Exposure to Hazards: These include potential slips, trips, falls, machinery accidents, electrical hazards, poor workstation design, stress, harassment, workplace violence, and exposure to hazardous substances that can cause health issues. • Defects: Errors during operation can lead to unsafe water treatment and/or waste management, which may expose the OC San, the community, and the environment to hazards. • Compliance with Standards: Failure to adhere to safety standards and regulations can increase the risk of product-related injuries and legal liabilities. • Compliance Costs: New regulations often require significant investments in technology and processes to meet compliance standards. • Environmental and Public Health Concerns: Any inconsistencies in disposal methods can lead to environmental contamination, affecting soil, water, and air quality. The following proposed audits and procedures will assess the actions taken by the Organization to address the identified Workplace Safety Risk Factors: a. Conduct surveys or interviews with employees to gather information about their perceptions of workplace safety and any concerns they may have about violence or threats and potential hazards. b. Evaluate existing safety procedures and protocols to assess their effectiveness and whether these are followed correctly, and if they are adequate to mitigate identified hazards. c. Examine records of regulatory filings, permits, and incident reports to ensure compliance with environmental and public health standards. d. Analyze employee and community complaints and feedback to identify recurring safety, health, and environmental issues and areas needing improvement. e. Evaluate metrics and reports on safety and compliance for newly implemented projects. Orange County Sanitation District Enterprise Risk Assessment Proposed Audit Plan April 23, 2025 20 No. Proposed Audits Risk Factors Proposed Audit Scope 8 Asset Management • Unauthorized Access: Preventing unauthorized individuals from entering secure areas is crucial. • Risk of Theft and Vandalism: Physical theft and vandalism can result in significant financial losses and property damage. • Insider Threats: Employees or contractors with legitimate access can pose risks if they misuse their access. • Natural Disasters: Events like earthquakes, floods, and fires can disrupt operations and damage facilities. • Inconsistent Property Recordkeeping: Inconsistent recordkeeping of rights and obligations related to property can result in reputational harm and potential liability, financial loss, and fines. The following proposed audit procedures will assess the actions taken by the Organization to address identified Management, Rights, Obligations, and Monitoring Risks Factors: Proposed Audit No. 1 – Asset Security and Access Rights: a. Test implementation of access control systems, including key cards, biometric scanners, and security personnel to mitigate security risk. b. Review the effectiveness of installed surveillance cameras, alarm systems, and physical barriers such as fences and locks in deterring unauthorized activities. c. Evaluate policies for conducting background checks, and monitoring access logs, including evaluation of whether access controls are functioning correctly, and only authorized users can access sensitive data. d. Verify if the roles and responsibilities of the business continuity team and other stakeholders are clearly defined and understood, and assess the effectiveness of internal and external communication plans, ensuring contact lists are current and communication channels are established. Orange County Sanitation District Enterprise Risk Assessment Proposed Audit Plan April 23, 2025 21 No. Proposed Audits Risk Factors Proposed Audit Scope Proposed Audit No. 2 – Asset Monitoring, Rights, and Obligations: a. Evaluate the asset monitoring process and validate that the controls are working effectively, ensuring all assets are recorded. b. Examine deeds, easement agreements, and other legal documents to verify the entity's rights to use the property and any obligations associated with it. c. Compare internal records with external documents, such as land registry records, to ensure consistency and accuracy in the reporting of easements and property ownership. Orange County Sanitation District Enterprise Risk Assessment Conclusion April 23, 2025 22 CONCLUSION The Enterprise Risk Assessment for the Orange County Sanitation District (OC San) has identified critical risks and proposed a comprehensive audit plan to address these challenges over the next five years. This assessment underscores the importance of proactive risk management and the need for continuous monitoring and adaptation to emerging threats and opportunities. The identified risks highlight areas where OC San must focus its efforts to ensure operational resilience and compliance. The proposed audit plan provides a structured approach to mitigate these risks, enhance internal controls, and support OC San in achieving its strategic objectives. It is ultimately up to the Audit Ad Hoc Committee to decide which risks need to be prioritized and how soon the audits should be performed. The dynamic nature of risks necessitates that this audit plan remains flexible, allowing for adjustments in response to changing conditions and new insights. Additionally, there may be a need to modify the approved internal audit budget to accommodate the Audit Ad Hoc Committee's requests. We are confident that the enterprise risk assessment results and proposed audit plan presented in this report will serve as a valuable resource for OC San's management and governance bodies. We look forward to supporting OC San in its ongoing efforts to enhance risk management practices and achieve excellence in service delivery. www.vasquez.cpa 655 N Central Avenue, Suite 1550 • Glendale, California 91203-1437 • +1.213.873.1700 2 /Risk Assessment Methodology • Planning and scoping of risk assessment • Reviewed the information provided by OC San, including organizational charts, regulatory reports, strategic plans, minutes of board meetings, and results of past internal audits, financial statements, and forecasted budget information • Conducted interviews and discussions with members of governance, senior management, and department heads • Developed risk types, measures, and risk scores • Prepared the Proposed Audit Plan 3 /Risk Area Scoring Matrix 4 Go v e r n a n c e Ge n e r a l M a n a g e r Fin a n c i a l M a n a g e m e n t Co n t r a c t s , P u r c h a s i n g , & M a t e r i a l s Ma n a g e m e n t In f o r m a t i o n Te c h n o l o g y Fa c i l i t i e s M a n a g e m e n t Co m m u n i c a t i o n s De p a r t m e n t Hu m a n R e s o u r c e s Ad m i n i s t r a t i o n Ris k M a n a g e m e n t En v i r o n m e n t a l Se r v i c e s Ad m i n i s t r a t i o n Re s o u r c e P r o t e c t i o n En v i r o n m e n t a l Co m p l i a n c e En g i n e e r i n g De p a r t m e n t O& M D e p a r t m e n t Pla n t 1 & 2 O p e r a t i o n s /Risk Heat Map 5 /Proposed Audits FY 25-26 through FY 29-30 ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4223 Agenda Date:5/14/2025 Agenda Item No:6. FROM:Robert Thompson, General Manager Originator: Lan C. Wiborg, Director of Environmental Services SUBJECT: PURCHASE ORDER FOR CALIFORNIA RECREATION COMPANY MARINA SLIP RENTAL AGREEMENT GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a purchase order to California Recreation Company (CRC) Marinas for the rental of an end tie boat slip in Newport Beach Harbor, in an amount not to exceed $159,794 for the period of July 1, 2025, through June 30, 2026, with nine (9) optional one-year renewals; and B. Approve an annual increase not to exceed 10% of the previous year’s amount. BACKGROUND For over 20 years,Orange County Sanitation District (OC San)has owned and operated a 58-foot monohull ocean monitoring vessel,Nerissa,for collecting compliance samples in the receiving environment to meet the National Pollutant Discharge Elimination Permit (NPDES)ocean discharge permit requirements.Nerissa is now nearing the end of service life,thus in May 2024,the Board of Directors approved the construction of a new 65-foot plug-in hybrid vessel,which will require an end tie rather than a conventional boat slip to accommodate the new vessel’s wide beam.As end ties are in short supply with a 10-year waiting list,in January 2024 staff seized the opportunity to rent an 82- foot end tie at Balboa Marina in Newport Harbor to ensure efficient and safe operation of the new vessel after it is commissioned in 2027.Nerissa will continue to be docked at the end tie until the new plug-in hybrid vessel is delivered. RELEVANT STANDARDS ·Comply with environmental permit requirements ·Protect OC San assets ·Commitment to safety and reducing risk in all operations ·Sustain 1, 5, 20-year planning horizons ·Ensure the public’s money is wisely spent Orange County Sanitation District Printed on 5/1/2025Page 1 of 3 powered by Legistar™ File #:2025-4223 Agenda Date:5/14/2025 Agenda Item No:6. PROBLEM The cost of boat slips continues to increase across Southern California and end ties are in short supply with a 10-year waiting list.If OC San does not renew the current end tie rental,it will be extremely difficult to find another suitable end tie for the new vessel that is under construction and staff will need to rent a new slip for Nerissa.The current end tie is ideal because it includes a dedicated charging station to support the hybrid propulsion engines and navigating a vessel to/from the marina is not impeded by tidal extremes and strong winds. PROPOSED SOLUTION OC San currently pays $11,992 per month (at a rate of $146.24 per linear foot)for the end tie.CRC Marinas informed OC San on January 9,2025,that the rental fee will be increased annually by an estimate of 5-7% starting on July 1, 2025. Thus,staff is proposing issuance of a purchase order to CRC Marinas to renew the rental of the end tie in Newport Beach Harbor,not to exceed $159,794 for the period July 1,2025,through June 30, 2026,with nine (9)optional one-year renewals.Each optional annual renewal shall not increase by more than 10% of the previous year’s amount. Approving a contract term for up to 10 total years ensures that OC San will have a suitable place to berth Nerissa, as well as the new vessel, for the foreseeable future. TIMING CONCERNS The current purchase order with CRC Marinas is set to expire on June 30, 2025. RAMIFICATIONS OF NOT TAKING ACTION If a new purchase order is not issued,OC San will no longer have a suitable place to dock its current vessel,Nerissa,after July 1st or the new vessel in 2027.Docking the new vessel at a conventional boat slip is not feasible due to its large size.Since staff were able to secure the current end tie after 14 months of rigorous searching,it may take as long or longer to obtain another suitable end tie in Newport Harbor.Docking a monitoring vessel at a mooring ball in the interim is not feasible as the transit time to the moored vessel via a motorized dinghy and then to the Harbor Patrol’s guest dock to pick up the crew and sampling gear will cut into the sampling time of each monitoring survey, which may impact OC San’s ability to meet NPDES permit compliance monitoring of the receiving environment.Additionally,docking the new vessel at a mooring ball is not feasible because the new vessel will require shore power to charge the batteries overnight. PRIOR COMMITTEE/BOARD ACTIONS May 2024 -Approved a Purchase Order to California Recreation Company (CRC)Marinas for the rental of an end tie boat slip in Newport Beach Harbor,not to exceed $147,490 for the period July 1, 2024, through June 30, 2025, and approved a contingency of $29,498 (20%). December 2016 -Approved the addition of California Recreation Company as the OEM Sole Source for the Vessel Nerissa Slip Fees. Orange County Sanitation District Printed on 5/1/2025Page 2 of 3 powered by Legistar™ File #:2025-4223 Agenda Date:5/14/2025 Agenda Item No:6. ADDITIONAL INFORMATION It is industry practice for marinas to rent boat slips and end ties on a month-to-month basis.As CRC Marinas plans to increase the rental fee of the current end tie by an estimated 5-7%annually starting on July 1,2025,the new purchase order is estimated to be $159,794 for the next twelve months (FY 2025-26).Staff are seeking nine (9)optional one-year renewals,because end ties are in short supply with a 10-year waiting list.In addition,OC San plans to invest in upgrading the shore power at the end tie to allow for faster charging of the batteries on the new vessel when it is commissioned in 2027. Since 2016, CRC Marinas has been the sole proprietary service provider for the dock fees. CEQA N/A FINANCIAL CONSIDERATIONS This request complies with the authority levels of OC San’s Purchasing Ordinance.This item has been budgeted (Budget Update FY 2025-26,Section 6,Page 60,Environmental Laboratory and Ocean Monitoring) and the budget is sufficient for the recommended action. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 5/1/2025Page 3 of 3 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4225 Agenda Date:5/14/2025 Agenda Item No:7. FROM:Robert Thompson, General Manager Originator: Lan C. Wiborg, Director of Environmental Services SUBJECT: OCEAN ACIDIFICATION AND HYPOXIA MINI-MOORING GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: A.Approve a Sole Source Service Contract with The Regents of the University of California on behalf of its San Diego campus’ Scripps Institution of Oceanography to build and maintain an ocean acidification and hypoxia (OAH) mini-mooring and to provide field and data support, in an amount not to exceed $290,000 for the period July 1, 2025, to June 30, 2026; B. Approve three (3) optional one-year renewals to maintain and calibrate the mini-mooring sensors as well as provide field and data support, in an amount not to exceed $130,000 for each renewal; and C. Approve a 10% contingency per year. BACKGROUND Since 2015,Orange County Sanitation District (OC San),along with the City of Los Angeles,LA County Sanitation Districts and the City of San Diego,have been conducting ocean acidification and hypoxia (OAH)monitoring.OC San and the City of San Diego each use oceanographic moorings, which are seafloor-anchored buoys that suspend multiple OAH sensors throughout the water column. The goal of the mooring deployments is to gain a better understanding of the variability and decreasing trends in pH (acidification)and dissolved oxygen (hypoxia)across the Southern California Bight. In 2021,OC San’s OAH mooring program became a specific requirement under the 2021 National Pollutant Discharge Elimination Permit (NPDES) ocean discharge permit. In 2022,with OC San Board approval,staff at the Scripps Institution of Oceanography (SIO)Ocean Time Series Lab at UC San Diego designed and built a pilot mini-mooring for OC San to address challenges associated with the previous OAH mooring’s large size and long lead times with repairs and replacement of mooring sensors.The pilot mini-mooring is a lightweight system with similar capabilities to a traditionally large mooring,but it is designed to be more safely deployed and recovered.Additional benefits include access to local expertise,ease of transport,and remote troubleshooting.Since the deployment of the pilot mini-mooring near the 120-inch outfall in May Orange County Sanitation District Printed on 5/6/2025Page 1 of 3 powered by Legistar™ File #:2025-4225 Agenda Date:5/14/2025 Agenda Item No:7. troubleshooting.Since the deployment of the pilot mini-mooring near the 120-inch outfall in May 2023,the instrument has successfully provided continuous real-time data with reduced downtime (from eight to two months)due to its compact design and more rapid servicing compared to the large mooring. OC San plans to fully implement SIO’s mini-mooring system which requires a backup mini-mooring to eliminate the lag time between deployments and minimize data interruptions.This contract will require SIO to build a new backup mini-mooring,provide resources and expertise in sensor maintenance and calibrations for both mini-moorings,and assist OC San staff with safe mooring deployment and recovery.The contractor will also provide services for real-time data stream management,quality control,and visualization according to federal guidelines,as specified in the NPDES permit. RELEVANT STANDARDS ·Comply with environmental permit requirements ·Sustain 1, 5, 20-year planning horizons ·Maintain collaborative and cooperative relationships with regulators,stakeholders,and neighboring communities ·Ensure the public’s money is wisely spent PROBLEM OC San currently does not have an annual service contract for the OAH mini-mooring,leaving us at risk if the mini-mooring requires maintenance or repairs.Moreover,without a backup mini-mooring, there may be up to a two-month data gap while the unit is being serviced. PROPOSED SOLUTION Approve a Sole Source Service Contract with SIO to resume maintenance,repair,and troubleshooting services as well as build a new,backup mini-mooring that will eliminate the lag time between deployments and lead to more continuous OAH data collection.The success of the pilot program demonstrated the experience and commitment SIO’s Ocean Time Series Lab staff have in the design,deployment,and maintenance of this and similar real-time moorings,including those utilized by other agencies such as the City of San Diego. The backup mini-mooring can be deployed at other monitoring locations as needed or to support monitoring efforts for OC San’s 120-inch outfall rehabilitation project in 2027 and 2028. TIMING CONCERNS The annual service contract with SIO expired on October 2, 2024. RAMIFICATIONS OF NOT TAKING ACTION If a new service contract is not approved,then OC San may not meet NPDES permit requirements to monitor OAH at the designated location using an OAH mooring. Orange County Sanitation District Printed on 5/6/2025Page 2 of 3 powered by Legistar™ File #:2025-4225 Agenda Date:5/14/2025 Agenda Item No:7. PRIOR COMMITTEE/BOARD ACTIONS September 2022 -Approved a Sole Source Service Contract with The Regents of the University of California on behalf of its San Diego campus’ Scripps Institution of Oceanography to design,build,and maintain an ocean acidification and hypoxia mini-mooring for a total amount not to exceed $237,235 which includes $159,066 for the first one-year period,to develop and deploy the mooring including the initial 6-month operation,and the first swap-out and subsequent 6-month operation;approved the renewal of the Sole Source Service Contract,at the sole option of OC San,for one (1)additional one-year period in the amount of $78,169 for 12-month operation and two swap-outs; and approved a contingency in the amount of $23,724 (10%). September 2020 -Approved Scripps Institution of Oceanography (SIO)as the pre-approved OEM Sole Source for the Ocean Monitoring Program. ADDITIONAL INFORMATION N/A CEQA N/A FINANCIAL CONSIDERATIONS This request complies with the authority levels of OC San’s Purchasing Ordinance.This item has been budgeted (Budget FY 2025-26,Section 6,Page 60,Environmental Laboratory and Ocean Monitoring) and the budget is sufficient for the recommended action. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Draft Sole Source Service Contract Orange County Sanitation District Printed on 5/6/2025Page 3 of 3 powered by Legistar™ Orange County Sanitation District 1 of 11 Contract SIO OAH SOLE SOURCE SERVICE CONTRACT Scripps Institution of Oceanography Development and Operation of an Upgraded Real-Time Ocean Acidification and Hypoxia Mooring THIS SOLE SOURCE SERVICE CONTRACT (hereinafter referred to as “Contract”) is made and entered into as of the date fully executed below, by and between Orange County Sanitation District with a principal place of business at 18480 Bandilier Circle, Fountain Valley, CA 92708 (hereinafter referred to as "OC San") and The Regents of the University of California on behalf of its San Diego campus’s Scripps Institution of Oceanography with a principal place of business at 9500 Gilman Drive, La Jolla, CA 92093-0210 (hereinafter referred to as "University") collectively referred to as the “Parties”. W I T N E S S E T H WHEREAS, OC San desires to obtain the services of University to provide a real-time mooring to monitor the ocean acidification and hypoxia (OAH) state of the nearshore waters on the San Pedro Shelf (“Services”); and WHEREAS, on May 28, 2025, OC San’s Board of Directors, by minute order, authorized execution of this Agreement. WHEREAS, University is qualified by virtue of experience, training, and education and expertise to accomplish such Services. NOW THEREFORE, in consideration of the promises and mutual benefits exchanged between the Parties, it is mutually agreed as follows: 1. Introduction 1.1 This Contract and all exhibits hereto (called the "Contract") is made by OC San and University. 1.2 The following exhibits, in order of precedence, are incorporated by reference and made part of this Agreement. Exhibit “A” – Scope of Work Exhibit “B” – Not used Exhibit “C” – Not used Exhibit “D” – Contractor Safety Standards Exhibit “E” – Human Resources Policies 1.3 In the event of any conflict or inconsistency between the provisions of this Contract and any of the provisions of the exhibits hereto, the provisions of this Contract shall in all respects govern and control. 1.4 The provisions of this Contract may be amended or waived only by a writing executed by authorized representatives of both Parties hereto. 1.5 The various headings in this Contract are inserted for convenience only and shall not affect the meaning or interpretation of this Contract or any Paragraph or provision hereof Orange County Sanitation District 2 of 11 Contract SIO OAH 1.6 The term “days”, when used in the Contract, shall mean calendar days, unless otherwise noted as business days. 1.7 OC San holidays (non-working days) are as follows: New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Veterans Day, Thanksgiving Day, Day after Thanksgiving, Christmas Eve, and Christmas Day. 1.8 University shall provide OC San with all required premiums and/or overtime work at no charge beyond the price provided under “Compensation” below. 1.9 Except as expressly provided otherwise, OC San accepts no liability for any expenses, losses, or action incurred or undertaken by University as a result of work performed in anticipation of purchases of said services by OC San. 2. Compensation 2.1 Compensation to be paid by OC San to University for Services provided under this contract shall be a total amount not to exceed Two Hundred Ninety Thousand Dollars ($290,000.00). 2.2 If OC San elects to renew the Contract for three (3) optional one-year renewals, it shall not exceed $130,000.00 for each renewal. 3. Payments Payments shall be made upon approval by OC San Project Manager or designee, of invoices submitted for services completed as described in Exhibit “A”. OC San, at its reasonable sole discretion, shall be the determining party as to whether the services have been satisfactorily completed. 4. Invoices 4.1 University shall invoice OC San upon completion of the services as described in Exhibit “A”. 4.2 OC San shall pay within 30 days of completion and receipt and approval by OC San Project Manager of an invoice, submitted in a form consistent with University’s standard procedures including a certification that all costs are required by the work statement and are allowable under federal and state regulations. 4.3 Invoices shall be emailed by University to OC San Accounts Payable at APStaff@OCSAN.gov and reference the following in the subject line: “INVOICE”, the Purchase Order number, the Project Manager and Contract SIO OAH. 5. California Department of Industrial Relations Registration and Record of Wages 5.1 To the extent University’s employees and/or its subconsultants perform work related to this Contract for which Prevailing Wage Determinations have been issued by the California Department of Industrial Relations (DIR) as more specifically defined under Labor Code section 1720 et seq., prevailing wages are required to be paid for applicable work under this Contract. It is University’s responsibility to interpret and implement any prevailing wage requirements and University agrees to pay any penalty or civil damages resulting from a violation of the prevailing wage laws. 5.2 University and its subconsultants shall comply with the registration requirements of Labor Code section 1725.5. Pursuant to Labor Code section 1771.4(a)(1), the work is subject to Orange County Sanitation District 3 of 11 Contract SIO OAH compliance monitoring and enforcement by the California Department of Industrial Relations (DIR). 5.3 Pursuant to Labor Code section 1773.2, a copy of the prevailing rate of per diem wages is available upon request at OC San’s principal office. The prevailing rate of per diem wages may also be found at the DIR website for prevailing wage determinations at http://www.dir.ca.gov/DLSR/PWD 5.4 University and its subconsultants shall comply with the job site notices posting requirements established by the Labor Commissioner per Title 8, California Code of Regulations section 16461(e). Pursuant to Labor Code sections 1773.2 and 1771.4(a)(2), University shall post a copy of the prevailing rate of per diem wages at the job site. 5.5 University and its subconsultants shall maintain accurate payroll records and shall comply with all the provisions of Labor Code section 1776. University and its subconsultants shall submit payroll records to the Labor Commissioner pursuant to Labor Code section 1771.4(a)(3). Pursuant to Labor Code section 1776, the University and its subconsultants shall furnish a copy of all certified payroll records to OC San and/or the general public upon request, provided the public request is made through OC San, the Division of Apprenticeship Standards, or the Division of Labor Standards Enforcement of the Department of Industrial Relations. Pursuant to Labor Code section 1776(h), penalties for non-compliance with a request for payroll records may be deducted from progress payments. 5.5.1 As a condition to receiving payments, University agrees to present to OC San, along with any request for payment, all applicable and necessary certified payrolls and other required documents for the period covering such payment request. Pursuant to Title 8, California Code of Regulations section 16463, OC San shall withhold any portion of a payment, up to and including the entire payment amount, until certified payroll forms and any other required documents are properly submitted. In the event certified payroll forms do not comply with the requirements of Labor Code section 1776, OC San may continue to withhold sufficient funds to cover estimated wages and penalties under the Contract. 5.5.2 The University and its subconsultants shall comply with Labor Code section 1774 and section 1775. Pursuant to Labor Code section 1775, the University and any of its subconsultants shall forfeit to OC San a penalty of not more than two hundred dollars ($200) for each calendar day, or portion thereof, for each worker paid less than the prevailing rates as determined by the DIR for the work or craft in which the worker is employed for any work. 5.5.3 In addition to the penalty and pursuant to Labor Code section 1775, the difference between the prevailing wage rates and the amount paid to each worker for each calendar day or portion thereof for which each worker was paid less than the prevailing wage rate shall be paid to each worker by the University or its subconsultant. 5.6 University and its subconsultants shall comply with Labor Code sections 1810 through 1815. University and its subconsultants shall restrict working hours to eight (8) hours per day and forty (40) hours per week, except that work performed in excess of those limits shall be permitted upon compensation for all excess hours worked at not less than one and one-half (1.5) times the basic rate of pay, as provided in Labor Code section 1815. The University shall forfeit, as a penalty to OC San, twenty-five dollars ($25) per worker per calendar day during which such worker is required or permitted to work more than eight (8) hours in any one calendar day and forty (40) hours in any one calendar week in violation of Labor Code sections 1810 through 1815. Orange County Sanitation District 4 of 11 Contract SIO OAH 5.7 University and its subconsultants shall comply with Labor Code sections 1777.5, 1777.6, and 1777.7 concerning the employment of apprentices by University or any subconsultant. 5.8 University shall include, at a minimum, a copy of the following provisions in any contract it enters into with any subconsultant: Labor Code sections 1771, 1771.1, 1775, 1776, 1777.5, 1810, 1813, 1815, 1860, and 1861. 5.9 Pursuant to Labor Code sections 1860 and 3700, the University and its subconsultants will be required to secure the payment of compensation to employees. Pursuant to Labor Code section 1861, University, by accepting this Contract, certifies that: “I am aware of the provisions of section 3700 of the Labor Code which require every employer to be insured against liability for workers’ compensation or to undertake self-insurance in accordance with the provisions of that code, and I will comply with such provisions before commencing the performance of the work of this contract.” University shall ensure that all its contracts with its subconsultants provide the provision above. 6. Audit Rights University agrees that, during the term of this Contract and for a period of three (3) years after its termination, OC San shall have access to and the right to examine any directly pertinent books, documents, and records of University relating to the invoices submitted by University pursuant to this Contract. 7. Scope of Work Subject to the terms of this Contract, University shall perform the Services identified in Exhibit “A”. University shall perform said Services in accordance with generally accepted academic and professional standards. 8. Modifications to Scope of Work Requests for modifications to the Scope of Work hereunder can be made by OC San at any time. All modifications must be made in writing and signed by both Parties. 9. Contract Term 9.1 The Services to be provided by University under this Contract shall commence on July 1, 2025 (Effective Date), and be completed by June 30, 2026. 9.2 Renewals. At its sole discretion, OC San may exercise the option to renew this Contract for an additional three (3) one-year period as defined in Exhibit “A”. This Contract may be renewed by an OC San Purchase Order. OC San shall have no obligation to renew the Contract nor to give a reason if it elects not to renew it. 9.3 Extensions. The term of this Contract may be extended only by an amendment signed by both Parties. 10. Termination 10.1 Either Party may terminate this Contract for its convenience, with or without cause, in whole or in part, at any time, by written notice to the other Party (delivered by certified mail, return receipt requested) of intent to terminate. Upon receipt of a termination notice from OC San, University shall promptly discontinue all work under this Contract. OC San shall thereafter, within thirty (30) days, pay University for work performed (cost and fee) to the date of termination and any uncancellable obligations incurred prior to receiving the written notice of termination. University expressly waives any claim to receive anticipated profits to be earned during the uncompleted portion of this Contract. Orange County Sanitation District 5 of 11 Contract SIO OAH 10.2 OC San may also immediately cancel for default of this Contract in whole or in part by written notice to University: if University becomes insolvent or files a petition under the Bankruptcy Act; or if University sells its business; or if University breaches any of the terms of this Contract; or if total amount of compensation exceeds the amount authorized under this Contract; or if OC San determines that University is not meeting specification requirements. 10.3 All OC San property in the possession or control of University shall be returned by University to OC San upon demand, or at the termination of this Contract, whichever occurs first. 11. Insurance University is a self-insured public entity. University shall maintain, throughout the life of this Contract and any periods of warranty or extensions, self-insurance in amounts sufficient to fulfill its obligations under this Contract. Failure to maintain required self-insurance coverage shall result in termination of this Contract. 12. Confidentiality and Non-Disclosure 12.1 University acknowledges that in performing the Services hereunder, OC San may have to disclose to University orally and in writing certain confidential information that OC San considers proprietary and has developed at great expense and effort. 12.2 University agrees to maintain in confidence and not disclose to any person, firm, or corporation, without OC San's prior written consent, any confidential information of OC San. 12.3 University further agrees to maintain in confidence and not to disclose to any person, firm, or corporation any deliverable data, information, technology, or material developed or obtained by University during the term of this Contract. 12.4 It is agreed that OC San shall disclose only information necessary to the work and, if any such information is considered confidential, it shall be clearly marked "Confidential Information" and sent by OC San in writing only to the University’s technical lead or, if orally disclosed, reduced to writing by OC San within thirty (30) days of disclosure (hereinafter “Confidential Information”). University shall inform the technical lead that for a period of two years from the end of the Contract, Confidential Information shall not be used or disclosed to others, to the extent permitted by law, except in furtherance of this Contract unless Confidential Information: (i) is or shall have been known to the technical lead before his receipt thereof; (ii) is disclosed to the technical lead by a third party; (iii) is required to be disclosed by law; (iv) was independently developed by the University without the benefit of any disclosure from OC San and such independent development can be properly demonstrated by University; or (v) is or shall have become known to the public through no fault of the technical lead. 12.5 University agrees as follows: • To use the Confidential Information only for the purposes described herein; to not reproduce the Confidential Information; to hold in confidence and protect the Confidential Information from dissemination to and use by anyone not a party to this Contract; and to not use the Confidential Information to benefit itself or others. • To restrict access to the Confidential Information to its University or personnel of University who (1) have a need to have such access and (2) have been advised of and have agreed to treat such information in accordance with the terms of this Contract. • To return all Confidential Information in University's possession upon termination of this Orange County Sanitation District 6 of 11 Contract SIO OAH Contract or upon OC San's request, whichever occurs first. 12.6 The provisions of this Section shall survive termination or expiration of this Contract and shall continue for two (2) years after the termination or expiration of this Contract. 13. Ownership of Documents All deliverable drawings, specifications, reports, records, documents, memoranda, correspondence, computations, and other materials prepared by University, its employees, and its agents in the performance of this Contract shall be the property of OC San and shall be promptly delivered to OC San upon request of the Project Manager or upon the termination of this Contract, and University shall have no claim for further employment or additional compensation as a result of the exercise by OC San of its full rights of ownership of the deliverable documents and materials hereunder. Any use of such completed documents for other projects and/or use of incomplete documents without specific written authorization by the University will be at OC San's sole risk and without liability to University. 14. Ownership of Intellectual Property 14.1 University agrees that all designs, plans, reports, specifications, drawings, schematics, prototypes, models, and all other information and items delivered to OC San in the performance of the Services (hereinafter referred to as "Deliverables") shall be and are assigned to OC San as its sole and exclusive property. Notwithstanding the foregoing, University shall have the unrestricted right to use such Deliverables for academic purposes consistent with University’s mission as an academic and research institution. 14.2 There is not anticipated to be the development of any invention or other intellectual property under this Contract. 14.3 The originals of all Deliverables prepared by University in connection with these Services shall be delivered to and shall become the exclusive property of OC San. OC San may utilize these documents for OC San applications on other projects or extensions of this project, at its own risk. 15. Indemnification and Hold Harmless Provision Each Party agrees to save, indemnify, defend and hold harmless the other Party, its officers, employees and agents against any and all liability, claims, judgments, cost and demands, including demands arising from injuries or death of persons and damage to property, arising directly out of the performance of this Contract but only in proportion to and to the extent such liability, claims, judgments, costs and demands are caused by or result from the negligence or willful misconduct of the indemnifying Party, its employees or agents, in relation to the rendition of Services pursuant to this Contract. 16. Safety Standards and Human Resources (HR) Policies OC San requires all contractors and service providers to follow and ensure their employees follow all State and Federal regulations as well as OC San requirements while working at OC San locations. If during the course of a contract it is discovered that OC San policies, safety manuals, or contracts do not comply with State or Federal regulations then the University is required to follow the most stringent regulatory requirement at no cost to OC San. University and all their employees shall adhere to all applicable OC San Safety Standards and Human Resources Policies attached hereto as Exhibits “D” and “E” respectively, or the University equivalent. 17. Quality Assurance If, within the 12-month period following completion of its Services, OC San informs University that any part of the Services fails to meet the standards required under this Contract, University shall, within the time agreed to by OC San and University, take all such actions as are necessary to correct or complete the noted deficiency(ies) at University's sole expense. Orange County Sanitation District 7 of 11 Contract SIO OAH 18. Performance The parties acknowledge that it is important to complete the Services in the anticipated period of performance and will make good faith reasonable efforts to do so. 19. Force Majeure Neither party shall be liable for delays caused by accident, flood, acts of God, fire, labor trouble, war, acts of government or any other cause beyond its control, but said party shall use reasonable efforts to minimize the extent of the delay. Work affected by a Force Majeure condition may be rescheduled by mutual consent or may be eliminated from the Contract. 20. Freight (F.O.B. Destination) University assumes full responsibility for all transportation, transportation scheduling, packing, handling, insurance, and other services associated with delivery of all products deemed necessary under this Contract. 21. Familiarity with Work By executing this Contract, University affirms that: 1) it has investigated the work to be performed; 2) it has investigated the site of the work and is aware of all conditions there; and 3) it understands the facilities, difficulties and restrictions of the work under this Contract. Should University discover any latent or unknown conditions materially differing from those inherent in the work or as represented by OC San, it shall immediately inform OC San of this and shall not proceed, except at University’s risk, until written instructions are received from OC San. 22. Regulatory Requirements University shall perform all work under this Contract in strict conformance with applicable federal, state, and local regulatory requirements and laws. 23. Licenses, Permits, Ordinances and Regulations University represents and affirms to OC San that it has obtained all licenses, permits, qualification and approvals of whatever nature that are legally required to engage in this work. Any and all fees required by State, County, City and/or municipal laws, codes and/or tariffs that pertain to work performed under the terms of this Contract will be paid by University. 24. Applicable Laws and Regulations University shall comply with all applicable federal, state, and local laws, rules, and regulations. University also agrees to indemnify and hold harmless from any and all damages and liabilities assessed against OC San in proportion to and to the extent such are a result of University's noncompliance therewith. Any permission required by law to be included herein shall be deemed included as a part of this Contract whether or not specifically referenced. 25. South Coast Air Quality Management District’s (SCAQMD) Requirements It is University’s responsibility that all equipment furnished and installed be in accordance with the latest rules and regulations of the South Coast Air Quality Management District (SCAQMD). All contract work practices, which may have associated emissions such as sandblasting, open field spray painting or demolition of asbestos containing components or structures, shall comply with the appropriate rules and regulations of the SCAQMD. 26. California Air Resources Board Mobile Source Regulations. Contractor and its applicable consultants, subconsultants, and subcontractors shall comply with the following California Air Resources Board Mobile Source Regulations: • Advanced Clean Fleet (ACF): 13 CCR 2013-2013.4; 13 CCR 2015-2015.6 • Truck & Bus Regulation (T&B): 13 CCR 2025 • Clean Truck Check (CTC): 13 CCR 2195-2199.1 • Off-Road Diesel Amendments (ORD): 13 CCR 2449-2449.2 Orange County Sanitation District 8 of 11 Contract SIO OAH 27. Governing Law This Contract shall be governed by and interpreted under the laws of the State of California in the event any action is brought in connection with this Contract or the performance thereof. 28. Breach The waiver of either party of any breach or violation of, or default under, any provision of this Contract, shall not be deemed a continuing waiver by such party of any other provision or of any subsequent breach or violation of this Contract or default thereunder. Any breach by one party to which the other does not object shall not operate as a waiver of that other party’s rights to seek remedies available to it for any subsequent breach. 29. Remedies In addition to other remedies available in law or equity, if the University fails to make delivery of the goods or Services or repudiates its obligations under this Contract, or if OC San rejects the goods or Services or revokes acceptance of the goods or Services, OC San may cancel the Contract. 30. Dispute Resolution 30.1 In the event of a dispute as to the construction or interpretation of this Contract, or any rights or obligations hereunder, the Parties shall use their best efforts to settle the dispute, claim, question, or disagreement. To this effect, they shall consult and negotiate with each other in good faith and recognizing their mutual interests, attempt to reach a just and equitable solution satisfactory to both parties. If they do not reach solution within a period of sixty (60) days, they shall attempt, in good faith, to resolve the dispute by mediation. The Parties shall mutually select a mediator to facilitate the resolution of the dispute. If the Parties are unable to agree on a mediator, the mediation shall be conducted in accordance with the Commercial Mediation Rules of the American Arbitration Agreement, through the alternate dispute resolution procedures of Judicial Arbitration through Mediation Services of Orange County ("JAMS"), or any similar organization or entity conducting an alternate dispute resolution process. 30.2 In the event the Parties are unable to timely resolve the dispute through mediation, the issues in dispute shall be submitted to arbitration pursuant to California Code of Civil Procedure, Part 3, Title 9, Sections 1280 et seq. For such purpose, an agreed arbitrator shall be selected, or in the absence of agreement, each party shall select an arbitrator, and those two arbitrators shall select a third. Discovery may be conducted in connection with the arbitration proceeding pursuant to California Code of Civil Procedure Section 1283.05. The arbitrator, or three arbitrators acting as a board, shall take such evidence and make such investigation as deemed appropriate and shall render a written decision on the matter in question. The arbitrator shall decide each and every dispute in accordance with the laws of the State of California. The arbitrator's decision and award shall be subject to review for errors of fact or law in a California court of competent jurisdiction, with a right of appeal from any judgment issued therein. As an alternative to arbitration, either Party may choose to submit the issues in dispute to a California court of competent jurisdiction. 31. Survival The provisions of this Contract dealing with Payment, Quality Assurance, Indemnity, and Dispute Resolution shall survive termination or expiration of this Contract. 32. Severability If any section, subsection, or provision of this Contract, or any agreement or instrument contemplated hereby, or the application of such section, subsection, or provision is held invalid, the remainder of this Contract or instrument in the application of such section, subsection or provision to persons or circumstances other than those to which it is held invalid, shall not be affected thereby, unless the effect of such invalidity shall be to substantially frustrate the expectations of the Parties. Orange County Sanitation District 9 of 11 Contract SIO OAH 33. Damage to OC San’s Property Any of OC San’s property damaged by University in the performance of this Contract will be subject to repair or replacement by University at no cost to OC San. Any University property damaged by the sole negligence of OC San in the performance of this Contract will be subject to repair or replacement by OC San at no cost to University. 34. Disclosure Subject to Section 14.1, University agrees not to disclose, to any third party, deliverable data or information generated from this project without the prior written consent from OC San unless required by law. 35. Independent Contractor The legal relationship between the parties hereto is that of an independent contractor, and nothing herein shall be deemed to make University an OC San employee. During the performance of this Contract, University and its officers, employees, and agents shall act in an independent capacity and shall not act as OC San's officers, employees, or agents. University and its officers, employees, and agents shall obtain no rights to any benefits which accrue to OC San’s employees. 36. Use of Name OC San agrees that it will not use the names of University or its employees in any advertisement, press release or publicity with reference to this Contract without the prior written approval of University. University shall have the right to acknowledge OC San’s support of the Services performed under this Contract in academic or scientific publications and communications. 37. Limitations upon Subcontracting and Assignment University shall not delegate any duties nor assign any rights under this Contract without the prior written consent of OC San. Any such attempted delegation or assignment shall be void. There shall be no subcontracts under this Contract. 38. Third Party Rights Nothing in this Contract shall be construed to give any rights or benefits to anyone other than OC San and University. 39. Non-Liability of Party Officers and Employees No officer or employee of either party shall be personally liable to the other, or any successor-in-interest, in the event of any default or breach by either party or for any amount which may become due to the other party or to its successor, or for breach of any obligation for the terms of this Contract. 40. Read and Understood By signing this Contract, each party represents that it has read and understood the terms and conditions of the Contract. 41. Conflict of Interest and Reporting University shall comply with its internal conflict of interest procedures as they relate to this Contract. 42. Authority to Execute The persons executing this Contract on behalf of the Parties warrant that they are duly authorized to execute this Contract and that by executing this Contract, the Parties are formally bound. 43. Entire Agreement This Contract constitutes the entire agreement of the Parties and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations between the Parties with respect to the subject matter hereof. 44. Notices All notices under this Contract must be in writing. Written notices shall be delivered by personal service or sent by registered or certified mail, postage prepaid, return receipt requested, or by any other overnight delivery service which delivers to the noticed destination and provides proof of delivery to the sender. Rejection or other refusal to accept or Orange County Sanitation District 10 of 11 Contract SIO OAH the inability to deliver because of the changed address for which no notice was given as provided hereunder shall be deemed to be receipt of the notice, demand or request sent. All notices shall be effective when first received at the following addresses: OC San: Donald Herrera Senior Buyer Orange County Sanitation District 18480 Bandilier Circle Fountain Valley, CA 92708-7018 dherrera@ocsan.gov University: Sabrina Bakit Principal Contract &Grant Officer SIO Office of Contracts and Grant Administration Scripps Institution of Oceanography at UC San Diego 9500 Gilman Drive 0210 La Jolla, CA 92093-0210 s2bakit@ucsd.edu Each party shall provide the other party written notice of any change in address as soon as practicable. [Intentionally left blank. Signatures follow on the next page.] Orange County Sanitation District 11 of 11 Contract SIO OAH IN WITNESS WHEREOF, intending to be legally bound, the Parties hereto have caused this Contract to be signed by the duly authorized representatives. ORANGE COUNTY SANITATION DISTRICT Dated: _________________ By: Ryan P. Gallagher Chair, Board of Directors Dated: _________________ By: Kelly A. Lore Clerk of the Board Dated: _________________ By: Kevin Work Purchasing & Contracts Manager THE REGENTS OF THE UNIVERSITY OF CALIFORNIA Dated: _________________ By: ___________________________________________ ______________________________________________ Print Name and Title of Officer IG 1 Exhibit “A” Scope of Work Development and Operation of an Upgraded Real-Time Ocean Acidification and Hypoxia Mooring Background: Orange County Sanitation District (OC San) requires a real-time mooring to monitor the ocean acidification and hypoxia (OAH) state of the nearshore waters on the San Pedro Shelf. This would also complement ongoing observations collected at the nearby Newport Beach Pier. Scripps Institute of Oceanography’s (SIO) Ocean Time Series Group has developed a low-cost mooring system that is easy to deploy and operate in shallow coastal regions, which is ideally suited for OC San’s needs. Since 2023, OC San and SIO have successfully deployed, operated, and maintained a pilot mini-mooring in our coastal monitoring region. OC San is ready to fully implement SIO’s mini-mooring system which requires a backup mini-mooring to eliminate the lag time between deployments and minimize data interruptions. Purpose: The primary goal of this contract is to develop, build, test and deploy a new version of mini-mooring, adapt its sensors and electronics, and operate it for a total of 4 years. The development effort is concentrated in Year 1, as is the acquisition of a second SeapHOx sensor. Also, there will be 3 total swap outs spaced roughly 6 months apart in Year 1, with the first swap out commencing on contract initiation. In later years there is only routine operation of the system and a swap out every 6-12 months or when needed due to hardware/sensor issues. OC San will provide vessel services for deployments and recoveries. Data will be quality controlled using approved US Integrated Ocean Observing System (IOOS) data quality checking routines and delivered in real-time to the Southern California Coastal Ocean Observing System (SCCOOS) data portal (https://data.caloos.org). Duration/Cost: The total cost for this 4-year contract is NTE $680,000, which includes NTE $290,000 in Year 1 (FY 2025-26) to swap the existing mooring with an upgraded SeapHOx sensor and to develop and deploy the new mini-mooring version. The NTE of $130,000 in Year 2 (FY 2026-27), Year 3 (FY 2027-28), and Year 4 (FY 2028-29) includes the annual 12-month operations and swap outs. The contract will become effective on July 1, 2025. Scope of Work: 1. Upgrade the existing SeapHOx sensor to the new optode design, and swap for a more robust processor/controller circuit board. 2. Develop, build, and test a new mini-mooring version. 3. Integrate sensors and telemetry into new controller configuration. 4. Acquire a second SeapHOx sensor measuring pH, oxygen concentration, and integrate it into the mooring including real-time data delivery. 5. Carry out testing and on-land “burn-in” to assure proper functioning prior to each deployment. 6. Together with OC San staff, and using a ship provided by OC San, deploy/recover/operate the mini-mooring in approximately 30m water depth. 2 7. Provide Data Management consisting of: (a) Real-time data retrieval from the mooring. (b) Real-time data QC following at minimum the required IOOS QUARTOD standards. (c) Dissemination of the data to SCCOOS’s data portal. 8. Provide technical support for swap-out of mooring components every 6-12 months and provide consumable mini-mooring components that need to be replaced. Have a full swap-out system available routinely at short notice such that the mini-mooring or sensors can be replaced in case of problems. 9. Provide troubleshooting support in case of malfunction of components of the OAH mooring. 10. Provide continued evolution and improvement of the overall system, based on observations and experiences in this and other projects. ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4262 Agenda Date:5/14/2025 Agenda Item No:8. FROM:Robert Thompson, General Manager Originator: Lan C. Wiborg, Director of Environmental Services SUBJECT: TRIPLE QUADRUPOLE INDUCTIVELY COUPLED PLASMA MASS SPECTROMETER GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a Purchase Order to Avantor (VWR) for the purchase of a Triple Quadrupole Inductively Coupled Plasma Mass Spectrometer (TQ-ICP/MS) System using NASPO Master Agreement No. MA2024005 for a total amount not to exceed $328,000; and B. Approve a contingency of $16,400 (5%). BACKGROUND The TQ-ICP/MS system will be utilized to analyze for trace metals in wastewater samples as required by Orange County Sanitation District’s (OC San)National Pollutant Discharge Elimination System (NPDES) Permit and various special projects. RELEVANT STANDARDS ·Ensure the public’s money is wisely spent ·Comply with environmental permit requirements ·Maintain a culture of improving efficiency to reduce the cost to provide the current service level or standard ·Maintain a proactive asset management program ·Participate in local, state, and national cooperative purchasing programs PROBLEM This request is to augment the laboratory’s analytical capacity and capability as it relates to trace metals in wastewater.Currently the laboratory performs compliance analysis for this class of compounds using a traditional single-quadrupole ICP/MS.The current instrument is almost eight years old and is approaching the manufacturer-recommended serviceable life of 10-12 years.The current instrument struggles to meet analytical sensitivity requirements outlined in the 2019 California Ocean Plan for constituents such as cadmium, copper, silver, and zinc. Orange County Sanitation District Printed on 5/6/2025Page 1 of 3 powered by Legistar™ File #:2025-4262 Agenda Date:5/14/2025 Agenda Item No:8. PROPOSED SOLUTION Approve a Purchase Order to VWR for the TQ-ICP/MS system to augment the current ICP/MS system.Purchasing the TQ-ICP/MS system will equip OC San with a more sensitive system that uses the most current technology,is less susceptible to matrix interference,and provides enhanced instrument capabilities to better support regulatory compliance. TIMING CONCERNS Regulatory actions,such as the expected update to the California Ocean Plan or OC San’s renewed NPDES permit,may impact required sensitivity levels for analysis of trace metals in wastewater. Method development and validation for a new instrument can take a significant amount of time, therefore having the instrument onboard ahead of any anticipated regulatory impacts is important to ensure timely compliance with updated requirements. RAMIFICATIONS OF NOT TAKING ACTION Without the TQ-ICP/MS system,OC San will continue to use the existing system,which currently has difficulty in meeting minimum sensitivity requirements for some compounds.As the instrument approaches the end of its manufacturer’s expected service life,the instrument is likely to lose sensitivity due to age and normal wear and tear.This decreased sensitivity is likely to result in a failure to achieve the sensitivity requirements outlined in the NPDES permit and referenced in the California Ocean Plan.If NPDES permit compliance is not met,OC San could be subject to enforcement action and daily penalties up to $25,000 for each violation in addition to other actions deemed appropriate by the EPA and the Santa Ana Regional Water Quality Control Board (SARWQCB). PRIOR COMMITTEE/BOARD ACTIONS N/A ADDITIONAL INFORMATION The National Association of State Procurement Officers (NASPO,formerly WSCA-NASPO) agreements are available to all State of California governmental entities (e.g.,state agencies,cities, counties,special districts,school districts,universities)that expend public funds for the acquisition of both goods and services. The State of California purchases a wide variety of goods and services ranging from pencils to temporary labor under these agreements.Annual purchases total nearly $10 billion.The Procurement Division is the central purchasing authority for all State departments and local government agencies.With a massive marketplace and billions of dollars in purchasing power they can offer a lower procurement cost to California's state,county,city,special districts,education,and other government entities through their Leveraged Procurement Agreements.Leveraged Procurement Agreements allow entities/agencies to buy directly from suppliers through existing contracts and agreements.One of these that the state offers to California governmental agencies is the National Association of State Procurement Officers for Commodities,IT Goods &Services,and Telecommunication Goods and Services. Orange County Sanitation District Printed on 5/6/2025Page 2 of 3 powered by Legistar™ File #:2025-4262 Agenda Date:5/14/2025 Agenda Item No:8. OC San is utilizing NASPO Agreement No.MA2024005 with VWR,under Ordinance No.OC SAN- 61, Section 2.03(B), Cooperative Purchases. The total cost of $328,000 includes the TQ-ICP/MS system,installation and training,sales tax,and freight. CEQA N/A FINANCIAL CONSIDERATIONS This request complies with the authority levels of OC San’s Purchasing Ordinance.This item has been budgeted (Budget FY 2024-2025 and 2025-26,Section 8,Page 91 Division 630 Capital Equipment) and the budget is sufficient for the recommended action. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 5/6/2025Page 3 of 3 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4152 Agenda Date:5/14/2025 Agenda Item No:9. FROM:Robert Thompson, General Manager Originator: Jennifer Cabral, Director of Communications SUBJECT: PUBLIC AFFAIRS UPDATE FOR THE MONTH OF APRIL 2025 GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Public Affairs Update for the month of April 2025. BACKGROUND Included in this report are recent activities of interest,managed by the Public Affairs Office for the month of April 2025. RELEVANT STANDARDS ·Maintain influential legislative advocacy and a public outreach program ·Maintain collaborative and cooperative relationships with regulators,stakeholders,and neighboring communities ·Listen to and seriously consider community input on environmental concerns PROBLEM The Orange County Sanitation District (OC San)is a distinguished entity in the water/wastewater industry.Despite our industry recognition,there may be limited awareness among our customers regarding the pivotal role we play in protecting public health and the environment.The absence of direct communication through a billing method may contribute to this gap in knowledge. It is our responsibility to ensure that our ratepayers comprehend the vital services we provide.Many customers may not realize that improper waste disposal into the sanitation system can adversely impact our sewer lines,reclamation plants,and the quality of water supplied through GWRS.By enhancing communication channels and fostering understanding,we aim to bridge the gap and empower our ratepayers with the knowledge needed to support and appreciate the essential work we undertake for the well-being of our community and the environment. Orange County Sanitation District Printed on 5/1/2025Page 1 of 4 powered by Legistar™ File #:2025-4152 Agenda Date:5/14/2025 Agenda Item No:9. PROPOSED SOLUTION By providing tours,community outreach,education,and general communication via OC San’s website,social media,and direct mailings,we can share information with the community,local agencies,and businesses on our messaging such as the What2Flush program,energy production, water recycling,biosolids,and our source control program.This,in turn,helps improve the quality of wastewater that is recycled or released to the ocean and the knowledge and understanding of wastewater treatment. RAMIFICATIONS OF NOT TAKING ACTION Neglecting to inform the community,local agencies,and area businesses about OC San could lead to insufficient support for our mission, hindering our ability to fulfill our responsibilities effectively. PRIOR COMMITTEE/BOARD ACTIONS June 2024 - Received and filed the Public Affairs Strategic Plan for Fiscal Years 2024-2026. ADDITIONAL INFORMATION Activities in April: Outreach Report An outreach report that includes tours,website updates,social media posts,construction notifications, speaking engagements, and more is attached to this Agenda Report. Social Media (through April 25) OC San messaging,announcements,and program updates were posted across OC San’s social media platforms. Our social media handle is @OCSanDistrict. ·Facebook: 22 posts reaching 2.4k people ·X: 18 posts reaching 670 people ·Instagram: 27 posts reaching 13.3k people ·LinkedIn: 5 posts reaching 3.3k people Presentations and Outreach Events In April,OC San participated at the City of Costa Mesa Earth Day event,the Orange County Water District’s Children’s Water Festival,the County of Orange Supplier Outreach event,as well as the last two sessions of Wastewater 101.Our General Manager sat on a panel for OC WateReuse on the branding of Pure Water and presented at the California Water Environmental Association on PFAS and Innovative Solutions.Our Director of Environmental Services participated in a panel at the University of California, Irvine on Global Sanitation. Staff conducted 13 tours which included,the American Society of Civil Engineers -OC Branch, Orange Coast College,Cal State University Long Beach,Hope University,Santiago High School, Operations and Administration Committee Tours,Wastewater 101 Academy and the Rosary Academy.In total we reached approximately 2,170 people.Details are included in the Outreach and Media Report. Orange County Sanitation District Printed on 5/1/2025Page 2 of 4 powered by Legistar™ File #:2025-4152 Agenda Date:5/14/2025 Agenda Item No:9. Earth Day On April 26,OC San took part in the Costa Mesa Earth Day event with staff volunteering at an informational booth.They shared key messages about What 2 Flush,FOG (Fats,Oil,and Grease), and answered questions from community members,helping raise awareness about OC San’s role in protecting public health and the environment. Internal Communication Over the course of the month,there were 24 posts (as of April 25)on the employee intranet -The San Box,and four emails were distributed to staff on relevant weekly topics through our ‘Three Things to Know’email.The March/April issue of the internal newsletter,Pipeline,was published to OC San staff and shared through the OC San Facebook employee and retiree group page. External Communications The OC San email distribution system is managed by the GovDelivery platform.In April,we sent out 5 emails reaching 2,273 recipients on our subscription lists. Spring Media Toolkit Each quarter,OC San shares a media toolkit with public information officers across its service area. The spring edition highlights the wide range of careers and trades available at OC San,from skilled trades to professional roles.Cities and partner agencies are encouraged to help spread the word by sharing the toolkit through their social media channels,newsletters,bill stuffers,and websites, helping connect community members to these valuable career opportunities. Construction Outreach Update Outreach efforts for OC San construction activities are ongoing throughout the service area.Updates were shared for projects taking place in Orange,Costa Mesa,Seal Beach,and Newport Beach through our website,email text alerts,and direct notifications.For details on each project,visit www.ocsan.gov/construction. Wastewater 101 Citizens Academy The OC San Wastewater 101 Citizens Academy -Spring Cohort wrapped up successfully on April 23 with a special recognition ceremony at the Board of Directors meeting.A total of 42 participants completed all four sessions of the academy and received certificates of completion-marking the highest number of graduates since the program began. Graduating participants were invited to a behind-the-scenes tour led by General Manager,Rob Thompson of Plant Nos.1 and 2,and the Steve Anderson Lift Station.The tour gave graduates an up-close look at the critical infrastructure that keeps our communities running. Children’s Water Festival OC San participated in the Orange County Water District’s Children’s Water Festival,engaging with 4th and 5th grade students from schools across the county.Over the course of two days,more than 200 students took part in the What 2 Flush game -a fun and educational activity designed to teach kids what belongs in the toilet and what doesn’t. Awards OC San received the Certificate of Achievement for Excellence in Financial Report.The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.Orange County Sanitation District Printed on 5/1/2025Page 3 of 4 powered by Legistar™ File #:2025-4152 Agenda Date:5/14/2025 Agenda Item No:9. and its attainment represents a significant accomplishment by a government and its management. This is the 31st year OC San has received this award. Activities in May: Social Media OC San continues to share messaging across the various social media platforms. Community Outreach In May,OC San is hosting 10 scheduled tours,welcoming a variety of groups including:Orange Coast College,Servite High School,the University of California Irvine,the Fountain Valley Chamber of Commerce,members of the California Water Environment Association,and the general public through a Public Tour. Employee T-shirt Design Contest OC San launched a staff-inspired T-Shirt Design Contest that celebrates creativity and pride in our mission.Employees were invited to submit original designs that reflect OC San’s values,culture,and purpose which will now be submitted to a staff vote to select the winner.The winning design will be featured on shirts available in the company store and worn by staff,family,and community members. This will showcase pride in OC San and the essential services we provide. Launching New Employee Intranet Site The Public Affairs Office has been working closely with the IT Division to launch the updated OC San intranet site -The San Box.This revamped platform will introduce much needed upgrades to improve internal communication and enhance the overall employee experience.The new San Box is expected to launch in May. Honor Wall Nominations With the approval of the five nominees in April,we are now working on the preparations for the Honor Wall Ceremony. The Honor Wall celebration will be held on Wednesday, June 25 at 3:30 p.m. CEQA N/A FINANCIAL CONSIDERATIONS All items mentioned are included in OC San’s FY 2024-25 and FY 2025-26 Budget. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Outreach and Media Report - April 2025 Orange County Sanitation District Printed on 5/1/2025Page 4 of 4 powered by Legistar™ Outreach and Media Summary April 2025 OC San Public Affairs Off ice Table of Contents OUTREACH REPORT…………………………………………………………PAGE 1 FACEBOOK POSTINGS ……………………………………………...............PAGE 3 TWITTER POSTINGS …………………………………………………………PAGE 4 INSTAGRAM POSTINGS………………………………………………………PAGE 5 LINKEDIN POSTINGS………………………………………………………....PAGE 6 NEWS ARTICLES……………………………………………………………………………. PAGE 7 Outreach Report April 2025 Date Tours Attendees Tour Guide 4/1/25 Water Emergency Response Organization of Orange County 2 Jon Bradley/ April Frost 4/3/25 American Society of Civil Engineers Orange County 23 Valerie Ratto/ Chris Cervellone 4/2/25 Operations Committee Plant No. 2 Tour 15 Rob Thompson 4/4/25 Rosary Academy 20 Jenny Gomez 4/9/25 Administration Committee Plant No. 2 Tour 15 Rob Thompson 4/11/25 Santiago High School 19 Cindy Murra 4/17/25 City of Orange Mayor Dan Slater 1 Rob Thompson 4/18/25 Orange Coast College 24 Jenny Gomez 4/19/25 Bassett Adult School 8 Shabbir Basrai 4/21/25 California State University, Long Beach 9 Yiping Cao 4/21/25 Hope University 8 Dickie Fernandez 4/22/25 Orange County Fire Authority 2 Jon Bradley/ April Frost 4/26/25 Wastewater 101 Tour 30 Rob Thompson Date Speaking Engagements/Events Attendees Presenter 4/4/25 Wastewater 101 Session #3 – The Nuts and Bolts 46 David Haug/ Reza Sobhani/ Ponce Navarro 4/8/25 Golden West College 20 Marianne Klein/ Kacey Abushaban 4/8/25 University of California Irvine - Social Justice Group on Global Sanitation 15 Lan Wiborg 4/16/25 County of Orange Supplier Outreach Event 1500 Kevin Work/ Cody Harms/Natalia Bello 4/17/25 OC WateReuse presentation on Pure Water 40 Rob Thompson 4/17/25 Wastewater 101 Session #4 – Capital Improvement Project and Our People 43 Don Cutler/ Justin Fenton/ Thys Devries/ Case Spencer 4/22/25 California Water Environment Association presentation on PFAS and Innovative Solutions 25 Rob Thompson 4/23/25 Children’s Water Festival 108 Giti Radvar/ Jacob Dalgoff/ David Lo/ Paul Gabot/ Kelly Newell/ 1 Becky Polcyn 4/24/25 Children’s Water Festival 100 Dickie Fernandez/ Lorianne Shimomura/ Perla Rodriguez/ Chareen Hsai 4/26/25 Costa Mesa Earth Day 100 Becky Polcyn/ Enisha Matthews/ Melissa Soriano/ Jenny Gomez Project Area Outreach Notifications # of People Reached Output Method Costa Mesa Costa Mesa Sewer Rehabilitation Along I-405 43 page views 742 subscribers 2 website posts 1 email Huntington Beach Plant No.2 Wall and Soil Improvement Project 115 page views 740 subscribers Sent 46 texts 1 website post/ 1 text alert 1 email Orange Taft Ave. Sewer Improvement Project 77 page views 461 subscribers 1 website post Newport Bay Bridge Pump Station and Force Mains Replacement Project 931 1 printed notification Costa Mesa Airway – Airport Loop Sewer Rehabilitation Project 23 page views 346 subscribers 1 website post External Communications Distribution # of People Reached 5 Minutes Per Month Wastewater 101 Citizens Academy – Graduate Highlight 131 GovDelivery 5 bulletins 2,273 Board Member Talking Points One 50 Website Posts 3 posts 54 views Website Facebook 22 posts 2.4k reached Social Media Twitter 18 tweets 670 reached Social Media Instagram 27 posts 13.3k reached Social Media LinkedIn 5 posts 3.3K reached Social Media 2 Post performance - Facebook Pages Data from 01 Apr, 2025 to 25 Apr, 2025 Sources Orange County Sanitation DistrictO Orange County Sanitation District Apr 23, 20:00O Did we mention it's #WorldLabDay too? Our talented lab sta perform roughly 100,000 analyses each year to ensure we're meeting operational and regulatory requirements. Thank you to our sta for making the lab the state-of-the-art… 🧪 62 62 Orange County Sanitation District Apr 23, 17:15O Happy Administrative Professionals Day! We want to take a moment to thank all of the Administrative Professionals who keep us afloat and are essential to our daily work. Thank you to our wonderful team! 99 99 Orange County Sanitation District Apr 21, 16:01O Wrapping up our final #MemberAgencyMonday with a huge shoutout to City of Fountain Valley - Government! Home to our HQ and Reclamation Plant No. 1, Fountain Valley holds a special place in our hearts! All of our trunk lines meet … 80 77 Orange County Sanitation District Apr 21, 15:32O The OC San Steering Committee Meeting (5 PM) and Board of Directors Meeting(6 PM) will be happening on Wednesday, April 23. You can view the agendahere:41 40 Orange County Sanitation District Apr 20, 16:01O Every bunny loves clean water!🐰💧 Our operations run around the clock, 365days a year — not just to treat, but to recycle every drop we can! That means wesend 100% of our reclaimable flows to the Groundwater Replenishment Syste…82 80 Orange County Sanitation District Apr 19, 21:15O As part of our Capital Improvement Program, we're investing in the future byreplacing four primary clarifiers at Plant No. 2 in Huntington Beach that havebeen in service since the 1960s! This upgrade is just one of our projects that…155 152 Orange County Sanitation District Apr 18, 16:01O Happy #InternshipAwarenessMonth! Our interns play a key role in our dailyoperations while providing students hands-on experience in the wastewaterindustry. Learn more about our internship program at ocsan.gov/careers.216 212 Orange County Sanitation District Apr 16, 20:00O Let's test your sewer knowledge.. Did any of these myths surprise you? Makesure you know What 2 Flush and proper disposal of fats, oils, and grease so youcan keep your pipes and ours in tip-top shape. Learn more at ocsan.gov!73 69 Orange County Sanitation District Apr 14, 17:35O OC San's Board of Directors isn't just made up of cities and local agencies — ourBoard also has an appointed member from the County Board of Supervisors(BOS). The BOS plays a key role in overseeing the County government and its…172 168 Orange County SanitationDistrict Apr 14, 16:08O A Board of Directors Special Meeting is happening Wednesday, 4/16/2025, at 5PM. Click here to view the agenda.54 47 Orange County SanitationDistrict Apr 12, 21:30O Our name may have changed since this photo was taken, but our awesometeam hasn't. We're giving a special shoutout to our collections team, whoremoved 126 cubic yards of grit from the collection system last year. Thanks t…205 198 Orange County SanitationDistrict Apr 11, 14:59O ☕ Commute + co ee + City Talk with Tim Shaw = morning made. Catch the latest episode focused on OC San! 🎧 https://www.youtube.com/watch?v=-etmE82pp9c 75 70 Orange County SanitationDistrict Apr 10, 16:30O Happy Siblings Day to our amazing sister agency, Orange County Water District! From hosting tours together to collaborating on the world-renowned Groundwater Replenishment System, we’re grateful to have you by our side! 112 103 Orange County SanitationDistrict Apr 09, 20:00O During Water Week, we advocate for advancing key water and wastewater policies that help us uphold our mission of protecting public health and the environment for 2.6 million people across Orange County, ensuring our… 💧 156 150 Orange County SanitationDistrict Apr 07, 14:18O The Administration Committee Special Meeting is happening 4/9/2025 at 4PM. Click here to view the agenda:49 42 Orange County SanitationDistrict Apr 07, 08:20O Wishing a very happy #MemberAgencyMonday to City of Placentia - Government! Placentia's wastewater collection system is connected to OC San's trunk sewer system via 35 separate connections—now that’s staying… 88 83 Orange County SanitationDistrict Apr 06, 17:10O We're proud to support Placentia Police Dept. by hosting K-9 and SWAT trainings at our Plant No. 1 in Fountain Valley in April! These trainings will take place at our former Admin and HR buildings, letting our former space serve a… 123 112 Orange County SanitationDistrict Apr 05, 17:05O Who's in your final two? For us, it's a no-brainer — the 3 Ps always win. Only pee, poop, and toilet paper belong down the drain. Flushing anything else is a guaranteed upset—not just for your bracket, but for your pipes! 🚽🏆 70 61 Orange County SanitationDistrict Apr 03, 15:35O Spring into your next career at OC San! We're recruiting for multiple openpositions - learn more at ocsan.gov/careers!179 162 Orange County Sanitation District Apr 03, 14:30O Yesterday, the Operations Committee took a special tour of Plant No. 2 in Huntington Beach to see how we're able to safely collect, treat, and recycle wastewater for over 2.6 million people in Orange County. It was a beautiful da… 176 165 Orange County Sanitation District Apr 02, 21:30O Construction on the Wall and Soil Improvements Project in Huntington Beach begins Monday, April 7. A full closure of the bike path between the Santa Ana River and Brookhurst Street, along the north side of the Talbert Marsh, will tak… 144 129 Orange County Sanitation District Apr 01, 15:30O Get ready to take your tour experience to the next level with our new guided segway tours! #AprilFools! But don't worry, we DO have bus tours that'll take you around our reclamation plant for an inside look at the world of wastewate… 🚌💧 199 190 DATE POST IMPRESSIONS REACH 3 Post performance - Twitter Data from 01 Apr, 2025 to 25 Apr, 2025 Sources @OCSanDistrictO @OCSanDistrict Apr 23, 20:00O Did we mention it's #WorldLabDay too? Our talented lab sta perform roughly 100,000 analyses each year to ensure we're meeting operational and regulatory requirements. Thank you to our sta for making the lab the state-of-the-art… 🧪 4.55%1 22 @OCSanDistrict Apr 23, 17:15O Happy Administrative Professionals Day! We want to take a moment to thank all of the Administrative Professionals who keep us afloat and are essential to our daily work. Thank you to our wonderful team! https://twitter.com/OCSanDistri… 7.69%2 26 @OCSanDistrict Apr 21, 17:48O Wrapping up our final #MemberAgencyMonday with a huge shoutout to @fv_cityhall — home to our HQ and Reclamation Plant No. 1! All our trunk lines connect here where wastewater is treated or diverted to Plant No. 2. Thank yo… 5.26%2 38 @OCSanDistrict Apr 21, 16:01O Wrapping up our final #MemberAgencyMonday with a huge shoutout to@FountainValley — home to our HQ and Reclamation Plant No. 1! All our trunklines connect here where wastewater is treated or diverted to Plant No. 2. Tha…0%0 0 @OCSanDistrict Apr 20, 16:01O Every bunny loves clean water!🐰💧 Our operations run around the clock, 365days a year. to recycle every drop, we can! That means we send 100% of ourreclaimable flows to the GWRS, providing clean, reliable water to 1 million…0%0 39 @OCSanDistrict Apr 19, 21:15O As part of our Capital Improvement Program, we're replacing four primaryclarifiers at Plant No. 2 in Huntington Beach that date back to the 1960s! Thisupgrade is just one e ort that ensures our infrastructure remains e icient,… 🚧💧 2.86%2 70 @OCSanDistrict Apr 18, 16:01O Happy #InternshipAwarenessMonth! Our interns play a key role in our dailyoperations while providing students hands-on experience in the wastewaterindustry. Learn more about our internship program at http://ocsan.gov/career…3.23%1 31 @OCSanDistrict Apr 16, 20:00O Let's test your sewer knowledge.. Did any of these myths surprise you? Makesure you know What 2 Flush and proper disposal of fats, oils, and grease so youcan keep your pipes and ours in tip-top shape. Learn more at http://ocsan.go…3.7%1 27 @OCSanDistrict Apr 14, 17:35O OC San's Board of Directors isn't just made up of cities and local agencies — ourBoard also has an appointed member from the County Board of Supervisors(BOS). Here's a fun throwback to when we gave a tour to Supervisor Cha ee's…3.85%3 78 @OCSanDistrict Apr 12, 21:30O Our name may have changed since this photo was taken, but our awesometeam hasn't. We're giving a special shoutout to our collections team, whoremoved 126 cubic yards of grit from the collection system last year. Thanks t…0%0 45 @OCSanDistrict Apr 11, 14:59O ☕ Commute + co ee + City Talk with Tim Shaw = morning made. Catch the latest episode focused on OC San! 🎧 https://www.youtube.com/watch?v=-etmE82pp9c 0%0 33 @OCSanDistrict Apr 10, 16:30O Happy Siblings Day to our amazing sister agency, @ocwaterdistrict! Fromhosting tours together to collaborating on the world-renowned GroundwaterReplenishment System, we’re grateful to have you by our side! https://twitter.…0%0 19 @OCSanDistrict Apr 09, 20:00O During Water Week, we advocate for advancing key water and wastewater policies that help us uphold our mission of protecting public health and the environment for 2.6 million people across Orange County, ensuring our… 💧 0%0 26 @OCSanDistrict Apr 07, 08:20O Wishing a very happy #MemberAgencyMonday to @PlacentiaCA! Placentia's wastewater collection system is connected to OC San's trunk sewer system via 35 separate connections—now that’s staying connected! #KeepingItFlowing h… 0%0 44 @OCSanDistrict Apr 06, 17:10O We're proud to support the Placentia Police Department by hosting K-9 and SWAT trainings at our former Admin and HR buildings at Plant No. 1 in Fountain Valley this month! These trainings will let our former space serve a new purpo… 0%0 58 @OCSanDistrict Apr 05, 17:05O Who's in your final two? For us, it's a no-brainer — the 3 Ps always win. Only pee, poop, and toilet paper belong down the drain. Flushing anything else is a guaranteed upset—not just for your bracket, but for your pipes! 🚽🏆 https://… 0%0 35 @OCSanDistrict Apr 03, 15:35O Spring into your next career at OC San! We're recruiting for multiple open positions - learn more at http://ocsan.gov/careers! https://twitter.com/OCSanDi strict/status/1907819144923279380/video/1 20%3 15 @OCSanDistrict Apr 02, 21:30O Construction on the Wall and Soil Improvements Project in Huntington Beach begins Monday, April 7. A full closure of the bike path between the Santa Ana River and Brookhurst St. will take place for about two weeks. Learn more at ht… 12.5%5 40 @OCSanDistrict Apr 01, 15:30O Get ready to take your tour experience to the next level with our new guided segway tours! #AprilFools! But don't worry, we DO have bus tours that'll take you around our reclamation plant for an inside look at the world of wastewate… 🚌💧 4.17%1 24 DATE POST ENGAGEMENT RATE ENGAGEMENTS IMPRESSIONS 4 Post performance - Instagram Business Data from 01 Apr, 2025 to 25 Apr, 2025 Sources ocsandistrictO ocsandistrict Apr 23, 20:00O Did we mention it's #WorldLabDay too? Our talented lab sta perform roughly 100,000 analyses each year to ensure we're meeting operational and regulatory requirements. Thank you to our sta for making the lab the state-of-the-art… 🧪 11.18%0 16 161 ocsandistrict Apr 23, 17:15O Happy Administrative Professionals Day! We want to take a moment to thank all of the Administrative Professionals who keep us afloat and are essential to our daily work. Thank you to our wonderful team! 20.77%0 22 207 ocsandistrict Apr 22, 22:34O Earth Day OC San’s central generation facilities provide approximately 63% of the power required for all operations.0%154 0 152 ocsandistrict Apr 21, 16:01O Wrapping up our final #MemberAgencyMonday with a huge shoutout to@FountainValley! Home to our HQ and Reclamation Plant No. 1, FountainValley holds a special place in our hearts! All of our trunk lines meet at our…6.57%0 13 198 ocsandistrict Apr 20, 16:01O Every bunny loves clean water!🐰💧 Our operations run around the clock, 365days a year — not just to treat, but to recycle every drop we can! That means wesend 100% of our reclaimable flows to the Groundwater Replenishment Syste…8.24%0 14 182 ocsandistrict Apr 19, 21:15O As part of our Capital Improvement Program, we're investing in the future byreplacing four primary clarifiers at Plant No. 2 in Huntington Beach that havebeen in service since the 1960s! This upgrade is just one of our projects that…7.91%0 18 253 ocsandistrict Apr 18, 16:01O Happy #InternshipAwarenessMonth! Our interns play a key role in our dailyoperations while providing students hands-on experience in the wastewaterindustry. Learn more about our internship program at ocsan.gov/careers.7.02%0 16 228 ocsandistrict Apr 16, 23:32O (No description)0%130 0 129 ocsandistrict Apr 16, 20:35O (No description)0%127 0 124 ocsandistrict Apr 16, 20:00O Let's test your sewer knowledge.. Did any of these myths surprise you? Makesure you know What 2 Flush and proper disposal of fats, oils, and grease so youcan keep your pipes and ours in tip-top shape. Learn more at ocsan.gov!11%0 19 200 ocsandistrict Apr 15, 23:51O (No description)0%152 0 147 ocsandistrict Apr 15, 21:42O No better training space than the old OC San Admin Buildings 0%160 0 157 ocsandistrict Apr 15, 21:35O (No description)0%166 0 163 ocsandistrict Apr 14, 17:35O OC San's Board of Directors isn't just made up of cities and local agencies — our Board also has an appointed member from the County Board of Supervisors (BOS). The BOS plays a key role in overseeing the County government and its… 4.8%223 13 271 ocsandistrict Apr 12, 21:30O Our name may have changed since this photo was taken, but our awesome team hasn't. We're giving a special shoutout to our collections team, who removed 126 cubic yards of grit from the collection system last year. Thanks t… 6.79%259 19 280 ocsandistrict Apr 11, 15:03O ☕ Commute + co ee + City Talk with Tim Shaw = morning made. Catch thelatest episode focused on OC San! 🎧0%160 0 159 ocsandistrict Apr 10, 16:30O Happy Siblings Day to our amazing sister agency, @ocwaterdistrict! From hosting tours together to collaborating on the world-renowned Groundwater Replenishment System, we’re grateful to have you by our side! 5.77%0 9 156 ocsandistrict Apr 09, 20:00O During Water Week, we advocate for advancing key water and wastewater policies that help us uphold our mission of protecting public health and the environment for 2.6 million people across Orange County, ensuring our… 💧 12.39%211 26 218 ocsandistrict Apr 08, 22:33O Thank you @anaheimpd and @placentiapd for letting us watch your training atPlant No. 1! This good boy is coming for the bad boys 🚨0%228 0 222 ocsandistrict Apr 07, 15:30O (No description)0%175 0 172 ocsandistrict Apr 07, 08:20O Wishing a very happy #MemberAgencyMonday to @PlacentiaCA! Placentia's wastewater collection system is connected to OC San's trunk sewer system via 35 separate connections—now that’s staying connected! #KeepingItFlowing 2.94%924 26 953 ocsandistrict Apr 06, 17:10O We're proud to support @placentiapd by hosting K-9 and SWAT trainings at our Plant No. 1 in Fountain Valley in April! These trainings will take place at our former Admin and HR buildings, letting our former space serve a new purpose… 7.66%260 18 261 ocsandistrict Apr 05, 17:05O Who's in your final two? For us, it's a no-brainer — the 3 Ps always win. Only pee, poop, and toilet paper belong down the drain. Flushing anything else is a guaranteed upset—not just for your bracket, but for your pipes! 🚽🏆 6.25%177 11 176 ocsandistrict Apr 03, 15:35O Spring into your next career at OC San! We're recruiting for multiple openpositions - learn more at ocsan.gov/careers!5%0 13 280 ocsandistrict Apr 02, 21:30O Construction on the Wall and Soil Improvements Project in Huntington Beach begins Monday, April 7. A full closure of the bike path between the Santa Ana River and Brookhurst Street, along the north side of the Talbert Marsh, will tak… 0.49%7,920 17 7,181 ocsandistrict Apr 01, 17:07O (No description)0%203 0 201 ocsandistrict Apr 01, 15:30O Get ready to take your tour experience to the next level with our new guided segway tours! #AprilFools! But don't worry, we DO have bus tours that'll take you around our reclamation plant for an inside look at the world of wastewate… 🚌💧 9.47%628 39 433 DATE POST ENGAGEMENT RATE IMPRESSIONS LIKES REACH 5 Post performance - LinkedIn Pages Data from 01 Apr, 2025 to 25 Apr, 2025 Sources Orange County Sanitation District Orange County Sanitation District Apr 23, 14:19 Yesterday, our General Manager, Rob Thompson, had the opportunity to share how OC San is addressing the presence of PFAS in wastewater using innovative technology and approaches. A big thank you to CDM Smith and CWEA (California Water Environment Association) for giving us the… 32.11%436 12 0 Orange County Sanitation District Apr 18, 16:01 Happy #InternshipAwarenessMonth! Our interns play a key role in our daily operations while providing students hands-on experience in the wastewater industry. Learn more about our internship program at ocsan.gov/careers. 5.84%1,079 20 1 Orange County Sanitation District Apr 11, 14:59 ☕ Commute + co ee + City Talk with Tim Shaw = morning made. Catch the latest episode focused on OC San! 🎧 https://lnkd.in/g44_ykxC 1.23%568 0 0 Orange County Sanitation District Apr 07, 21:34 Thank you, Supervisor Cha ee and North Orange County Chamber of Commerce, for highlighting how we're able to turn waste into resources!3.07%554 6 0 Orange County Sanitation District Apr 03, 15:35 Spring into your next career at OC San! We're recruiting for multiple open positions - learn more at ocsan.gov/careers!11.09%667 11 1 DATE POST ENGAGEMENT RATE IMPRESSIONS REACTIONS SHARES 6 Article Date Source Link Pump station going on SB Boulevard 4/2/2025 LW Weekly https://www.lwweekly.com/2025/04/02/pum p-station-going-on-sb-boulevard/ Touring Orange County's Largest Wastewater Plant 4/9/2025 Fullerton Observer https://ocsdgov.sharepoint.com/:b:/s/External /EWXBEIl7O4VLhrDJKFyJHtwBIxTxwrelgUlkE7k _658w9g?e=Ubhx2q 7 Media Articles for April 2025 ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4025 Agenda Date:5/14/2025 Agenda Item No:10. FROM:Robert Thompson, General Manager Originator: Jennifer Cabral, Director of Communications SUBJECT: ELECTRONIC RECORDING MEMORANDUM OF UNDERSTANDING COUNTY OF ORANGE CLERK-RECORDER’S OFFICE GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: A. Approve the Memorandum of Understanding with the counties of Los Angeles, Orange, Riverside, and San Bernardino, for the use of the Statewide Electronic Courier Universal Recording Environment (SECURE) Government to Government (G2G) Portal for a term of five (5) years beginning June 15, 2025 through June 15, 2030; and B. Authorize the Clerk of the Board, or designee, to transmit/record any and all required Orange County Sanitation District real property documents in an electronic format with the County of Orange Clerk-Recorder’s Office. BACKGROUND The County of Orange (OC)Clerk-Recorder’s Office accepts electronically recorded documents in lieu of written paper documents.Orange County Sanitation District (OC San)and the OC Clerk- Recorder have determined that an electronic recordation system benefits both entities economically and operationally.Valuable staff hours are saved in the transportation of documents to and from the OC Clerk-Recorder’s Office with long waiting periods for recordation. OC San’s Clerk of the Board has been utilizing the current SECURE G2G software for the past ten years,from a secure location in the Board Services Vault.The SECURE G2G System computer workstation is exclusively dedicated to electronic recording and may only be used to transmit documents to or receive messages/confirmations from the OC Clerk-Recorder’s Office.The workstation cannot be used by OC San staff for any other function.The recording takes a few minutes,and an answer is received within minutes to hours of either its successful recordation or a notification of its failure and reason why. There is no cost to OC San and the OC Clerk-Recorder’s Office provides all associated training to the appropriate staff and maintains and updates the system free of charge.The minimal indirect costs of Board Services staff time maintaining the system and recording documents is a substantial savings in comparison to the existing indirect cost of other OC San staff’s travel time (to/from County Orange County Sanitation District Printed on 5/6/2025Page 1 of 2 powered by Legistar™ File #:2025-4025 Agenda Date:5/14/2025 Agenda Item No:10. offices), postage costs, locating, routing, and/or transferring documents to other departments. RELEVANT STANDARDS ·Ensure the public’s money is wisely spent ·Maintain a culture of improving efficiency to reduce the cost to provide the current service level or standard ·Comply with State and County regulations PROBLEM The Current Memorandum of Understanding (MOU) will expire in June 2025. PROPOSED SOLUTION Approve the MOU which was prepared in accordance with AB 2143 (County recorder:electronic recording)chaptered September 2016,and the amended Department of Justice electronic recording regulations effective January 1, 2020. RAMIFICATIONS OF NOT TAKING ACTION Without approval, OC San will be unable to record real property documents electronically. PRIOR COMMITTEE/BOARD ACTIONS May 2020 -Approved the 2020 SECURE G2G Memorandum of Understanding with the counties of Los Angeles,Orange,Riverside,and San Bernardino,for the use of the SECURE Government to Government (G2G)Portal for a term of five (5)years;and authorized the Clerk of the Board,or designee,to transmit/record any and all required Orange County Sanitation District real property documents in an electronic format. FINANCIAL CONSIDERATIONS This request complies with the authority levels of OC San’s Purchasing Ordinance.OC San is exempt from recording costs.Any unforeseen,additional costs will be absorbed within the existing OC San’s operation budget if the need arises. ATTACHMENT The following attachment(s)may be viewed on-line at the OCSD website (www.ocsd.com)with the complete agenda package: ·Memorandum of Understanding - SECURE G2G Portal Orange County Sanitation District Printed on 5/6/2025Page 2 of 2 powered by Legistar™ 2020 SECURE 1 Government2Government MOU MEMORANDUM OF UNDERSTANDING BETWEEN OWNER COUNTIES AND GOVERNMENT PARTICIPANTS FOR THE USE OF THE SECURE GOVERNMENT TO GOVERNMENT (G2G) PORTAL THIS MEMORANDUM OF UNDERSTANDING (“MOU” or “Agreement”), made and entered into on __ __, is between the counties of Los Angeles, Orange, Riverside, and San Diego (hereinafter collectively referred to as “Owners”) that own the Statewide Electronic Courier Universal Recording Environment (“SECURE”) with the Orange County Clerk-Recorder acting on their behalf as the Lead County, and __Orange County Sanitation District__ the submitting party (“Government Agency”), recording electronically through the SECURE Government to Government (G2G) Portal. The Owners and Government Agency are collectively referred to as the “Parties.” WHEREAS, California Government Code Section 27279(b) states “[t]he recorder of any county may, in lieu of a written paper, accept for recording digitized images, digital images, or both, of a recordable instrument, paper, or notice if [. . .] [t]he requester and addressee for delivery of the recorded images are the same and can be readily identified as a local or state government entity, or an agency, branch, or instrumentality of the federal government.” WHEREAS, the Counties of Orange, Los Angeles, Riverside and San Diego are the Owners of the SECURE G2G Portal; and WHEREAS, the SECURE G2G Portal functions as a separate portal under the same security framework as the existing SECURE system; and WHEREAS, the Counties of Orange, Los Angeles, Riverside and San Diego entered into an agreement dated August 19, 2008 to share the ownership and ongoing maintenance of a multi- county G2G electronic recording portal; and WHEREAS, Orange County is the “Lead County” in supporting this SECURE G2G Portal and is responsible for executing any agreements with participants with the approval of the other Owners. NOW THEREFORE, the Parties, for and in consideration of the mutual promises and agreements herein continued, do agree to the following: 1. DEFINITIONS A. Owners: means the Counties of Los Angeles, Orange, Riverside and San Diego Counties. B. Lead County: means the County of Orange as the designated lead in developing and supporting the multi-county system and responsible for handling the administrative 2020 SECURE 2 Government2Government MOU functions, negotiating and executing any contract relating to the support and maintenance of SECURE. C. Partner County or Partner Counties: means non-owner counties that have contracted to use SECURE. D. SECURE G2G Portal: means the SECURE Government to Government Portal. E. Government Agency: means a government entity, other government agency, or a county department of the Owners that submits package(s) of documents electronically to an Owner or Partner County using the SECURE G2G Portal for the purpose of electronically recording under this MOU. F. SECURE: means the Statewide Electronic Courier Universal Recording Environment used by multiple counties to electronically receive and return documents for recording. G. Government to Government: means the acts of a county recorder recording a document for a Government Agency through the SECURE G2G Portal. H. Operational Issues: means issues regarding the business rules that dictate what can be recorded by an individual Owner county or Partner County. I. Technical Issues: means issues regarding how the SECURE G2G Portal electronically receives and returns recordable documents. J. Infrastructure: means the non-software components used to electronically receive and return recordable documents through the SECURE G2G Portal. 2. PURPOSE The purpose of this MOU is to define the requirements, rules and policies needed for Parties to share in the use of the SECURE G2G Portal to electronically record documents in a secure electronic recording environment. 3. TERM This Agreement shall become effective upon the signature of the Parties for a term of 5 years unless terminated in writing by either party in accordance with this Agreement. The parties, by written agreement, may extend the agreement for no more than one additional year. 4. FEES and COST Government Agency is exempt from fees for SECURE G2G Portal system use, maintenance and technical support. Government Agency may be held responsible to pay any other applicable fees, taxes, and other charges, however denominated, for the recordation of 2020 SECURE 3 Government2Government MOU documents. Government Agency is responsible for startup costs, which may include reimbursements for setup and tokens if applicable. 5. Eligibility Established Government Agencies at the local, state or federal level, as defined below, will be allowed to submit legal documents for electronic recording through the SECURE G2G Portal pursuant to California Government Code section 27279(b), which states in part “[t]he recorder of any county may, in lieu of a written paper, accept for recording digitized images, digital images, or both, of a recordable instrument, paper, or notice if [. . .] [t]he requester and addressee for delivery of the recorded images are the same and can be readily identified as a local or state government entity, or an agency, branch, or instrumentality of the federal government.” 6. SECURE G2G Portal Recording Requirements SECURE G2G Portal recording requirements and specifications are generally set forth in Attachment A and Attachment B, incorporated herein by reference, to this Agreement. 6.1 Government Agency shall comply with any and all requirements and specifications of the Agreement and in Attachments A and B (collectively Attachments). 6.2 Government Agency understands that the requirements and specifications may change from time to time. 6.3 Government Agency understands that the requirements and specifications set forth in the attachments could be specific to individual Owner or Partner Counties. 6.4 Government Agency acknowledges that the recording requirements and specifications contained in the attachments may not be exhaustive of the recording requirements for the individual Owners and Partner Counties. 6.5 Owners will provide written notice to the Government Agency within 30 days if there are any changes to the requirements or specifications. 6.6 Attachment A – Provides the technical specifications including submission methods, communication protocol security framework and imaging standards. 6.7 Attachment B – Contains the processing schedules, hours of operation, policies, sample document types and authority, technical service contact and security incident contact information for electronic recording with each individual Owner or Partner County. 7. Government Agency Acknowledgments and Responsibilities 7.1 Government Agency must supply all electronic recording equipment, i.e., computer, monitor, scanner, printer, an internet connection and a token from the Lead County, if applicable. 2020 SECURE 4 Government2Government MOU 7.2 The electronic documents or records shall be considered the “original” record of the transaction in substitution for, and with the same intended effect as, paper documents or records. In the case that such documents or records bear a digital or electronic signature, those signatures shall have the same effect as paper documents or records bearing handwritten signatures. 7.3 Government Agency is responsible for the accuracy, completeness and content of documents submitted for recording through the G2G portal. 7.4 Government Agency shall immediately notify Lead County of any security incident, including but not limited to attempts at or actual unauthorized access which could compromise or otherwise adversely affect SECURE’s data systems. 7.5 Government Agency shall ensure that all security measures and credentials implemented are protected. Government Agency assumes all responsibility for documents submitted through unique credentials provided to Government Agency for the purposes of engaging in G2G recording. 7.6 Government Agency is responsible for receiving and verifying receipt of documents recorded to ensure that the source of the receipt is the county where the document was to be recorded. 7.7 Government Agency shall address all Operational Issues related to the electronic recording process with the individual Owner or Partner Counties. 7.8 Government Agency shall notify the Lead County of all problems involving Technical Issues. Government Agency shall work in good faith with the Lead County to resolve any Technical Issues. Resolution of Technical Issues may require Government Agency to provide onsite access to Lead County. 7.9 Government Agency shall comply with each county’s individual recording requirements. Government Agency’s submission of a document via the SECURE G2G Portal for transmission to a particular county for recording does not guarantee the document will be recorded by that individual county. Each Owner or Partner County may have its own specific requirements for the recordation of documents including, but not limited to, document types authorized for recording and payment methods. Documents not meeting a county’s specific requirements for recording may be rejected by the respective county. 7.10 Following the electronic recordation of a document, Government Agency agrees to deliver the original document and/or notify the real party in interest. 8. Lead County Responsibilities 8.1 Lead County shall conduct ongoing monitoring of the SECURE G2G Portal to protect the integrity of the transmission process. 2020 SECURE 5 Government2Government MOU 8.2 Lead County shall test and maintain the SECURE G2G Portal software and hardware. 8.3 If the SECURE G2G Portal experiences delays or power failures that interfere with the normal course of business, the Lead County will work with the individual Owner or Partner County and Government Agency until the problem has been remedied. 8.4 Lead County will coordinate the SECURE G2G Portal administration, training, policy creation, access control and establishment of contracts required for Government Agency to submit to Partner Counties. 8.5 Lead County shall facilitate communication between Government Agency and Owner or Partner Counties. 9. SECURE G2G Portal Review Government Agency’s right to submit documents under this Agreement is subject to Owners review and acceptance of Government Agency’s standards and procedures. Such approval will not be unreasonably withheld by Owners. This review is to confirm that all requirements of this Agreement are met. 10. General Recording Requirements Submission, acceptance, recording and rejection of any document must comply with all applicable federal, state and local laws. County specific recording requirements are generally set forth in Attachment B. 11. Suspension Lead County, with the concurrence of all the other Owners, may suspend Government Agency’s submission of documents to the SECURE G2G Portal, restrict access, or deny access to Government Agency and any of Government Agency’s individual staff members at any time in its sole discretion as it deems necessary. Notice of suspension will be immediately provided to Government Agency by Lead County on behalf of Owners. Government Agency may resume submission upon satisfactory resolution of the reason for suspension after notification from the Lead County. Whether a matter is resolved is determined solely by the SECURE Owners. The following is a non-exhaustive list of reasons for suspension: 11.1 To protect the public interest. 11.2 To protect the integrity of public records. 11.3 To protect real property owners from financial harm. 2020 SECURE 6 Government2Government MOU 11.4 To prevent fraud. 11.5 For Government Agency’s violation of, or to prevent the violation of, any federal, state, or local law. 11.6 For Government Agency’s failure to notify Lead County of modifications which could compromise or otherwise adversely affect SECURE’s data systems. 11.7 For Government Agency’s default of any provision of this Agreement. 12. Limitation of Liability Owners and Partner Counties shall be held harmless from and not incur any liability for any damages whatsoever caused either directly or indirectly for: 12.1 Information electronically transmitted by the Government Agency. 12.2 Any breach of security, fraud or deceit resulting from electronic recording. 12.3 Damages resulting from software, hardware, or other equipment failure. 12.4 Delays or power failures that interfere with the normal course of electronic recording. 12.5 Restricting or terminating Government Agency’s ability to electronically record documents. 12.6 Claims, disputes or legal actions concerning an electronic transaction, including, but not limited to, the accuracy, completeness or content of documents submitted for recording. 12.7 Government Agency, Owners and Partner Counties shall not be liable to each other for: 12.7.1 Any special, incidental, exemplary or consequential damages arising from or as a result of any delay, omission or error in the electronic recording transmission or receipt. 12.7.2 Any failure to perform processing of the transactions and documents where such failure is beyond the party’s reasonable control (including, without limitation, any mechanical, electronic or communications failure, which prevents the parties from transmitting or receiving the electronic recording transactions). 12.7.3 Except for payment and indemnity obligations hereunder, any cessation, interruption or delay in the performance of an obligation hereunder due to earthquake, flood, fire, storm, natural disaster, act of God, war, armed conflict, terrorist action, labor strike, lockout boycott, provided that the party relying 2020 SECURE 7 Government2Government MOU upon this paragraph: (a) shall have given the other party written notice thereof promptly and, in any event within five (5) days of discovery thereof and, (b) shall take all reasonable steps reasonably necessary under the circumstances to mitigate the effects of the force majeure event upon which such notice is based in the event the force majeure event described in this paragraph extends for a period in excess of three (3) days. 13. Indemnification 13.1 Owners shall not be responsible for any damage or liability occurring by reason of any acts or omissions on the part of Government Agency under or in connection with any work, authority or jurisdiction delegated or determined to be the responsibility of Government Agency under this Agreement. It is also understood and agreed that pursuant to Government Code Section 895.4, Government Agency shall fully indemnify, defend, and hold Owners and their respective officers, employees, and agents harmless from, and against, any claims, demands, liability, damages, costs (including attorney’s fees), and expenses, including, without limitation, those involving bodily injury, death, or personal injury of any person or property damage of any nature whatsoever (collectively “Claims”), arising from, or related to, any acts or omissions on the part of the Government Agency under or in connection with any work, authority or jurisdiction delegated to or determined to be the responsibility of Government Agency under this Agreement, except to the extent caused by the sole negligence or willful misconduct of the Owners. This provision shall survive termination or expiration of this Agreement. 13.2 Notwithstanding section 13.1 above, in the event the Government Agency under this Agreement is a county department of an Owner, such Government Agency's indemnification obligations to each other Owner hereunder shall not exceed each Owner's indemnification obligations under that certain Multi-County Agreement Between the Counties of Los Angeles, Orange, Riverside, and San Diego for Shared Ownership and Ongoing Maintenance of an Electronic Recording Delivery System (the "Multi-County Agreement"). 13.3 In the event of fraud that arises directly or indirectly from Government Agency’s submission of a document through the SECURE G2G Portal for electronic recording that impacts the value of or title to real estate, Government Agency shall defend and indemnify the Owners against any Claims (as defined in section 13.1, above) for any G2G electronic recording transaction in which the Government Agency engages. 14. Termination 14.1 Either party may terminate this Agreement for any reason by providing 30 calendar days’ written notice of termination. 14.2 Owners may terminate this Agreement immediately if Government Agency is in default of any of the terms of this Agreement. 2020 SECURE 8 Government2Government MOU 14.3 Notwithstanding any other provision of this Agreement, the Owners may terminate this Agreement immediately at any time in its sole discretion as it deems necessary. The following is a non-exhaustive list of reasons for termination: 14.3.1 To protect the public interest. 14.3.2 To protect the integrity of public records. 14.3.3 To protect real property owners from financial harm. 14.3.4 To prevent fraud. 14.3.5 For Government Agency’s violation of, or to prevent the violation of, any federal, state or local law. 14.4 The indemnification and limitation of liability provisions of this Agreement shall survive any termination of this Agreement. 15. Dispute Resolution Owners and Government Agency will attempt, in good faith, to resolve any controversy or claim arising out of or relating to G2G electronic recording through either negotiation or mediation prior to initiating litigation. 16. Governing Laws and Venue This Agreement has been negotiated and executed in the State of California and shall be governed by and construed under the laws of the State of California. In the event of any legal action to enforce or interpret this Agreement, the sole and exclusive venue shall be a court of competent jurisdiction located in Orange County, California. 17. Amendment Any amendments or modifications to this Agreement shall be in writing duly executed by each party’s authorized official, which shall become effective at a time mutually agreed upon by the Parties. No alteration or variation of the terms of this Agreement shall be valid unless made in writing and signed by the parties hereto, and no oral understanding or Agreement not incorporated herein shall be binding on either party. 18. Assignment This Agreement shall not be assigned by a party, either in whole or in part, without prior written consent of other party. Any assignment or purported assignment of this Agreement by a party without the prior written consent of the other party will be deemed void and of no force or effect. 2020 SECURE 9 Government2Government MOU 19. Entire Agreement This Agreement contains the entire and complete understanding of the Parties and supersedes any and all other agreements, oral or written, with respect to the terms under this Agreement. 20. Parties in Interest None of the provisions of this Agreement or any other document relating hereto provides any rights or remedies to any person other than the Parties hereto and the Partner Counties and their respective successors, transferees, assumers and assigns, if any. 21. Privileged and Confidential Information The Government Agency agrees that all personal information, which is considered privileged and confidential under state law contained within the documents submitted for recording will not be released by the Government Agency to any individual or other legal entity who would not otherwise have authorized access to such information. Any release of information by the Government Agency to any unauthorized individual or other legal entity may result in the Owners terminating this Agreement. 22. Waiver No waiver of the breach of any of the covenants, agreements, restrictions, or conditions of this Agreement by Owners shall be construed to be a waiver of any succeeding breach of the same or other covenants, agreements, restrictions, or conditions of this Agreement. No delay or omission of Owners, in exercising any right, power or remedy herein provided in the event of default shall be construed as a waiver thereof or acquiescence therein, or be construed as a waiver of a variation of any of the terms of this Agreement. 23. Severability If any term or portion of this Agreement is held to be invalid, illegal, void or otherwise unenforceable by a court of competent jurisdiction, the remaining provisions of this Agreement shall continue in full force and effect. 24. Sections and Attachments All sections and attachments referred to herein are attached hereto and incorporated by reference. 25. Headings The Agreement captions, clause, section and attachment headings used in this Agreement are inserted for convenience of reference only and are not intended to define, limit or affect the construction or interpretation of any term or provision hereof. 2020 SECURE 10 Government2Government MOU 26. No Presumption Against Drafter This Agreement is deemed to have been drafted jointly by the Parties. This Agreement shall be construed without regard to any presumption or rule requiring construction against or in favor of the party receiving a particular benefit under this Agreement. No rule of strict construction will be applied against any party or person. 27. Notices Any notice requirement set forth herein shall be in writing and delivered to the appropriate party at the address listed in this subparagraph. Notice shall be given by electronic mail or deposited in the United States mail, postage prepaid, to the parties listed below. Addresses for notice may be changed from time to time by written notice to the other party. All communications shall be effective when actually received; provided, however, that nonreceipt of any communication as the result of a change in address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. For reporting a security incident, the Government Agency shall also report the incident to the Lead County at the email address specified below. Government Agency Orange County Sanitation District Attn: Clerk of the Board 18480 Bandilier Circle Fountain Valley, CA 92708 Email: ocsanclerk@ocsan.gov Lead County: Orange County Clerk-Recorder Attn: SECURE G2G Coordinator 601 N. Ross Street Santa Ana, CA 92701 Email: SECURESupport@rec.ocgov.com 28. Signatures in Counterparts: This MOU may be executed in counterparts by the parties. This MOU is in effect as to any signatory party upon execution and, for purposes of enforcement, true copies of signatures shall be deemed to be original signatures. IN WITNESS WHEREOF, the parties hereto have caused this MOU to be executed and attested to by their proper officers thereunto duly authorized and their official seals to be hereto affixed, as of the day and year first above written. 2020 SECURE 11 Government2Government MOU --Signatures Follow-- 2020 SECURE Signature Page Government2Government MOU OWNERS THE COUNTY OF ORANGE AS LEAD COUNTY: Approved By: Hugh Nguyen Signature: ________________________________________________________ Orange County Clerk-Recorder Date: _________________________________ THE OFFICE OF THE ORANGE COUNTY COUNSEL APPROVED AS TO FORM Signature: _________________________________________ Title: Deputy County Counsel Dated: __________________________________ 2020 SECURE Signature Page Government2Government MOU GOVERNMENT AGENCY DEPARTMENT OF (Government Agency): Orange County Sanitation District COUNTY: Orange County Recorder Approved By: Ryan P. Gallagher Signature: ________________________________________________________ Title: Board Chairman Date: _________________________________ Attest: _____________________________ Kelly A. Lore, Clerk of the Board 2020 SECURE Attachment A Government2Government MOU Attachment A - Technical Specifications 1. Submission Methods SECURE G2G Portal User Interface (UI) – Government Agencies who will be scanning paper or uploading image files directly into the SECURE G2G Portal must use a token for authentication. Government Agencies will receive recording confirmation via the UI. The UI allows user to upload a pre-scanned 300 DPI TIFF Group IV image or use a browser scanner TWAIN plugin. SECURE G2G Portal Web API (API) – Government Agencies that directly connect to the API must adhere to the XSD standard. The XML files that are uploaded must include Base64 encoded 300 DPI TIFF Group IV image files. This process does not require a user to be involved in the transfer; it is an automatic process that will be programmed by the submitter in conjunction with the County. Government Agencies will receive recorded information via XML return package. 2. Communications Protocol HTTPS is required for the submission of instruments. 3. Security Framework The required security framework is provided for in the SECURE G2G Portal software. The SECURE G2G Portal software shall use a minimum of 128-bit file and image encryption. Industry standard Secure Sockets Layer (SSL) and user login with password that is encrypted shall be employed. User passwords are controlled by the Government Agency and at a minimum changed at 90-day intervals to reduce security exposure. a) Endpoint Security (Authentication Token) - Government Agencies will require one token for each agency staff member that will be utilizing the UI. For use of the token to submit documents through the SECURE G2G Portal for recording electronically, please refer to the SECURE G2G Portal User Manual. b) Computers and User Accounts Government Agency computer(s) connected to the SECURE G2G Portal must be dedicated workstations for G2G recording only. Government Agency computers utilized for such are required to comply with a workstation checklist provided by Lead County. Computers that connect to SECURE G2G Portal will have system and application logging enabled with a retention period of 3 months. Lead County may request reports of user access and transaction activity. 2020 SECURE Attachment A Government2Government MOU Workstations used to submit, retrieve, or, when applicable, return SECURE G2G Portal payloads are protected from unauthorized use and access. As a minimum, workstations shall meet all of the following requirements: Anti-malware software configured to start on system boot-up. All critical operating system patches applied within one month from when the patch first becomes available. A hardware firewall installed and maintained. Up to date virus scan software that shall check for definition updates every twenty- four hours. A full virus scan configured to run weekly at a minimum. Installed applications shall be limited to the purpose of performing the necessary operational needs of the recording process as defined by the County Recorder. Screen Lock must be configured for activation after 10 minutes of inactivity. Shared user accounts may not be issued. At no time shall more than one person be authorized access to SECURE G2G Portal using a single SECURE G2G Portal user account or set of identity credentials. Each person shall be uniquely identified. If a user’s status changes, so that access to SECURE G2G Portal is no longer required, the user’s SECURE G2G Portal account and identity credentials shall be disabled and revoked, but not deleted from the system. SECURE G2G Portal user accounts and identity credentials are non-transferable. c) Imaging Standards The following imaging standards shall be complied with: • Documents must be scanned or uploaded at 300 DPI TIFF Group IV image or use a browser scanner TWAIN plugin. • Documents will be scanned in portrait mode. • All pages, including attachments, must be numbered sequentially. • Documents must be scanned to original size. • Document details, such as margins, font size and other similar requirements, must meet all applicable state statutes as set out in Government Code Section 27361 et seq. ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4272 Agenda Date:5/14/2025 Agenda Item No:11. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: IBM TIVOLI MAXIMO ANNUAL SUBSCRIPTION AND SUPPORT,SPECIFICATION NO.S-2025- 681BD GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a Purchase Order Contract to Lantrasoft, Inc. to purchase IBM Tivoli Maximo application point licenses,Specification No. S-2025-681BD, for a total amount not to exceed $290,000; with four (4) one-year renewal options; and B. Approve an annual contingency in the amount of $43,500 (15%). BACKGROUND Orange County Sanitation District (OC San)has been using IBM Tivoli Maximo as a computerized maintenance and management system for the last 10 years to maintain and manage all work performed on OC San assets at Plant Nos.1 and 2,and the Collections System.OC San has been purchasing the annual subscription and support for the last 10 years and would like to continue purchasing the same for the upcoming fiscal year,2025-2026.OC San will be purchasing the same number of Application points that were purchased for fiscal year,2024-2025.Application point licensing is based on user types.Users in Maximo are divided into two categories:administrator users and application users.Depending on the level of access needed,users are further classified as: premium, base, limited, and self-service. RELEVANT STANDARDS ·Protect OC San assets ·Ensure the public’s money is wisely spent ·Maintain a culture of improving efficiency to reduce the cost to provide the current service level or standard ·Maintain a proactive asset management program Orange County Sanitation District Printed on 5/6/2025Page 1 of 3 powered by Legistar™ File #:2025-4272 Agenda Date:5/14/2025 Agenda Item No:11. PROBLEM OC San’s Asset Management program uses IBM Tivoli Maximo for maintaining and managing OC San’s assets.To receive continued support and updates from IBM,the annual subscription and support needs to be purchased. PROPOSED SOLUTION Procure IBM Tivoli Maximo Application point licenses through Lantrasoft, Inc. TIMING CONCERNS The current perpetual licenses expire on June 30, 2025. RAMIFICATIONS OF NOT TAKING ACTION OC San will not be able to receive software support and required updates from IBM. PRIOR COMMITTEE/BOARD ACTIONS May 2024 -Approved a Purchase Order to ZProCis Solutions Inc.to provide the conversion of IBM Tivoli Maximo from perpetual licenses to application point licenses,Specification No.S-2024- 1448BD,for a total amount not to exceed $276,498 and approved a contingency in the amount of $41,475 (15%). May 2022 -Approved a Contingency Increase of $10,472 (6.03%)to the IBM Tivoli Maximo and WebSphere (EnterpriseOne)Annual Subscription and support contract with Dataskill,Specification No.S-2019-1045BD,for the period July 1,2022 through June 30,2023,for a new total contingency amount not to exceed $36,538 (21.03%);and approved an annual contingency of $34,754 (20%)for one remaining renewal period. May 2019 -Approved an Annual Purchase Order Contract with Dataskill,Inc.for the renewal of software licensing and maintenance for IBM Maximo and WebSphere,for an amount not to exceed $173,774,for the period beginning July 1,2019 through June 30,2020,with four (4)one-year renewal options; and approved a contingency of $26,066 (15%). ADDITIONAL INFORMATION On April 14,2025,OC San issued a Notice Inviting Bids for the purchase of IBM Tivoli Maximo application point licenses via PlanetBids.Bids were due on May 1,2025.OC San received nine (9) bids, which are valid for 180 calendar days from the bid opening date. Company Name Bid Determination Lantrasoft, Inc.$290,000.00 Responsive FAHM Technology Partners $303,314.00 Responsive Coquina Lans Inc.$306,514.46 Responsive Miracle Software Systems, Inc.$306,671.97 Responsive Phaeton Solutions, LLC $306,764.46 Responsive vCloud Tech Inc.$307,368.33 Non-Responsive IT Devices Online, Inc $308,736.18 Responsive TommyTQL LLC $309,600.00 Non-Responsive Kambrian Corporation $315,716.36 Responsive Orange County Sanitation District Printed on 5/6/2025Page 2 of 3 powered by Legistar™ File #:2025-4272 Agenda Date:5/14/2025 Agenda Item No:11. Company Name Bid Determination Lantrasoft, Inc.$290,000.00 Responsive FAHM Technology Partners $303,314.00 Responsive Coquina Lans Inc.$306,514.46 Responsive Miracle Software Systems, Inc.$306,671.97 Responsive Phaeton Solutions, LLC $306,764.46 Responsive vCloud Tech Inc.$307,368.33 Non-Responsive IT Devices Online, Inc $308,736.18 Responsive TommyTQL LLC $309,600.00 Non-Responsive Kambrian Corporation $315,716.36 Responsive Based on these results,staff recommends approving a Purchase Order Contract to Lantrasoft,Inc. The term of this Purchase Order will begin on the date of the Notice to Proceed. CEQA N/A FINANCIAL CONSIDERATIONS This request complies with the authority levels of OC San’s Purchasing Ordinance.This item has been budgeted (FY 2024-25 and 2025-26 Budget,Section 6,Page 23,IT Operating Budget)and the budget is sufficient for the recommended action. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 5/6/2025Page 3 of 3 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4139 Agenda Date:5/14/2025 Agenda Item No:12. FROM:Robert Thompson, General Manager Originator: Jennifer Cabral, Director of Communications SUBJECT: LEGISLATIVE AFFAIRS UPDATE FOR THE MONTH OF APRIL 2025 GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Legislative Affairs Update for the month of April 2025. BACKGROUND The Orange County Sanitation District’s (OC San)legislative affairs program includes advocating for OC San’s legislative interests;sponsoring legislation (where appropriate);and seeking local,state, and federal funding for projects and programs. RELEVANT STANDARDS ·Maintain influential legislative advocacy and a public outreach program ·Build brand, trust, and support with policy makers and community leaders ·Maintain collaborative and cooperative relationships with regulators,stakeholders,and neighboring communities PROBLEM Without a strong advocacy program,elected officials may not be aware of OC San’s mission, programs, and projects and how they could be impacted by proposed legislation. PROPOSED SOLUTION Continue to work with local,state,and federal officials to advocate for OC San’s legislative interests. Help to create and monitor legislation and grants that would benefit OC San,the wastewater industry, and the community.To assist in relationship building efforts,OC San will continue to reach out to elected officials through facility tours,one-on-one meetings,and trips to Washington D.C.and Sacramento. Orange County Sanitation District Printed on 5/5/2025Page 1 of 3 powered by Legistar™ File #:2025-4139 Agenda Date:5/14/2025 Agenda Item No:12. RAMIFICATIONS OF NOT TAKING ACTION If OC San does not work with Local,State,and Federal elected officials,legislation could be passed that negatively affects OC San and the wastewater industry.Additionally,a lack of engagement may result in missed funding opportunities. ADDITIONAL INFORMATION Activities in April: Sacramento Advocacy Day On April 8,Board Chairman Ryan Gallagher,General Manager Rob Thompson,OC San staff Rebecca Long,and State lobbyist,Townsend Public Affairs,Inc.traveled to Sacramento for an Advocacy Day to meet with Legislators to discuss current legislation and funding opportunities for OC San’s current and future projects.The meetings included OC San’s Orange County Delegation. These meetings gave us an opportunity to discuss various bills, including but not limited to: ·Senate Bill 682:This bill would,beginning January 1,2027,prohibit a person from distributing, selling,or offering for sale a covered product that contains intentionally added PFAS,except for previously used products and as otherwise preempted by federal law. ·Senate Bill 317:This bill would require each county to establish and maintain at least one wastewater surveillance site to monitor for pathogens and public health indicators.OC San currently estimates the operational impact to be as high as 2.5 hours per week of staff time (for one location) to collect and ship samples to the State laboratory. ·Assembly Bill 643:This bill would authorize a local jurisdiction to include organic material used as a beneficial agricultural amendment towards its recovered organic waste procurement target.This would apply if the material were processed at a facility authorized by the department using specified approved technologies and if the material is licensed for end use as an agricultural fertilizer by the Department of Food and Agriculture. CASA State and Federal Legislative Committee Meetings On Friday,April 11 OC San staff and our State lobbyist attended the virtual CASA State Legislative Committee Meeting where topics discussed included bill updates,the current State budget,per-and polyfluoroalkyl substances (PFAS) bills, and proposed legislation related to environmental concerns. Additionally,OC San staff participated in the CASA Federal Legislative Committee Meeting held virtually on Monday,April 14.Discussions included Executive Branch actions such as EPA and FEMA initiatives,federal workforce reductions,and tariffs.Updates were also provided on key legislation,including permit term legislation (HR 2093),wipes legislation (HR 2269/S 1092),and PFAS liability legislation (HR 1267).Fiscal Year 2026 appropriations and federal reconciliation and tax policy packages were also reviewed. Meeting with Assemblywoman Cottie Petri Norris On Friday,April 18 Board Chairman Ryan Gallagher,General Manager Rob Thompson,Director of Communication Jennifer Cabral,and OC San’s State lobbyist,Townsend Public Affairs,Inc.,attended a virtual meeting with Assemblywoman Cottie Petrie Norris.The purpose of the meeting was to brief the Assemblymember on Supercritical Water Oxidation and Deep Well Injection and request the inclusion of funding for innovative biosolids management solutions as a priority strategy in the state Orange County Sanitation District Printed on 5/5/2025Page 2 of 3 powered by Legistar™ File #:2025-4139 Agenda Date:5/14/2025 Agenda Item No:12. inclusion of funding for innovative biosolids management solutions as a priority strategy in the state Cap-and-Trade Expenditure Plan. Local Lobbyist During the month of April,Whittingham Public Affairs Advisors (WPAA)OC San’s Local Lobbyist has continued to monitor the various City Council agendas of each of OC San’s member agencies and highlighted issues and items of relevance to OC San.Additionally,Peter Whittingham from WPAA presented at the April 9 Administration Committee where he discussed regional issues for the County and provided a forecast along with an update on the March 13 Waste Management Commission Meeting. Washington D.C Advocacy Days OC San staff and lobbyist have begun the process of organizing the July 15-17 Federal Advocacy Days.During the advocacy meetings OC San staff and lobbyist plan to speak with our OC Federal Delegation and their staff regarding OC San’s innovative proposed projects,funding opportunities, and OC San’s response to contaminants of emerging concern. Activities in May: WIPPES Act Letter A letter of support for the Federal Wastewater Infrastructure Pollution Prevention and Environmental Safety (WIPPES)Act (H.R.2269)was issued.The bill proposes to create a uniform federal “Do Not Flush”labeling requirements for non-flushable wipes packaging.This proposed bill mirrors California’s wipes labeling law and is supported by CASA and its membership. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Federal Legislative Update ·Federal Matrix ·State Legislative Update ·State Matrix ·Local Legislative Update ·Presentation Orange County Sanitation District Printed on 5/5/2025Page 3 of 3 powered by Legistar™ 1 | P a g e TO: Rebecca Long FROM: Eric Sapirstein Sarah Sapirstein DATE: April 25, 2025 SUBJECT: Washington Update Over the past month, Congress has been working on a budget plan, and both the House and Senate have approved it to move the process forward toward reconciliation. This now allows congressional committees to begin drafting their respective portions of the reconciliation package. On April 9, the Senate Committee on Environment and Public Works favorably reported the nomination of Jessica Kramer to be the next Assistant Administrator for the U.S. Environmental Protection Agency’s (USEPA) Office of Water and Sean Donahue to be the agency’s General Counsel to the Senate Floor. The committee approved Kramer’s nomination on a vote of 15-4, with Senator Alex Padilla and Senator Adam Schiff voting in support of the nomination. At the same time, the Administration kept reviewing major regulations from the final days of the Biden Administration. This included the White House sending a memo to federal agencies to find rules that might be illegal under recent Supreme Court decisions, and the Office of Management and Budget asking for public input to find more unnecessary regulations. Although there hasn’t been any action yet on pending guidance about PFAS standards, the agency might revisit earlier guidance, rulemakings, and the science behind the standards once Kramer is confirmed as Assistant Administrator. However, this review could be limited by ongoing lawsuits challenging the 4-parts-per-trillion drinking water standard and the classification of PFAS as a hazardous substance under Superfund law, along with rules that prevent reversing regulations. One likely review could involve reconsidering the proposed PFAS-related aquatic human health criteria, which have been issued but not finalized. 2 | P a g e The ongoing effort to shrink the federal bureaucracy through the Department of Government Efficiency (DOGE) has had mixed results. In recent weeks, layoffs of probationary workers and offers of early retirement raised concerns about how water projects in California might be affected. As a result, several dismissed employees were reinstated, and courts ordered the rehiring of some probationary workers. Despite this, the Administration is still pushing ahead with plans for major layoffs (RIFs), selling off real estate, and not renewing leases to reduce the government’s footprint. Federal agency heads must submit workforce reduction and reorganization plans to the Office of Management and Budget (OMB) and the Office of Personnel Management (OPM) by April 14. If the plans are approved, all actions must be completed by September 30, 2025. In a related action, the President issued a directive to the Office of Management and Budget to implement Schedule F, a policy that would classify approximately 50,000 federal employees as “at will” employees that would facilitate such staff dismissals. House and Senate Move Forward on a Budget Resolution Before leaving for their April recess, the House and Senate approved a budget resolution that officially starts the process of drafting a reconciliation package. This resolution is a revised version, written by the Senate, to resolve major differences—worth billions of dollars—between earlier versions passed by each chamber, including disagreements over how policies were scored. The Senate updated its resolution to call for $9 billion in spending cuts, aiming to give lawmakers maximum flexibility to work with the House on a final agreement. House Republican leaders managed to overcome opposition within their ranks, even though some members were worried that the final deal would limit spending cuts and include a debt ceiling increase. Now that the budget resolution has passed, the real challenge begins—writing the reconciliation package. This starts with negotiating 'reconciliation instructions,' where the House and Senate must work out a $500 billion gap between their proposals. Without an agreement, it will be very difficult to pass a reconciliation package that carries the president’s economic agenda forward. As of now, Speaker of the House Mike Johnson (R-LA) is still working to reach a deal by Memorial Day. Importance of Budget Resolution Passing a budget resolution is critical because it allows Congress to move forward with the actual budget reconciliation process. Reconciliation enforces the tax and spending rules set in the resolution and will shape federal policies and budgets for the next ten years. The first five years of the plan are mandatory, while the second five years can be adjusted later, depending on the economy and which party controls Congress. 3 | P a g e Both the resolution and reconciliation will affect funding for major domestic programs, including infrastructure support. For example, in the House, the Transportation and Infrastructure Committee, which oversees the Clean Water Act, is required to cut at least $10 billion, while the Energy and Commerce Committee must cut $850 billion. These cuts could significantly impact water infrastructure funding over the next decade. A final agreement could also include new authorizations for water projects and require federal agencies or programs to reorganize—if those changes can show a direct impact on the federal budget. Fiscal Year 2026 Appropriations Process Begins Now that funding decisions for Fiscal Year 2025 have been signed into law (PL# 119-4, H.R. 1968), the House and Senate Appropriations Committees have started reviewing funding priorities for Fiscal Year 2026, which begins on October 1. The President’s budget request is expected to be sent to Congress around May 3. Both the House and Senate hope to pass their annual spending bills by late summer, with the goal of finalizing everything before the new fiscal year starts on October 1. Administration Advances Deregulatory Agenda Continuing its efforts to reduce federal regulations, the White House released a new Presidential Memorandum titled Directing The Repeal of Unlawful Regulations. It orders leaders of executive departments and agencies to review and identify regulations that may be unlawful. The White House also published a fact sheet explaining the Memorandum. Agencies must base their reviews on U.S. Supreme Court decisions cited in the Memorandum — including two key cases for OC San: Loper Bright Enterprises v. Raimondo (2024) and Sackett v. EPA (2023). Departments and agencies have 60 days to find any unlawful regulations and create plans to repeal them. Then, within 30 days after that review period ends, they must submit summaries of their findings to the Office of Information and Regulatory Affairs (OIRA). In addition to the Memorandum, the Office of Management and Budget (OMB) also released a separate Request for Information (RFI). While distinct from the Memorandum, the RFI has a similar goal: identifying unnecessary or unlawful regulations. Through the RFI, OMB is asking for public input on current federal regulations and will accept comments until May 12, 2025. The RFI seeks proposals to rescind or replace regulations that are unnecessary, unlawful, overly burdensome, outdated, or harmful to U.S. businesses — especially those inconsistent with the law, Constitution, or whose costs outweigh their benefits. Importance of the White House’s Memorandum and OMB RFI The importance of the Memorandum and RFI stem from the broad review lens and criteria they give federal agencies to review regulations. For example, the memorandum’s directive to rely upon Loper Bright means that regulatory agencies cannot broadly regulate activities that are not expressly allowed by statute. As a result, any rule will be subject to potential rollback if it is determined to violate Loper Bright. 4 | P a g e Meanwhile, the focus on Sackett decision will provide an avenue to reverse rules considered to violate the Court’s interpretation of which surface waters are subject to Clean Water Act regulation. While OMB’s RFI does not identify legal criteria to review existing regulations, it provides a wider scope of review by allowing the public to suggest regulations to roll back and provides more general narrative of criteria that would disqualify an existing rule as necessary and, or lawful. As a result, both of these actions have the potential to restructure the federal regulatory landscape. National Pollutant Discharge Elimination System (NPDES) Permitting Reforms Legislation Introduced In a recent House Committee on Transportation & Infrastructure hearing, witnesses discussed the importance of speeding up project construction under the Clean Water Act, while reducing bureaucratic delays. Representative John Garamendi (D-CA) announced a bipartisan bill that would allow states to issue 10-year NPDES permits to clean water agencies. After the hearing, Representatives Ken Calvert (R-CA), Garamendi, and David Rouzer (R-NC) introduced H.R. 2093, which includes provisions from last year's House- passed Confidence in Clean Water Permitting Act. This bill would help wastewater, water recycling, and desalination projects. The Senate Committee on Environment and Public Works also recently held a hearing on permitting issues, where all witnesses agreed that reforms are needed. Committee members, from both parties, pointed out that the current federal permitting process is too slow and costly, without benefiting the environment. As a result, committee staff are considering broad reforms to energy and environmental permitting in the coming months, including discussions about 10-year NPDES permit terms Importance of Ten-Year Permits Legislation The 119th Congress and the Administration have placed priority on permitting reforms. As a result, the environment to authorize ten-year NPDES permit terms has become more receptive than in past years. If reforms are passed, a bill would likely be signed into law. If enacted into law, water sector agencies would realize reduced administrative red tape associated with Clean Water Act to permit renewals and deliver efficiencies in complying with the Clean Water Act. ‘Do Not Flush’ Legislation Introduced and Advanced in the House Last month, the WIPPES Act was reintroduced in both the House and Senate with bipartisan support. The bill, H.R. 2269 in the House and S. 1092 in the Senate, is based on legislation passed by the House last Congress. It mirrors California's 'Do Not Flush' law for non-flushable wipes, which was championed by CASA. This year, the WIPPES Act is sponsored by Representative Lisa McClain (R-MI), a member of Republican leadership, and Representative Kevin Mullin (D-CA), with Representative Jared Huffman (D-CA) as an original co-sponsor. In the Senate, Senators Jeff Merkley (D-OR) and Susan Collins (R-ME) sponsor the bill, with Senator Alex Padilla (D-CA) as an original co-sponsor. 5 | P a g e The bill continues to have strong support from a coalition of stakeholders, including industry groups, clean water advocates, environmentalists, and civil engineers. Because it reflects the language of last Congress’ House-passed bill, has ongoing support from stakeholders, and has a sponsor in Republican leadership, the House Committee on Energy and Commerce approved H.R. 2269 with a bipartisan voice vote earlier this month. Before the markup, CASA and the coalition submitted a letter of support for the bill. H.R. 2269 is now waiting to be scheduled for debate and a vote on the House Floor after Congress returns from its recess later this month. Importance of WIPPES Act The WIPPES Act aims to address the issue of non-flushable wet wipes that can damage water infrastructure and increase operational costs for wastewater utilities. The legislation would establish a federal standard requiring manufacturers to label such products with a 'Do Not Flush' warning, aligning with California's state law. This initiative has been a priority for OC San, which previously sent letters of support for the WIPPES Act to the district’s congressional delegation. 1 of 4 Federal Legislative Report - April 2025 OCSAN Bills 9 Bills US HR 2269 Support Title: WIPPES Act Current Status: In House Introduction Date: 2025-03-21 Summary: H.R. 2269 would direct the Federal Trade Commission to estabilsh federal "Do Not Flush" labeling requirements for nonflushable wet wipes packaging. The labeling requirements would be enacted one year after the bill's enactment. The bill mirrors California's state labeling law and is supported by clean water, industry, environmental advocates, and civil engineer stakeholders. Senate companion legislation is S. 1092. Location: United States US HR 1265 Title: To amend the Save Our Seas 2.0 Act to expand eligibility for certain wastewater infrastructure grants, and for other purposes. Current Status: In House Introduction Date: 2025-02-12 Summary: H.R. 1265 aims to expand eligibility for certain wastewater infrastructure grants under the Save Our Seas 2.0 Act12. This expansion would allow communities and projects to qualify for federal funding, which can be used to improve and modernize wastewater treatment facilities. By increasing access to these grants, the bill seeks to enhance the capacity of wastewater management systems to handle pollutants, reduce environmental impacts, and support public health. This could lead to more efficient and effective wastewater treatment processes, ultimately contributing to cleaner waterways and a healthier environment. Location: United States 2 of 4 US HR 2344 Title: Water ISAC Threat Protection Act Current Status: In House Introduction Date: 2025-03-25 Summary: Would establish a program to enhance the preparedness and resilience of drinking water and wastewater systems against various threats. The bill's primary focus is on safeguarding these critical utilities from risks such as natural disasters, cyberattacks, and other vulnerabilities that could disrupt essential water services. Introduced by Rep. Jan Schakowsky (D-IL). Location: United States US S 1092 Support Title: WIPPES Act Current Status: In Senate Introduction Date: 2025-03-24 Summary: S.1092 would direct the Federal Trade Commission to estabilsh federal "Do Not Flush" labeling requirements for nonflushable wet wipes packaging. The labeling requirements would be enacted one year after the bill's enactment. The bill mirrors California's state labeling law and is supported by clean water, industry, environmental advocates, and civil engineer stakeholders. House companion legislation is HR 2269. Location: United States US HR 2093 Title: To amend the Federal Water Pollution Control Act with respect to permitting terms, and for other purposes. Current Status: In House Introduction Date: 2025-03-14 Summary: H.R. 2093 would amend the Clean Water Act's permitting provisions to allow for delegated states or USEPA to issue ten year National Permit Discharge Eliminate System (NPDES) permits. The bill, if enacted, would extend current terms from five years. Location: United States US S 857 Title: Water Conservation Rebate Tax Parity Act 3 of 4 Current Status: In Senate Introduction Date: 2025-03-05 Summary: Amends federal tax law so that homeowners would not need to pay income tax when they receive rebates from water utilities for water conservation and water runoff management improvements. S. 857 - Introduced by Senator John Curtis (R-UT ) HR 1871 - Companion legislation introduced by Rep. Jared Huffman (D-CA) Location: United States US HR 1285 Title: Water Infrastructure Subcontractor and Taxpayer Protection Act of 2025 Current Status: In House Introduction Date: 2025-02-13 Summary: H.R. 1285 would amend the Water Infrastructure Finance and Innovation Act of 2014. The key points: Payment and Performance Security Requirements: The bill establishes new requirements for payment and performance security for projects funded under the act. Project Funding: Ensure that projects financed through the Water Infrastructure Finance and Innovation Act have adequate financial safeguards. Location: United States US HR 1267 Title: Water Systems PFAS Liability Protection Act Current Status: In House Introduction Date: 2025-02-12 Summary: H.R. 1267 is a reintroduction of last Congress' legislation to provide the water sector with explicit liability protection from liability under Superfund due to USEPA's rule to designate PFAS as a hazardous substance that could impose liability upon the water sector due to the law's strict, joint and several liability standard. Introduced by Marie Gluesenkamp Perez (D-WA). Description: Water Systems PFAS Liability Protection Act This bill exempts specified water management entities from liability under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) for releases of certain perfluoroalkyl or polyfluoroalkyl substances, commonly referred to as PFAS. Specifically, the entities covered under the bill are public water systems, publicly or privately owned or operated treatment works, municipalities with a stormwater discharge permit, political subdivisions or special districts of a state that act as a wholesale water agency, and contractors performing the management or disposal activities for such entities. Under the bill, the exemption only applies if a specified entity transports, treats, disposes of, or arranges for the transport, treatment or disposal of PFAS consistent with applicable laws and during and following the conveyance or treatment of water under federal or state law, such as through the 4 of 4 management or disposal of biosolids consistent with the Federal Water Pollution Control Act. Liability for damages or costs associated with the release of certain PFAS must not be precluded if an entity acted with gross negligence or willful misconduct. Location: United States 1 M E M O R A N D U M To: From: Date: Subject: Orange County Sanitation District Townsend Public Affairs April 25, 2025 Legislative Monthly Report STATE UPDATES Through March, the Legislature saw significant activity, including numerous amendments to recently introduced bills and a series of policy committee hearings with robust agendas. As the first house policy committee season progresses, lawmakers conduct in-depth evaluations of proposed legislation, assess potential impacts, and determine which measures will advance to the appropriations committee for fiscal review (if applicable) and eventual floor consideration in their House of Origin. This phase is critical for refining bill language, incorporating amendments, and engaging stakeholders in policy discussions. This legislative pace is expected to continue through April and May, leading up to the June 6 deadline for bills to advance to the second house. Next month, the Legislature will adjourn for Spring Recess on April 10 and reconvenes on April 21. Legislative focus will shift to the state budget process in May, coinciding with the release of the Governor’s May Revision to the January budget proposal. Beyond the legislative progress, March also saw significant developments in key policy priorities, particularly in wildfire relief and recovery efforts following the devastating January wildfires in Los Angeles. STATE BUDGET Prominent Performance from February Income Tax Receipts The State’s personal and corporate income tax revenues surged unexpectedly in February, coming in 28.1 percent above projections. Year-to-date, these income taxes are now $3.2 billion (3.5 percent) higher than Governor Newsom’s January budget proposal estimates, offering a slight safety net considering projections were made before tax filing deadlines were extended for Los Angeles County due to wildfires. Other factors in the State’s performance include personal income tax withholdings exceeding projections by 11.3 percent and corporate tax refunds falling short of forecasts by 52.1 percent, further bolstering net receipts. Economic uncertainty still looms as the stock market fluctuates, and federal trade policy impacts could dampen income from capital gains, bonuses, and corporate profits. 2 February Revenues Exceed Estimates In March, the Department of Finance released its current Finance Bulletin with positive news that the February General Fund cash receipts were $2.3 billion, or 24.9 percent, above the Governor’s Budget forecast. This brings year-to-date revenues of $4.6 billion, or 3.8 percent, above estimates despite the Governor’s Budget being crafted before the tax filing deadline was extended for Los Angeles County taxpayers impacted by the recent wildfires. Personal income tax and corporation tax receipts drove February’s performance at $1 billion and $296 million above projections, respectively, while sales and use tax receipts dropped $167 million below estimates. With just a couple of months until the Governor’s May Revise, the Senate and Assembly Budget Committees are busy holding Subcommittee hearings soliciting updates and proposals from state departments, but most items are held open until a later date pending action before the adoption of a final budget bill. STATE LEGISLATURE Cap and Trade Program Extension Announced On April 15, Governor Gavin Newsom, alongside Senate pro Tempore Mike McGuire and Assembly Speaker Robert Rivas, announced a coordinated effort during this legislative year to extend California’s Cap and Trade program beyond its current 2030 end date. The proposal aims to provide long-term market certainty, attract sustained investment in clean technologies, and reinforce the state’s leadership on climate policy in light of emerging federal challenges. The administration underscored its commitment to maintaining California’s ambitious climate goals, regardless of shifting national policy landscapes. California’s Cap and Trade program, first established in 2006, holds carbon polluters accountable by requiring them to pay for greenhouse gas emissions that exceed regulatory limits. Revenues from the program deposited into the Greenhouse Gas Reduction Fund have supported significant investments in environmental sustainability, public health, transportation initiatives, and pollution reduction. State leaders emphasized that extending the program is critical to ensuring California remains on track to achieve carbon neutrality by 2045. Additional legislative and policy details are expected to be released in the coming weeks. This program extension is of particular interest to OC San because of the potential for funding for critical long-term projects such as Super Critical Water Oxidization (SCWO) and Deep Well Injection. OC San has been meeting with members of the Cap and Trade extension working group to advocate for statewide funding for innovative biosolids management projects such as SCWO and Deep Well Injection. Legislators Announce the “Fast Track Housing Package” On March 27, a bipartisan and bicameral group of legislators unveiled a Fast Track Housing package designed to tackle the state's housing crisis. The legislators announcing the package included Assembly Members Buffy Wicks (D-Oakland), Matt Haney (D-San Francisco), Tina 3 McKinnor (D-Inglewood), Juan Carrillo (D-Palmdale), Josh Hoover (R-Folsom), David Alvarez (D- San Diego), Senator Tim Grayson (D-Concord) and Alex Fisch (Special Assistant to Attorney General Rob Bonta). The package, comprised of over 20 bills aimed at accelerating housing production, builds on recommendations from the March 2025 Final Report of the Assembly Select Committee on Permitting Reform chaired by Assembly Member Wicks. Central to the legislation package are efforts to reduce bureaucratic hurdles, streamline housing approvals, and reform processes such as CEQA. Although originally designed to protect the environment, CEQA is frequently exploited by project opponents to litigate new developments, resulting in prolonged and costly delays. Despite multiple reform efforts, many projects continue to face slow permitting due to CEQA-related litigation and administrative obstacles. The measures in the package are expected to be assigned to the appropriate policy committees for review and consideration, if not already, ahead of the policy committee deadlines, which are scheduled for early May 2025. The policy committee assignments will initiate the formal process of hearings and deliberations, allowing for thorough examination and discussion before moving forward in the legislative process. TPA is closely monitoring this streamlining package to ensure that bills include mechanisms for OC San to recover its costs for connection and capacity charges. OC San State Bills of Interest BILL AUTHOR SUMMARY LATEST ACTION OC SAN POSITION LEGISLATIVE PLAN OTHER POSITIONS AB 259 Rubio [D]This bill would remove the January 1, 2026, date from the provisions of AB 2449 (Rubio), thereby extending the alternative teleconferencing procedures that are currently in effect indefinitely. Currently on the Assembly Floor Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Support CASA - Support CSDA - Sponsor ACWA - Support AB 339 Ortega [D]This bill would require the governing body of a public agency, and boards and commissions designated by law or by the governing body of a public agency, to give the recognized employee organization no less than 120 days’ written notice before issuing a request for proposals, request for quotes, or renewing or extending an existing contract to perform services that are within the scope of work of the job classifications represented by the recognized employee organization. The bill would require the notice to include specified information, including the anticipated duration of the contract. Currently in the Assembly Appropriations Committee Watch Legislative and Regulatory Policies: Labor Relations/Human Resources: Oppose efforts reducing local control over public employee disputes and imposing regulations on an outside agency. ACC-OC - NYC LOCC - Oppose CASA - Oppose CSDA - Oppose ACWA - Not Favor AB 340 Ahrens [D]This bill would also prohibit a local public agency employer, a state employer, a public school employer, a higher education employer, or the district from questioning any employee or employee representative regarding communications made in confidence between an employee and an employee representative in connection with representation relating to any matter within the scope of the recognized employee organization’s representation. Currently in the Assembly Appropriations Committee Watch Legislative and Regulatory Policies: Labor Relations/Human Resources: Oppose efforts reducing local control over public employee disputes and imposing regulations on an outside agency. ACC-OC - NYC LOCC - Oppose CASA - NYC CSDA - Oppose ACWA - NYC Proposed Legislation 2025 High Priority OC San State Bills of Interest BILL AUTHOR SUMMARY LATEST ACTION OC SAN POSITION LEGISLATIVE PLAN OTHER POSITIONS AB 370 Carrillo [D]This bill would revise the definition of unusual circumstances as it applies to a state of emergency to require the state of emergency, in addition to currently affecting the agency’s ability to timely respond to requests as described above, to also require the state of emergency to directly affect the agency’s ability to timely respond to requests as described above. By restricting the time period in which a local agency may respond to requests, thus increasing the duties of local officials, this bill would create a state- mandated local program. Current law requires each agency, within 10 days of a request for a copy of records, to determine whether the request seeks copies of disclosable public records in possession of the agency and to promptly notify the person of the determination and the reasons therefor. Current law authorizes that time limit to be extended by no more than 14 days under unusual circumstances, and defines “unusual circumstances” to include, among other things, the need to search for, collect, and appropriately examine records during a state of emergency when the state of emergency currently affects the agency’s ability to timely respond to requests due to staffing shortages or closure of facilities, as provided. Currently on the Assembly Floor Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Support CASA - Support CSDA - Support ACWA - NYC AB 405 Addis [D]Creates the Fashion Environmental Accountability Act of 2025 and requires fashion sellers, as defined, to carry out effective environmental due diligence. Requires, by January 1, 2028, in accordance with internationally recognized methodologies for chemical management and wastewater testing, a fashion seller to require all of its significant tier 2 dyeing, finishing, printing, and garment washing suppliers to do all of the following: (a) Sample and annually report to the fashion seller on wastewater chemical concentrations and water usage; (b) Report on chemical inventory; and, (c) Provide evidence that the supplier is in compliance with local chemical management laws. The bill empowers the Department of Toxic Substances Control to oversee compliance regarding chemicals in fashion products and sets penalties for violations. Will be heard in the Assembly Natural Resources Committee on April 28 Watch State Priorities: Source Control - Support legislation and/or regulations that restrict the non-essential use of microplastics and contaminants of emerging concern in any product that is disposed or has the potential to be introduced into the sanitary sewer system. ACC-OC - NYC LOCC - NYC CASA - Work with Author CSDA - NYC ACWA - NYC AB 430 Alanis [R]Current law provides that an emergency regulation adopted by the State Water Resources Control Board following a Governor’s proclamation of a state of emergency based on drought conditions, for which the board makes specified findings, may remain in effect for up to one year, as provided, and may be renewed if the board determines that specified conditions relating to precipitation are still in effect. This bill would require the board, before the 2nd renewal of any emergency regulation or upon its repeal, to conduct a comprehensive economic study assessing the impacts of the regulation and would require the board to make the study publicly available on its internet website Will be heard in the Assembly Water, Parks, and Wildlife Committee on April 29 Watch Legislative and Regulatory Policies: Water Quality and Supply: Support (generally) measures to increase water supply and improve water quality in the region, including drought relief legislations and regulations. ACC-OC - NYC LOCC - Watch CASA - Watch CSDA - Watch ACWA - NYC OC San State Bills of Interest BILL AUTHOR SUMMARY LATEST ACTION OC SAN POSITION LEGISLATIVE PLAN OTHER POSITIONS AB 538 Berman [D]Current law requires certified copies of records to be available upon request by the public and sets forth a process for the public to request the records either through the awarding body or the Division of Labor Standards Enforcement. Current law makes any contractor, subcontractor, agent, or representative who neglects to comply with the requirements to keep accurate payroll records guilty of a misdemeanor. This bill would require the awarding body, if a request is made by the public through the awarding body and the body is not in possession of the certified records, to obtain those records from the relevant contractor and make them available to the requesting entity. The bill would authorize the Division of Labor Standards Enforcement to enforce certain penalties if a contractor fails to comply with the awarding body’s request within 10 days of receipt of the notice. Will be heard in the Assembly Appropriations Committee on April 23 Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Oppose CASA - Watch CSDA - Oppose ACWA - NYC AB 638 C. Rodriguez [D]The Stormwater Resource Planning Act authorizes one or more public agencies to develop a stormwater resource plan that meets certain standards to address the capture of stormwater, as defined, and dry weather runoff, as defined. The act requires the State Water Resources Control Board, by July 1, 2016, to establish guidance for purposes of the act. This bill would require the board, by June 1, 2026, to establish guidance for stormwater capture and use for the irrigation of urban public lands, as defined. Currently in the Assembly Appropriations Committee Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Watch CASA - NYC CSDA - Watch ACWA - NYC AB 643 Wilson [D]This bill would authorize a local jurisdiction to include organic material used as a beneficial agricultural amendment towards its recovered organic waste procurement target if the material is processed at a facility authorized by the department using specified approved technologies, and if the material is licensed for end use as an agricultural fertilizer by the Department of Food and Agriculture. Two-year bill Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Watch CASA - Support in concept CSDA - Watch ACWA - NYC OC San State Bills of Interest BILL AUTHOR SUMMARY LATEST ACTION OC SAN POSITION LEGISLATIVE PLAN OTHER POSITIONS AB 647 M. Gonzalez [D]This bill would require a proposed housing development containing no more than 8 residential units that is located on a lot with an existing single-family home or is zoned for 8 or fewer residential units to be considered ministerially, without discretionary review or hearing, if the proposed housing development meets certain requirements, including, among other requirements, that the proposed housing development dedicates at least one residential unit to deed-restricted affordable housing to households making at or below 80% of the area median income, as specified. The bill would prohibit a local agency from applying any development standard that will have the effect of physically precluding the construction of a housing development that meets those requirements, as specified, and from imposing on a housing development subject to these provisions any objective zoning standard or objective design standard that meets certain criteria, including imposing any requirement that applies to a project solely or partially on the basis that the housing development receives approval pursuant to these provisions. Heard in the Assembly Housing and Community Development Committee on April 24 Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Oppose CASA - NYC CSDA - NYC ACWA - NYC AB 794 Gabriel [D]The California Safe Drinking Water Act requires the State Water Resources Control Board to administer provisions relating to the regulation of drinking water to protect public health. The state board’s duties include, but are not limited to, enforcing the federal Safe Drinking Water Act (federal act) and adopting and enforcing regulations. Current law authorizes the state board to adopt as an emergency regulation, a regulation that is not more stringent than, and is not materially different in substance and effect than, the requirements of a regulation promulgated under the federal act, with a specified exception. This bill would provide that the authority of the state board to adopt an emergency regulation pursuant to these provisions includes the authority to adopt requirements of a specified federal regulation that was in effect on January 19, 2025, regardless of whether the requirements were repealed or amended to be less stringent. The bill would prohibit an emergency regulation adopted pursuant to these provisions from implementing less stringent drinking water standards, as provided, and would authorize the regulation to include requirements that are more stringent than the requirements of the federal regulation. Currently in the Assembly Appropriations Committee Watch State Priorities: Contaminants of Emerging Concern - Support legislation that will eliminate non- essential PFAS uses to reduce and mitigate PFAS in everyday consumer goods. ACC-OC - NYC LOCC - Oppose Unless Amended CASA - Oppose CSDA - Watch ACWA - Oppose Unless Amended OC San State Bills of Interest BILL AUTHOR SUMMARY LATEST ACTION OC SAN POSITION LEGISLATIVE PLAN OTHER POSITIONS AB 810 Irwin [D]Current law requires that a local agency that maintains an internet website for use by the public to ensure that the internet website uses a “.gov” top- level domain or a “.ca.gov” second-level domain no later than January 1, 2029. Current law requires that a local agency that maintains public email addresses to ensure that each email address provided to its employees uses a “.gov” domain name or a “.ca.gov” domain name no later than January 1, 2029. Current law defines “local agency” for these purposes as a city, county, or city and county. This bill would recast these provisions by instead requiring a city, county, or city and county to comply with the above- described domain requirements and by deleting the term “local agency” from the above-described provisions. The bill would also require a special district, joint powers authority, or other political subdivision to comply with similar domain requirements no later than January 1, 2031. Will be heard in the Assembly Privacy and Consumer Protection Committee on April 22 Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Watch CASA - Watch CSDA - Oppose ACWA - Not Favor AB 818 Avila-Farias [D] This bill would prohibit, during the period of a local emergency, a local agency from denying an application for a permit necessary to rebuild or repair a residential property affected by a natural disaster unless the permit would result in the property being deemed a substandard building. The bill would require the local agency to approve or disapprove that application within 45 days of receipt of the application, and would require other expedited approvals. Will be heard in the Assembly Local Government Committee on April 23 Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - NYC CASA - Oppose Unless Amended CSDA - Watch ACWA - NYC AB 823 Boerner [D]The Plastic Microbeads Nuisance Prevention Law prohibits a person, as defined, from selling or offering for promotional purposes in this state a personal care product containing plastic microbeads that are used to exfoliate or cleanse in a rinse-off product, including, but not limited to, toothpaste. Current law exempts a product containing less than one part per million (ppm) by weight of plastic microbeads from the prohibition. The Plastic Microbeads Nuisance Prevention Law imposes a civil penalty not to exceed $2,500 per day for each violation of the prohibition, as provided, and authorizes the Attorney General and local officials to enforce the prohibition. This bill would, on and after January 1, 2029, prohibit a person from selling, offering for sale, distributing, or offering for promotional purposes in this state a cleaning product, as defined, or a personal care product in a non- rinse-off product, containing one ppm or more by weight of plastic microbeads that are used as an abrasive, as specified. Currently in the Assembly Appropriations Committee Watch State Priorities: Source Control - Support legislation and/or regulations that restrict the non-essential use of microplastics and contaminants of emerging concern in any product that is disposed or has the potential to be introduced into the sanitary sewer system. ACC-OC - NYC LOCC - Watch CASA - Support CSDA - NYC ACWA - NYC OC San State Bills of Interest BILL AUTHOR SUMMARY LATEST ACTION OC SAN POSITION LEGISLATIVE PLAN OTHER POSITIONS AB 872 Rubio [D]Current law, known as the Green Chemistry program, requires the Department of Toxic Substances Control to adopt regulations to establish a process to identify and prioritize chemicals or chemical ingredients in consumer products that may be considered as being chemicals of concern. Current law requires the regulations to include criteria by which chemicals and their alternatives may be evaluated by the department, as provided. Current law requires the department, following the completion of an alternatives analysis, to provide a regulatory response that may include, but is not limited to, not requiring any action and restricting or prohibiting the use of the chemical of concern in the consumer product. This bill would, beginning January 1, 2028, prohibit a person from distributing, selling, or offering for sale a covered product, as defined, that contains intentionally added PFAS, as defined, unless the department has issued a regulatory response for the covered product pursuant to the Green Chemistry program or the prohibition is preempted by federal law. Referred to the Environmental Safety and Toxic Materials Committee Watch State Priorities: Source Control - Support legislation and/or regulations that restrict the non-essential use of microplastics and contaminants of emerging concern in any product that is disposed or has the potential to be introduced into the sanitary sewer system. ACC-OC - NYC LOCC - Watch CASA - Oppose CSDA - NYC ACWA - NYC AB 874 Avila Farias This bill would require a local agency to waive fees or charges that are collected by a local agency to fund the construction of public improvements or facilities for residential developments subject to a regulatory agreement with a public entity, as provided, that includes certain income and affordability requirements. Referred to the Assembly Local Government Committee and the Assembly Housing and Community Development Committee Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - NYC CASA - Oppose Unless Amended CSDA - Oppose ACWA - Oppose Unless Amended SB 31 McNerney [D]The Water Recycling Law generally provides for the use of recycled water. Current law requires any person who, without regard to intent or negligence, causes or permits an unauthorized discharge of 50,000 gallons or more of recycled water in or on any waters of the state to immediately notify the appropriate regional water board. This bill would, for the purposes of the above provision, redefine “recycled water” and provide that water discharged from a decorative body of water during storm events is not to be considered an unauthorized discharge if recycled water was used to restore levels due to evaporation. Will be heard in the Senate Environmental Quality Committee on April 30 Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Support CASA - Support CSDA - Support ACWA - Favor OC San State Bills of Interest BILL AUTHOR SUMMARY LATEST ACTION OC SAN POSITION LEGISLATIVE PLAN OTHER POSITIONS SB 72 Caballero [D]This bill would revise and recast certain provisions regarding The California Water Plan to, among other things, require the department to expand the membership of the advisory committee to include, among others, tribes, labor, and environmental justice interests. The bill would require the department, as part of the 2033 update to the plan, to update the interim planning target for 2050, as provided. The bill would require the target to consider the identified and future water needs for all beneficial uses, including, but not limited to, urban uses, agricultural uses, tribal uses, and the environment, and ensure safe drinking water for all Californians, among other things. The bill would require the plan to include specified components, including a discussion of the estimated costs, benefits, and impacts of any project type or action that is recommended by the department within the plan that could help achieve the water supply targets. Will be heard in the Assembly Appropriations Committee on April 28 Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Support CASA - Support CSDA - Support ACWA - Support SB 239 Arreguin [D]Current law, until January 1, 2026, authorizes specified neighborhood city councils to use alternate teleconferencing provisions related to notice, agenda, and public participation, as prescribed, if, among other requirements, the city council has adopted an authorizing resolution and 2/3 of the neighborhood city council votes to use alternate teleconference provisions, as specified. This bill would authorize a subsidiary body, as defined, to use alternative teleconferencing provisions and would impose requirements for notice, agenda, and public participation, as prescribed. The bill would require the subsidiary body to post the agenda at the primary physical meeting location. The bill would require the members of the subsidiary body to visibly appear on camera during the open portion of a meeting that is publicly accessible via the internet or other online platform, as specified. Will be heard in the Senate Judiciary Committee on May 6 Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Sponsor CASA - NYC CSDA - Support ACWA - Favor SB 317 Hurtado [D]This bill would require the department, in consultation with participating wastewater treatment facilities, local health departments, and other subject matter experts, to maintain the Cal-SuWers network of monitoring programs to test for pathogens, toxins, and other public health indicators in wastewater. The bill would require participation in the Cal-SuWers network from local health departments and wastewater treatment facilities to be voluntary. The bill would authorize the department to coordinate with health care providers, local health departments, and emergency response agencies to ensure wastewater surveillance data is used for early intervention, outbreak response, and public health planning. Will be heard in the Senate Health Committee on April 23 Watch Legislative and Regulatory Policies: Public Health - Support (generally) measures that provide for improved public health through regulation. ACC-OC - NYC LOCC - Watch CASA - Support in Concept CSDA - Watch ACWA - NYC OC San State Bills of Interest BILL AUTHOR SUMMARY LATEST ACTION OC SAN POSITION LEGISLATIVE PLAN OTHER POSITIONS SB 318 Becker [D]Current law generally designates the State Air Resources Board as the state agency with the primary responsibility for the control of vehicular air pollution, and air pollution control districts and air quality management districts with the primary responsibility for the control of air pollution from all sources other than vehicular sources. Current law authorizes air districts to adopt and implement regulations to reduce or mitigate emissions from indirect sources of air pollution. This bill would authorize the state board to adopt and enforce rules and regulations applicable to indirect sources of emissions, as specified. If the state board elects to exercise that authority, the bill would require the state board to establish a schedule of fees on facilities and mobile sources to cover the reasonable costs of implementing and enforcing the regulations and would require the fees to be deposited in the Air Pollution Control Fund and made available to the state board upon appropriation by the Legislature. Will be heard in the Senate Environmental Quality Committee on April 23 Watch Legislative and Regulatory Policies: Air Quality - Monitor legislative and regulatory developments in response to State’s goal of achieving Carbon Neutrality including the Advanced Clean Fleets and the Zero-Emission Forklift Fleets regulations pertaining to the electrification of engine- driven equipment and fleets. ACC-OC - NYC LOCC - NYC CASA - Watch CSDA - Watch ACWA - NYC SB 454 McNerney [D]This bill would create the PFAS Mitigation Fund in the State Treasury and would authorize certain moneys in the fund to be expended by the state board, upon appropriation by the Legislature, for specified purposes. The bill would authorize the state board to seek out and deposit nonstate, federal, and private funds, require those funds to be deposited into the PFAS Mitigation Fund, and continuously appropriate the nonstate, federal, and private funds in the fund to the state board for specified purposes, thereby making an appropriation. The bill would authorize the state board to establish accounts within the PFAS Mitigation Fund. The bill would authorize the state board to expend moneys from the fund in the form of a grant, loan, or contract, or to provide assistance services to water suppliers and sewer system providers, as those terms are defined, for multiple purposes, including, among other things, to cover or reduce the costs for water suppliers associated with treating drinking water to meet the applicable state and federal maximum perfluoroalkyl and polyfluoroalkyl substances (PFAS) contaminant levels. Will be heard in the Assembly Appropriations Committee on April 21 Watch State Priorities: Contaminants of Emerging Concern - Support legislation that will eliminate non- essential PFAS uses to reduce and mitigate PFAS in everyday consumer goods. ACC-OC - NYC LOCC - Sponsor CASA - Support CSDA - Support ACWA - Sponsor OC San State Bills of Interest BILL AUTHOR SUMMARY LATEST ACTION OC SAN POSITION LEGISLATIVE PLAN OTHER POSITIONS SB 496 Hurtado [D]Current law requires the State Air Resources Board to manage vehicle emissions and fuel standards to control air pollution effectively, ensuring they are feasible and cost-effective. The California Global Warming Solutions Act of 2006 designates this board to regulate greenhouse gas emissions. Under this authority, the board implemented the Advanced Clean Fleets Regulation, mandating that government and high-priority fleets transition to zero-emission vehicles, with some exemptions permitted. This bill proposes the establishment of an Appeals Advisory Committee to review denied exemption requests. This committee, comprising specified government and non-government representatives, must meet monthly, with meetings recorded and accessible online. They must review appeals and provide recommendations within 60 days, which the board must consider publicly within another 60 days. Certain vehicles involved in emergency responses would be exempt from the regulations, and fleet owners will not be pressured to produce zero-emissions vehicle purchase agreements to delay transitioning mandates. Will be heard in the Senate Transportation Committee on April 22 Watch Legislative and Regulatory Policies: Air Quality - Monitor legislative and regulatory developments in response to State’s goal of achieving Carbon Neutrality including the Advanced Clean Fleets and the Zero-Emission Forklift Fleets regulations pertaining to the electrification of engine- driven equipment and fleets. ACC-OC - NYC LOCC - Sponsor CASA - Watch CSDA - Sponsor ACWA - NYC SB 595 Choi [R]Existing law regulates how local agencies can invest public funds in specific securities and financial instruments, subject to certain conditions. Until January 1, 2026, agencies with under $100 million in assets can invest up to 25% in eligible commercial paper, while those with $100 million or more can invest up to 40%. Starting in 2026, this changes to a uniform 25% limit, regardless of asset size. This bill would extend the current distinction until January 1, 2031, postponing the universal limit change to that date. Additionally, the bill extends until 2031 the authority for agencies to invest in certain U.S. government securities that might accrue zero interest if held to maturity. Regarding financial reporting, the law requires the Controller to publish annual financial and compensation reports for all counties, cities, and school districts. Currently, if a local agency fails to submit these reports within 20 days after notification, they must pay a penalty based on revenue. This bill changes the deadline to 10 months after the fiscal year's end and mandates the Controller to assess whether machine-readable audited financial statements can replace traditional reports. The Controller must report to the Legislature on this by December 31, 2026. Wil be heard in the Senate Local Government Committee on April 30 Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - NYC CASA - NYC CSDA - Watch ACWA - NYC OC San State Bills of Interest BILL AUTHOR SUMMARY LATEST ACTION OC SAN POSITION LEGISLATIVE PLAN OTHER POSITIONS SB 601 Allen [D]The bill proposes changes to existing water quality control laws in California. It modifies requirements for businesses involved in regulated industries to demonstrate compliance with water quality permit programs when applying for permits. It extends the requirement to include businesses seeking construction permits for activities disturbing over one acre of land, with specific information such as planned disturbed acreage and identification numbers needed. Additionally, the bill permits the State Water Resources Control Board to adopt water quality control plans for all state waters, termed "nexus waters" (non-navigable waters), aligning them with federal Clean Water Act standards. The bill mandates that state's water quality control standards incorporate nexus waters in federal compliance processes, and reiterates state policies for managing proposed discharge activities. It specifies financial penalties for violating waste discharge requirements, adjusting annually from 2026, with funds directed towards the State Water Pollution Cleanup and Abatement Account. Wil be heard in the Senate Judiciary Committee on April 29 Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Oppose CASA - Oppose CSDA - Oppose ACWA - Oppose SB 682 Allen [D]Current law requires the Department of Toxic Substances Control, on or before January 1, 2029, to adopt regulations to enforce specified covered perfluoroalkyl and polyfluoroalkyl substances (PFAS) restrictions, which include prohibitions on the distribution, sale, or offering for sale of certain products that contain specified levels of PFAS. Current law requires the department, on and after July 1, 2030, to enforce and ensure compliance with those provisions and regulations, as provided. This bill would, on and after January 1, 2027, prohibit a person from distributing, selling, or offering for sale a covered product that contain intentionally added PFAS, as defined, except for previously used products and as otherwise preempted by federal law. The bill would define “covered product” to include cleaning products, cookware, dental floss, juvenile products, food packaging, and ski wax, as specified. Will be heard in the Senate Health Committee on April 30 Watch State Priorities: Contaminants of Emerging Concern - Support legislation that will eliminate non- essential PFAS uses to reduce and mitigate PFAS in everyday consumer goods. ACC-OC - NYC LOCC - Support CASA - Sponsor CSDA - Support ACWA - Favor SB 707 Durazo [D]The Ralph M. Brown Act requires, with specified exceptions, that all meetings of a legislative body, as defined, of a local agency be open and public and that all persons be permitted to attend and participate. This bill would, until January 1, 2030, require a city council or a county board of supervisors to comply with additional meeting requirements, including that all open and public meetings include an opportunity for members of the public to attend via a 2-way telephonic service or a 2-way audiovisual platform, as defined, that a system is in place for requesting and receiving interpretation services for public meetings, as specified, and that the city council or county board of supervisors encourage residents to participate in public meetings, as specified. For special districts, this bill will require agenda translation for all languages spoken by 20% of the residents of the county, as well as interpretation services for public meetings. Will be heard in the Senate Judiciary Committee on April 22 Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Concerns CASA - Watch CSDA - Oppose Unless Amended ACWA - NYC OC San State Bills of Interest BILL AUTHOR SUMMARY LATEST ACTION OC SAN POSITION LEGISLATIVE PLAN OTHER POSITIONS SB 740 Rubio [D]Current law authorizes a municipal wastewater agency to enter into agreements with entities responsible for stormwater management, including, but not limited to, municipal, industrial, and commercial stormwater dischargers, for the purpose of managing stormwater and dry weather runoff. Current law requires a municipal wastewater agency, if the agency enters into a new agreement or amends an agreement pursuant to those provisions, to file a copy of the agreement or amendment with the local agency formation commission in each county where any part of the municipal wastewater agency’s territory is located within 30 days after the effective date of the new agreement or amendment. This bill would extend that filing requirement timeline to 40 days. Referred to the Senate Environmental Quality Watch Legislative and Regulatory Policies: Special Districts - Oppose further state regulations that adversely impact special district financing, operations, and administration. ACC-OC - NYC LOCC - Watch CASA - NYC CSDA - Watch ACWA - NYC Legend: ACC-OC - Association of California Cities, Orange County LOCC - League of California Cities NYC - Not Yet Considered CASA - California Association of Sanitation Agencies ACWA - Association of California Water Agencies CSDA - California Special Districts Association 1 | P a g e TO: Orange County Sanitation District FROM: Whittingham Public Affairs Advisors DATE: April 25, 2025 SUBJECT: Local Legislative Report Following is a few of the more notable developments and issues that have transpired in Orange County over the last several weeks: • The Anaheim Chamber of Commerce, which first opened its doors in 1895, announced it will be officially terminating its operations on April 30. The closure comes roughly three years after the Chamber’s former CEO pleaded guilty to federal criminal charges. Efforts are underway to create and support a new business advocacy coalition in the city. • The Huntington Beach City Council voted unanimously to appoint chef and television personality Andrew Gruel to fill the Council vacancy created by the departure of Tony Strickland, who was elected to the state Senate in a special election on February 25. • Public relations consultant Betty Martinez-Franco has been elected to the Irvine City Council to represent the 5th Council District, which had been vacant since Councilmember Larry Agran was elected Mayor last November. Councilmember- elect Martinez-Franco bested two other candidates, including former Councilmember Anthony Kuo, who had served on Council from 2018-2022. • Conal McNamara, who had served as La Palma City Manager since April 2020, was selected to serve as the new City Manager in the City of Whittier. McNamara had been Community Development Director in Whittier prior to taking the La Palma post. In addition to La Palma, the cities of Orange and Placentia are also currently in the process of identifying and selecting a new City Manager. 2 | P a g e • The Fullerton City Council voted 4-1 to switch from contracted ambulance services to an in-house program, beginning next spring. The Council also voted to spend up to $1,652,000 on new ambulances and roughly $535,000 on gurneys and other equipment for the program. City officials believe they will save hundreds of thousands of dollars annually; last year, City staff projected a $20 million deficit in 2027. • Orange County Local Agency Formation Commission (Commission) Executive Officer Carolyn Emory announced her retirement, effective April 1. Longtime employee Luis Tapia was unanimously approved by the Commission to serve as Interim Executive Officer. As part of our scope of work, Whittingham Public Affairs Advisors has continued to monitor the various City Council agendas of each of OC San’s member agencies and highlighted issues and items of relevance to OC San. We also continue to monitor activities at the South Coast Air Quality Management District and South Orange County Wastewater Authority. It is a pleasure to work with you and to represent the Orange County Sanitation District. Sincerely, Peter Whittingham 5/7/2025 1 WWW.TOWNSENDPA.COM SACRAMENTO • WASHINGTON, DC NORTHERN CALIFORNIA • CENTRAL CALIFORNIA • SOUTHERN CALIFORNIA Administration Committee Update May 14, 2025 Page 2 Sacramento Legislative Overview OC San: Legislative Update Policy Committee Deadline – May 9Policy Committee Deadline – May 9 May Revise – Mid-MayMay Revise – Mid-May Fiscal Committee Deadline – May 23Fiscal Committee Deadline – May 23 First House Deadline – June 6First House Deadline – June 6 Budget Deadline – June 15Budget Deadline – June 15 1 2 5/7/2025 2 Page 3 State Income Tax Revenue Corporate Income Tax Revenue Revenues LA Wildfire Recovery Efforts Medi-Cal Commitments Expenses State Budget Update OC San: Legislative Update Page 4 Cap and Trade – How Does It Work? OC San: Legislative Update CAP Since 2006, the California Air Resources Board (CARB) has set emissions limits on major polluters. These limits decrease over time to encourage a clean energy transition. TRADE If companies exceed their emissions limit, they must buy credits from other companies or from CARB, which is deposited into the Greenhouse Gas Reduction Fund. 3 4 5/7/2025 3 Page 5OC San: Legislative Update Cap and Trade – Where Does The Money Go? Page 6OC San: Legislative Update Current program expires in 2030Current program expires in 2030 Anticipated to be reauthorized in 2025-2026Anticipated to be reauthorized in 2025-2026 Opportunities to reallocate funding for (Greenhouse Gases) emission reduction Opportunities to reallocate funding for (Greenhouse Gases) emission reduction Annual revenues expected to be more than $4 billionAnnual revenues expected to be more than $4 billion Cap and Trade – What’s Next? 5 6 5/7/2025 4 Page 7 AB 643 (Wilson) – Organic Waste Procurement Target OC San: Legislative Update Status • Two-Year bill • OC San will look to include language to better reflect potential future projects • OC San is currently in a watch position Details • Would authorize a local jurisdiction to include organic material used as a beneficial agricultural amendment towards its recovered organic waste procurement target Page 8 SB 682 (Allen) – Non-Essential PFAS Use Ban OC San: Legislative Update Details • Prohibits the distribution, sale, or offering for sale of consumer products containing intentionally added per- and polyfluoroalkyl substances (PFAS) on a graduated timeline • Requires the Department of Toxic Substances Control, upon a petition from a manufacturer, to review and determine whether the use of PFAS in a product is a currently unavoidable use Status • Passed both the Senate Environmental Quality Committee and Senate Health Committee • Currently in the Senate Appropriations Committee • OC San joined the CASA supported coalition letter 7 8 5/7/2025 5 Page 9 SB 496 (Hurtado) – Advanced Clean Fleets (ACF) OC San: Legislative Update Details • Creates the ACF Regulation Appeals Advisory Committee • Expands existing ACF emergency vehicle exemptions to vehicles reasonably anticipated to respond to emergency situations or vehicles supporting those efforts Status • Passed the Senate Environmental Quality Committee and the Senate Transportation Committee • Currently in the Senate Appropriations Committee • OC San submitted a letter of support Page 10 Contact Information Christopher Townsend President CTownsend@TownsendPA.com Cori Takkinen Vice President CTakkinen@TownsendPA.com Eric O’Donnell Director EODonnell@TownsendPA.com OC San: Legislative Update 9 10 ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4214 Agenda Date:5/14/2025 Agenda Item No:13. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: ADOPT ORANGE COUNTY SANITATION DISTRICT’S DEBT POLICY GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: Adopt Resolution No.OC SAN 25-XX entitled:“A Resolution of the Board of Directors of the Orange County Sanitation District Adopting the Orange County Sanitation District’s Debt Policy and Repealing Resolution No. OC SAN 23-22”. BACKGROUND As there were no significant changes in State law governing Orange County Sanitation District’s (OC San)ability to issue debt,the proposed changes to the OC San Debt Policy are administrative and include additional methods of sale for potential capital funding.The OC San Debt Policy sets forth the parameters for issuing debt and managing outstanding debt.It also provides guidance to decision makers regarding the timing and purposes for which debt may be issued,types and amounts of permissible debt,methods of sale that may be used,and structural features that may be incorporated.The debt policy should recognize a binding commitment to full and timely repayment of all debt as an intrinsic requirement for entry into capital markets.The goals of a debt policy are to ensure that a government maintains a sound debt position and that credit quality is protected. California Government Code Section 8855(i)requires any issuer of public debt to provide to the California Debt and Investment Advisory Commission (CDIAC)a report of any proposed debt issuances.Issuers must certify on the Report of the Proposed Debt Issuance that they have adopted local debt policies concerning the use of debt and that the proposed debt issuance is consistent with those policies,specifically an updated debt policy.Staff has reviewed and updated the attached Debt Policy and there are no material changes to the Debt Policy or its structure. RELEVANT STANDARDS ·Comply with OC San Policy: OC San Debt Policy ·California Government Code Section 8855(i) Orange County Sanitation District Printed on 5/5/2025Page 1 of 2 powered by Legistar™ File #:2025-4214 Agenda Date:5/14/2025 Agenda Item No:13. PROBLEM Prior to any debt issuance (including debt refunding),issuers must certify on CDIAC’s Report of the Proposed Debt Issuance that they have adopted local debt policies concerning the use of debt and that the proposed debt issuance is consistent with those policies, specifically an updated debt policy. PROPOSED SOLUTION Staff has reviewed and updated OC San’s Debt Policy. TIMING CONCERNS OC San’s Series 2016A in the amount of $109,935,000 is subject to optional redemption on February 1,2026.OC San must update its Debt Policy prior to completing any debt issuance (including debt refunding). RAMIFICATIONS OF NOT TAKING ACTION Not taking action will result in OC San not being able to have the option to take advantage of the opportunity to refinance old debt and discontinue paying above market interest costs. PRIOR COMMITTEE/BOARD ACTIONS December 2023 -The Board adopted Resolution No.OC SAN 23-22 entitled:“A Resolution of the Board of Directors of the Orange County Sanitation District Adopting the Orange County Sanitation District’s Debt Policy and Repealing Resolution No. OC SAN 21-21”. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Orange County Sanitation District Debt Policy (Clean) ·Orange County Sanitation District Debt Policy (Redline) ·Proposed Resolution No. OC SAN 25-XX Orange County Sanitation District Printed on 5/5/2025Page 2 of 2 powered by Legistar™ Financial Management Policy and Procedure 1 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy Orange County Sanitation District Financial Management Policy and Procedure Section Number: 201-3-1 Effective Date: 5/29/2025 Supersedes: 12/14/2023 SUBJECT: DEBT POLICY Approved by: Board of Directors 1. PURPOSE The foundation of any well-managed debt program is a comprehensive debt policy. A debt policy sets forth the parameters for issuing debt and managing outstanding debt and provides guidance to decision makers regarding the timing and purposes for which debt may be issued, types and amounts of permissible debt, methods of sale that may be used and structural features that may be incorporated. The debt policy should recognize a binding commitment to full and timely repayment of all debt as an intrinsic requirement for entry into the capital markets. The goals of a debt policy are to ensure that a government maintains a sound debt position, and that credit quality is protected, and is intended to comply with applicable California Government Code Sections prescribed by the California Debt and Investment Advisory Commission (CDIAC) to ensure all debt issuance is consistent with the Orange County Sanitation District’s (OC San) debt policy and all the required reports are submitted to CDIAC on time. 2. OBJECTIVES Each debt issuance shall accomplish one or more of the following objectives: a. Accelerate the delivery of projects. Debt financing allows the delivery of projects on an accelerated basis; b. Spread cost over the useful life of an asset. Debt financing allows OC San to spread the cost of a project over its useful life rather than paying for it at one time; c. Smooth out annual cash flow. Debt financing spreads the cost of a project over a period of years, thereby smoothing out OC San’s cash flow; d. Optimize overall financial resources. To enable existing cash to be invested at a rate higher than the cost of borrowing; e. Refunding: It may become desirable for OC San to issue bonds or other securities to refinance outstanding obligations. The reasons for refinancing may include: Financial Management Policy and Procedure 2 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy i) To Achieve Debt Service Savings. In general, the net present value savings generated by the refunding bonds shall be at least 3% of the refunded bond amount. ii) For Programmatic Reasons. Such as: restructuring outstanding debt, changing the type of debt instruments originally used, retiring a bond issue, removing covenants/pledges that have become restrictive, or retiring debt prior to maturity. f. The debt policy must be viewed as an integral component of its overall financial practices and in the context of OC San’s capital-intensive expenditure plans. OC San’s issuance of debt must be generally consistent with its planning goals, capital improvement programs and budget. OC San’s financial practices, including the issuance of debt, must be designed to assure sufficient resources to fund all its operating and capital requirements in all foreseeable circumstances. Advantages of a debt policy are as follows: 1.1 enhances the quality of decisions by imposing order and discipline, and promotes consistency and continuity in decision making; 1.2 rationalizes the decision-making process; 1.3 identifies objectives for staff to implement; 1.4 demonstrates a commitment to long-term financial planning objectives; 1.5 is viewed positively by the rating agencies in reviewing credit quality; 1.6 minimizes debt service and issuance costs; 1.7 ensures full and timely repayment of debt; 1.8 maintains full and complete financial disclosures and reporting and adequate internal controls; 1.9 ensures use of debt is consistent with OC San’s policies and the proceeds will be directed to the intended use; 3. ORGANIZATIONS AFFECTED General Manager’s Department, Financial Management Division, General Counsel, bond rating agencies, municipal advisors, bond underwriters, bond counsel and external independent auditors. 4. REFERENCES Financial Management Policy and Procedure 3 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 4.1 Strategic Plan 2023 4.2 2017 Facilities Master Plan 4.3 Government Finance Officers Association’s Best Practice on Debt Management Policy. 4.4 California Debt and Investment Advisory Commission’s “Employing a Debt Management Policy – Practices Among California Local Agencies” (CDIAC No. 14.02) 5. POLICY 5.1 Limitations on Indebtedness 5.1.1 OC San’s debt capacity is limited by the additional bonds test within outstanding bond documents. Before any new debt is issued, the impact of debt service payments on total annual fixed costs shall be analyzed. In accordance with existing COP indenture agreements, Net Operating Revenues must be at least a 1.25 coverage ratio to the maximum annual debt service. 5.1.2 OC San’s bond documents include rate covenants which set the minimum debt service coverage ratio that must be always maintained. 5.1.3 OC San shall restrict long-term borrowing to capital improvements that provide long-term benefits to OC San. 5.1.4 Proceeds from long-term debt shall not be used for current on-going operations. 5.1.5 The decision to incur new indebtedness shall be integrated with the OC San’s biennial Operating Budget and Capital Improvement Program Budget. The annual debt service payment shall be included in the Operating Budget. 5.1.6 OC San shall integrate its debt issuances with the goals of its Capital Improvement Program by timing the issuance of debt to ensure that funds for projects are available when needed. 5.2 Types of Debt 5.2.1 OC San may use short-term debt to cover temporary or emergency cash flow shortages as well as provide interim financing in anticipation Financial Management Policy and Procedure 4 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy of a future long-term debt takeout. All short-term borrowing shall be subject to Board of Directors approval by resolution. 5.2.2 Short-Term Debt – OC San may issue short-term debt including but not limited to Commercial Paper or a Revolving Line of Credit. 5.2.3 Revenue Bonds – OC San may issue as special obligations various types of revenue securities including notes, warrants, interim debentures, bonds and temporary bonds. Securities issued as special obligations do not constitute outstanding indebtedness of OC San nor do they exhaust its legal debt-incurring power. Bonding should be limited to projects with available revenue sources, whether self-generated or dedicated from other sources such as user fees. Adequate financing feasibility studies should be performed for each revenue issue. Sufficiency of revenues should continue throughout the life of the bonds. 5.2.4 Certificates of Participation – Certificates of participation are essentially leases which are sold to the public. The lease payments are subject to annual appropriation. Investors purchase certificates representing their participation in the lease. Often, equipment or facilities being acquired serve as collateral. These securities are most useful when other means to finance are not available under state law. 5.2.5 Refunding – A refunding is generally the underwriting of a new bond issue whose proceeds are used to redeem an outstanding issue. 5.2.5.1 Prior to beginning a refunding bond issue, OC San shall review and estimate the savings achievable from the refunding. OC San may also review a pro forma schedule estimating the savings assuming that the refunding is done at various points in the future. Following are the conditions under which OC San shall consider refunding outstanding bonds: 5.2.5.1.1 Net present value savings are at least three (3) percent of the par amount of the refunded bonds. Net present value savings of less than three (3) percent of refunded bonds are acceptable when compared to savings that could be achieved by waiting for more favorable interest rates and/or call premiums. 5.2.5.1.2 Net present value savings exceed the costs of issuing the bonds. Financial Management Policy and Procedure 5 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 5.2.5.1.3 The bonds to be refunded have restrictive or outdated covenants. 5.2.5.1.4 Restructuring debt is deemed to be desirable. 5.3 Debt Structure 5.3.1 Debt shall be structured to achieve the lowest possible net overall cost to OC San balanced against potential risks given market conditions, the urgency of the capital program and the nature and type of security to be provided. Structuring options shall also consider available opportunities related to maximizing earnings and minimizing costs while complying with all Arbitrage federal tax regulations, including the timing of issuance and current market conditions. 5.3.2 The term of OC San debt issues shall not extend beyond the useful life of the project and generally shall not extend beyond 30 years unless there are compelling factors which make it necessary or advantageous to extend the term further. 5.3.3 For the issuance of new money debt, OC San shall consider the appropriate amount to be sold based on the overall debt versus revenue funding targets as part of its long-term capital plan and prior to each issuance of new money debt. 5.3.4 New money debt issued by OC San shall be structured to provide for either level principal or level debt service on an individual issuance or aggregate debt service basis. Deferring the repayment of principal shall be avoided except in select instances where it will take a period of time before project revenues are sufficient to pay debt service. Ascending debt service shall generally be avoided. 5.3.4.1 OC San shall consider target financial ratios (including debt service coverage) and future financial flexibility when determining the structure of its new money debt. 5.3.5 Variable Rate Obligations – When appropriate, OC San may choose to issue variable rate obligations or securities that pay a rate of interest that varies according to a predetermined formula or results from a periodic remarketing or auction of the securities. 5.3.5.1 The maximum level of net variable rate obligations incurred shall not exceed 150% of the level of available invested reserves. The percentage is intended to reflect the inherent relationship between taxable and tax-exempt interest rates based on the highest marginal federal Financial Management Policy and Procedure 6 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy income tax rate. Such percentage should be adjusted as the highest marginal federal income tax changes. 5.4 Credit Objectives 5.4.1 OC San’s goal is to maintain or improve its bond ratings. To that end, prudent financial management policies shall be adhered to in all areas. 5.4.1.1 OC San shall monitor its current and projected key financial ratios (e.g., debt service coverage, debt-to-equity, net floating rate exposure, reserve level) in comparison to those of other similar municipal entities. These ratios shall be updated and compared prior to the issuance of new money debt or the restructuring of existing debt. OC San shall consider these ratios in its financial management policies. 5.4.2 Rating Agencies 5.4.2.1 Full disclosure of operations shall be made to the bond rating agencies. OC San staff, with the assistance of the municipal advisors and bond counsel, shall prepare the necessary materials for and presentation to the rating agencies. 5.4.2.2 OC San shall maintain a line of communications with the rating agencies (Fitch Ratings, Moody’s Ratings and/or S&P Global Ratings), informing them of major financial events at OC San as they occur. The Annual Comprehensive Financial Report (ACFR) shall be distributed to the rating agencies after it has been accepted by the Board of Directors. 5.4.2.3 The rating agencies shall be notified when OC San begins preparation for a debt issuance. After the initial contact, a formal ratings application shall be prepared and sent along with the draft of the Official Statement relating to the bond sale to the rating agencies. This application and related documentation shall be sent several weeks prior to the bond sale to give the rating agencies sufficient time to perform their review. 5.4.2.4 The number of ratings to be utilized for a bond issuance will be determined according to the size of the issuance, final maturity as well as investor preferences at the time of Financial Management Policy and Procedure 7 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy sale. This decision will be made based on a number of factors including the number of ratings needed to achieve the lowest possible interest rates weighed against the cost of ratings 5.4.2.5 A meeting with representatives of the rating agencies shall be scheduled at least once every three years or whenever a major project is initiated. 5.4.3 Credit Enhancements – Credit enhancements are mechanisms which guarantee principal and interest payments. They include bond insurance and a line or letter of credit. A credit enhancement, while costly, shall sometimes bring a higher rating from the rating agencies and a lower interest rate on debt, thus lowering overall costs. Certain types of bonds such as Variable Rate Demand Bonds or Commercial Paper may require a credit enhancement such as a letter of credit. Credit enhancements shall only be used when net debt service is reduced by more than the cost of the enhancement, or it is required by investors (such as the case of Variable Rate Demand Bonds and Commercial Paper). During the debt issuance planning, the municipal advisor or underwriter shall advise OC San which credit enhancements if any, should be purchased. 5.4.4 Dedicated Revenue Sources – In order to ensure the most favorable credit ratings, OC San revenues are dedicated to debt service in the following order: 5.4.4.1 Ad valorem property tax. 5.4.4.2 Sanitary sewer service charges. 5.4.4.3 Other revenues. 5.5 Method of Sale 5.5.1 OC San shall select a method of sale that is the most appropriate considering financial, market, transaction-specific, and issuer-related conditions and explain the rationale for its decision. 5.5.1.1 Competitive Sales – Debt obligations are generally issued through a competitive sale. OC San and its municipal advisor shall set the terms of the sale to encourage as many bidders as possible. By maximizing bidding, OC San seeks to obtain the lowest possible interest rates on its bonds. Financial Management Policy and Procedure 8 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 5.5.1.2 Negotiated Sales – When certain conditions favorable for a competitive sale do not exist and when a negotiated sale will provide significant benefits to OC San that would not be achieved through a competitive sale, OC San may elect to sell its debt obligations through a private or negotiated sale. Such determination may be made on an issue-by- issue basis, for a series of issues, or for part or all of a specific financing program upon approval by the Administration Committee. 5.5.1.3 Direct Purchase - a direct purchase is a borrowing typically made directly from a bank in the form of a loan. Direct purchases are more applicable in situations where the borrowing term is less than 15 years and for smaller borrowing sizes. The availability and interest rates on Direct Purchase is subject to market conditions and bank lending capacity. The cost/benefit of Direct Purchases will be measured against those of competitive and negotiated sales. 5.5.1.4 Federal Loans – Financing mechanisms offered by the federal government to fund projects. Water Infrastructure Finance and Innovation Act (“WIFIA”) loans are a current example of federal loans administered by the EPA. WIFIA loans are available for eligible water and wastewater projects and are based on the comparable US Treasury rate + 1 basis point. WIFIA loans have certain terms which may be more favorable than competitive and negotiated bond sales. WIFIA loans are typically most applicable for larger projects given the time and cost associated with the application and execution timeline. The cost/benefit of WIFIA loans will be measured against those of other methods of sale. 5.6 Methods of Selecting Consultants 5.6.1 Municipal Advisor – OC San shall retain an external independent municipal advisor, selected through a competitive process, and renewed at the discretion of the Administration Committee. The municipal advisor contract shall be administered by the OC San Financial Management Division. The utilization of the municipal advisor for a particular bond sale shall be on a case by case basis upon recommendation by the Director of Finance and approval by the Administration Committee, pursuant to a municipal advisory service contract. Financial Management Policy and Procedure 9 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 5.6.2 Underwriters – For negotiated sales, underwriters shall be required to demonstrate sufficient capitalization and experience related to the debt issuance. The selection of underwriters may be for an individual or series of financings or a specified time period. 5.6.3 Bond Counsel – OC San shall retain external bond counsel for all debt issues. All debt issued by OC San shall include a written opinion by bond counsel affirming that OC San is authorized to issue the debt, stating that OC San has met all state constitutional and statutory requirements necessary for issuance and determining the debt’s federal income tax status. Bond counsel shall be selected through a competitive process administered by OC San’s Financial Management Division. The selection process shall require comprehensive municipal debt experience. 5.6.4 Disclosure Counsel – OC San shall retain, when appropriate, Disclosure Counsel for debt issues. Disclosure Counsel shall be responsible for ensuring that the official statement complies with all applicable rules, regulations and guidelines. Disclosure Counsel for a particular transaction may also serve OC San as bond counsel on the same issue. Disclosure counsel shall be selected through a competitive process administered by OC San’s Financial Management Division. The selection process shall require comprehensive municipal debt experience. 5.6.5 Trustee and Paying Agent – OC San shall retain a trustee and paying agent for all debt issues. The trustee and paying agent shall be responsible for carrying out the administrative functions that are required under the bond documents. These functions include, but are not limited to, establishing the accounts and holding the funds relating to bond issues, maintaining a list of bondholders, and paying principal and interest on the debt. Trustee and paying agent shall be selected through a competitive process administered by OC San’s Financial Management Division. Selection shall be based on the cost of providing such services, along with other qualitative measurements. 5.6.6 Compensation for municipal advisor, underwriters, bond counsel, disclosure counsel, trustee and paying agent and other financial service providers shall be as low as possible, given desired qualification levels and consistent with industry standards. All costs and fees related issuance of bonds shall be paid out of bond proceeds. 5.7 Disclosure of Arbitrage Compliance Financial Management Policy and Procedure 10 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 5.7.1 OC San shall follow all State and Federal regulations and requirements regarding bond provisions, issuance, taxation and disclosure. 5.7.2 The Financial Management Division shall be responsible for providing trustees and/or dissemination agents ongoing disclosure information for filing with the Municipal Standards Rulemaking Board (MSRB) via the Electronic Municipal Market Access (EMMA). OC San may elect to utilize the services of a dissemination agent for continuing disclosure reporting; however, the responsibility for ensuring the reports are filed timely remains with OC San. 5.7.2.1 Copies of the ACFR and updated tables from the Official Statement shall be provided to EMMA within six months of year end. 5.7.3 OC San shall maintain compliance with disclosure standards promulgated by State and Federal regulatory bodies, such as annual reporting to the California Debt and Investment Commission of the State Treasurer’s Office in accordance with SB 1029 for debt issued after January 1, 2017. 5.7.4 Official Statements accompanying debt issues, ACFRs and continuing disclosure statements shall meet, at a minimum, the standards articulated by the MSRB, the Government Accounting Standards Board (GASB), the National Federation of Municipal Analysts, the Securities and Exchange Commission (SEC) and Accounting Principles Generally Accepted in the United States (US GAAP). 5.7.5 OC San shall monitor compliance with bond covenants, continuing disclosure requirements and adhere to federal arbitrage regulations. Occurrence of any event, specified in Rule 15c2-12 under the Securities and Exchange Act of 1934, which must be filed with EMMA shall be immediately reported to the Administration Committee. Examples of such events are credit rating downgrades, major disasters, major litigation, default on existing debt, bankruptcy, etc. 5.7.6 OC San shall maintain good communications with bond rating agencies about its financial condition and shall follow a policy of full disclosure in every financial report and bond prospectus (Official Statement). 5.8 Administration and Internal Control Procedures Financial Management Policy and Procedure 11 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 5.8.1 Expenditure of Proceeds – Whenever reasonably possible, proceeds of OC San’s debt shall be held by a third party trustee which shall release such proceeds upon written requisition signed by the Director of Finance, or authorized designee. The bank statements for money managed by trustees shall be reconciled on a monthly basis. 5.8.2 Requisition of Bond Proceeds – To reimburse OC San for expenditures incurred, bond proceeds requisitions shall be prepared by staff and shall include summary expenditure data listing the projects funded and related dollar amounts, all totaling to the requisition amount. 5.8.3 Investment of Debt Proceeds – Proceeds raised in a debt financing shall be invested in a manner that is consistent with the bond indenture and pursuant to OC San’s Investment policy for investments not addressed by the indenture. 5.8.4 Continuing Disclosure – OC San shall remain in compliance with SEC Rule 15c2-12 by filing its annual financial statements and other financial and operating data for the benefit of its bondholders within the period required by each Continuing Disclosure Agreement. 5.8.5 Reporting and Filing Requirements – OC San shall comply with the applicable reporting and filing requirements in California Government Code Section 8855. 5.8.6 Federal Tax Compliance – OC San shall comply with any federal tax requirements, including without limitation, private use tracking, Arbitrage and Arbitrage Rebate Compliance. 5.8.7 Debt Service Payments – OC San shall make debt service payments electronically, on time and error free. 6. DEFINITIONS 6.1 ACCRUED INTEREST – In the sale of a new issue of municipal bonds, the dollar amount, based on the stated rate or rates of interest, which has accrued on the bonds from the dated date, or other stated date, up to but not including the date of delivery. When a bond is purchased in the secondary market, the dollar amount, based upon the stated rate of interest, which has accrued on the bond from the most recent interest payment date, up to but not including the date of settlement. Accrued interest is paid to the seller by the purchaser and is usually calculated on a 360-day year basis (assumes each month has 30 days). Financial Management Policy and Procedure 12 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 6.2 ADDITIONAL BONDS TEST – Refers to legal test found in resolution or ordinance securing bonds; governs ability to issue additional bonds having the same lien on pledged revenues. Usually expressed as a ratio in which historic earnings meet certain levels of future debt service coverage. 6.3 ADDITIONAL OBLIGATIONS TEST – Refers to legal test found in the resolution which governs an agency’s ability to issue additional obligations having the same lien on pledged revenues. OC San’s additional obligations test is expressed as a ratio in which historic earnings must meet or exceed certain levels of future obligation service coverage. 6.4 AD VALOREM TAX – A direct tax based “according to value” of property. Counties and school districts and municipalities usually are, and special tax districts may be, authorized by law to levy ad valorem taxes on property other than intangible personal property. Local government bodies with taxing powers may issue bonds or short-term certificates payable from ad valorem taxation. 6.5 ADVANCE REFUNDING – A transaction in which new debt is issued to provide monies to pay interest on old, outstanding debt as it becomes due and to pay the principal on the old debt either as it matures or at an earlier call date. An advance refunding occurs before the maturity or call date (more than 90 days before the maturity or call date) of the old debt and the proceeds of the new debt are invested until the maturity or call date of the old debt. Most advance refundings result in defeasance of debt. 6.6 AMORTIZATION – The process of paying the principal amount of an issue of bonds by periodic payments either directly to certificate holders or to a sinking fund for the benefit of certificate holders. Payments are usually calculated to include interest in addition to a partial payment of the original principal amount. 6.7 ARBITRAGE – Classically, the simultaneous purchase and sale of the same or an equivalent security to profit from price discrepancies. The most common occurrence in the public sector involves the investment of the proceeds from the sale of tax-exempt securities in a taxable money market instrument that yields a higher rate, resulting in interest revenue in excess of interest costs. 6.8 ARBITRAGE REBATE REQUIREMENTS – Arbitrage profits (interest revenue in excess of interest costs) from investment bond proceeds that are invested in taxable instruments must be rebated to the U.S. Treasury Department. Financial Management Policy and Procedure 13 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 6.9 AVERAGE COUPON – Weighted average interest cost of an issue. 6.10 BANK INVESTMENT CONTRACT – A separate account at a financial institution that functions like a guaranteed investment contract, whereby the contract is designed to provide guarantees of principal and interest on funds deposited for a specified period. 6.11 BASIS POINT – Yields on municipal securities are usually quoted in basis points where one basis point is equal to 1/100 of one percent. 6.12 BOND – Written evidence of the issuer’s obligation to repay a specified principal amount on a date certain (maturity date), together with interest at a stated rate, or according to a formula for determining that rate. Bonds are distinguishable from notes, which mature in a much shorter period of time. 6.13 BOND COUNSEL – An attorney (or firm of attorneys) retained by the issuer to give a legal opinion on the legality and security of the issue and its tax exemption or taxability. Typically, bond counsel may prepare, or review and advise the issuer regarding, authorizing resolutions or ordinances, trust indentures, official statements, validation proceedings and litigation. 6.14 BONDED DEBT – The portion of an issuer’s total indebtedness as represented by outstanding bonds. 6.15 BOND INSURANCE – An insurance policy purchased by an issuer or an underwriter for either an entire issue or specific maturities, which guarantees the payment of principal and interest. This security provides a higher credit rating and thus a lower borrowing cost for an issuer. Bond insurance can be purchased directly by OC San prior to the bond sale (direct purchase) or at the underwriter’s option and expense (bidder’s option). 6.16 BOND RESOLUTION OR ORDINANCE – The document or documents representing action of the issuer authorizing the issuance and sale of municipal bonds. Issuance of the bonds is usually approved in the authorizing resolution or ordinance and the sale is usually authorized in a separate document known as the “sale” or “award” resolution. All of such resolutions, read together, constitute the bond resolution, which describes the nature of the obligation and the issuer’s duties to the bondholders. 6.17 BROKER – A person or firm, other than a bank, which acts as an intermediary by purchasing and selling securities for others rather than for its own account. Financial Management Policy and Procedure 14 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 6.18 CALLABLE BOND – A bond which permits or requires the issuer to redeem the obligation before the stated maturity date at a specified price, usually at or above par by giving notice of redemption in a manner specified in the bond contract. 6.19 CAPITALIZED INTEREST – Interest paid on long-term obligations during the period of time required to complete and prepare an asset for its intended use is capitalized as part of the acquisition cost of an asset. 6.20 CERTIFICATES OF PARTICIPATION – Obligations of a public entity based on a lease or installment sale agreement. These are not considered debt under Article 13 of the California Constitution. 6.21 CERTIFICATE HOLDER – The owner of a municipal certificate of participation to whom payments of principal and interest are made. Generally, certificates are registered and the owner is the person whose name is noted on the certificate register. 6.22 CERTIFICATE REGISTER – The listing of names and addresses of the current registered owners of the certificates, as maintained by the trustee or certificate registrar. 6.23 COMPETITIVE SALE – The sale of bonds through sealed bids. 6.24 COST OF ISSUANCE – The expenses associated with the sale of a new issue of municipal securities, including such items as underwriter’s spread, printing, legal fees and rating costs. 6.25 COVENANTS – The issuer’s enforceable promise to perform or refrain from performing certain actions. With respect to municipal bonds, covenants are generally stated in the bond contract, resolution, or indenture. 6.26 COVERAGE – The ratio of pledged revenues available annually to pay debt service obligations, as compared to the annual debt service obligation requirement. This ratio is one indication of the margin of safety for debt service obligations. 6.27 CREDIT ENHANCEMENT – The availability of additional outside support designed to improve an issuer’s own credit standing. Examples include bank lines of credit or collateralized funds. 6.28 CURRENT REFUNDING – A refunding transaction in which the proceeds of the refunding debt are applied immediately (no more than 90 days from issuance) to redeem the debt to be refunded. This situation differs from an advance refunding, where the proceeds of the refunding bonds are Financial Management Policy and Procedure 15 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy placed in escrow pending the call date or maturity of the debt to be refunded. 6.29 CURRENT YIELD – The ratio of the annual dollar amount of interest to the purchase price of a bond, stated as a percentage. 6.30 CUSIP NUMBERS (COMMITTEE ON UNIFORM SECURITY IDENTIFICATION PROCEDURES) – Identification numbers assigned each maturity of a bond issue and usually printed on the face of each individual bond in the issue. The CUSIP numbers are intended to facilitate identification and clearance of municipal securities. 6.31 DEBT LIMIT – The maximum amount of debt which an issuer of municipal securities is permitted to incur under constitutional, statutory, or charter provisions. 6.32 DEBT PER CAPITA – Bonded debt divided by population. 6.33 DEBT SERVICE OBLIGATION – The amount of funds necessary to pay principal and interest, and the required contributions to an amortization sinking fund for term certificates on an outstanding obligation. Debt service obligation on certificates may be calculated on a calendar-year or on a fiscal-year basis. 6.34 DEBT SERVICE RESERVE FUND – A fund usually amounting to principal and interest payments for one year and used only if pledged revenues do not generate sufficient funds to satisfy the debt service requirement. The reserve fund is typically funded in whole or in part from the proceeds of the debt issuance. The size and investment of the reserve fund are usually subject to arbitrage regulations. 6.35 DEBT SERVICE SCHEDULE – A table listing the annual payments necessary to meet debt service requirements over the period of time the bonds are to be outstanding. 6.36 DEFAULT – Failure to make timely payment of principal and interest or to comply with other features of the indenture. 6.37 DEFEASANCE – Eliminating bonded indebtedness off an issuer’s books through creation of a portfolio of allowable securities sufficient to make all debt service payments on pre-refunded, outstanding bonds. 6.38 DIRECT DEBT – The debt that a governmental agency incurs in its own name. Financial Management Policy and Procedure 16 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 6.39 DISCOUNT – The amount by which par value exceeds the price paid for a security which generally represents the difference between the nominal interest rate and the actual or effective return to the investor. 6.40 DOUBLE-BARRELED BOND – Traditionally, a bond secured by a defined source of revenue plus the full faith and credit of the issuer. The term is occasionally, although erroneously, used to refer to bonds secured by any two sources of pledged revenue. 6.41 DOWNGRADE – The lowering of a bond rating by a rating service. A downgrade would be considered if the issuer encountered major financial difficulties or an economic decline, which may be viewed by the rating service as reducing the credit quality of the bond issue. 6.42 EFFECTIVE INTEREST RATE – The actual rate of interest earned by the investor on bonds purchased, after allowing for premiums, discounts, or accrued interest over the period of the investment. 6.43 FEASIBILITY STUDY – A report by an independent expert on the economic need and practicality of a proposed debt program. 6.44 FLOATER – A security sold with a variable rate that changes at intervals ranging from daily to annually. 6.45 FULL FAITH AND CREDIT – The pledge of a government’s general taxing power to pay off its debt obligations. 6.46 GENERAL OBLIGATION BONDS – Bonds which are secured by the full faith and credit of the issuer. General obligation bonds are secured by a pledge of a portion of the ad valorem taxing power. Such bonds constitute debts of the issuer and require approval by election prior to issuance. 6.47 GUARANTEED INVESTMENT CONTRACT (GIC) – A group annuity contract designed to provide guarantees of principal and interest on funds deposited with an insurance company for a specified period. 6.48 HIGH GRADE BONDS – Top-rated bonds, usually triple-A. 6.49 INDENTURE – Legal document describing the terms and conditions of a bond offering, the rights of the bondholder and the obligations of the issuer to the bondholder. The document is alternatively referred to as a bond resolution or deed of trust. 6.50 INTEREST RATE SWAP – An agreement between two parties to exchange future flows of interest payments. Swap payments may be based on actual bond payments and/or based on various market indices. Financial Management Policy and Procedure 17 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 6.51 INVERTED YIELD CURVE – When short-term rates are higher than long- term rates. 6.52 INVESTMENT GRADE – The broad credit designation given bonds which have a high probability of being paid. Such bonds, have few, if any, speculative features and are rated by the rating agencies in one of their top four categories, ranging from triple-A to BBB and Baa. 6.53 ISSUER – A state, political subdivision, agency, or authority that borrows money through the sale of bonds or notes. 6.54 JUNIOR LIEN BONDS – Bond with a subordinate claim against pledged revenues. 6.55 LETTER OF CREDIT – An agreement, usually with a commercial bank, to guarantee demands for payment upon compliance with conditions established in the agreement. Bank letters of credit are typically used as additional sources of security and liquidity with variable rate obligations. 6.56 LIQUIDITY – The ability to convert assets, such as investments, readily into cash. 6.57 MATURITY – The date on which the principal amount of a security is due and payable to the certificate holder. 6.58 MUNICIPAL ADVISOR – Performs analysis as to the appropriateness of a bond sale and, if the governing body of the agency determines that a bond sale is necessary, they then assist in its planning and preparation. 6.59 NEGOTIATED SALE – The sale of a new issue of municipal securities by an issuer through an exclusive agreement with a previously selected underwriter or underwriting syndicate. A negotiated sale should be distinguished from a competitive sale, which requires public bidding by the underwriters. Primary points of negotiation for the issuer are the interest rate and purchase price, which reflect the issuer’s cost of offering its securities in the market. 6.60 NET INTEREST COST (NIC) – Traditional method of calculating an issuer’s borrowing cost. NIC is derived by adding the total volume of interest payments for the entire offering and dividing by the amount of certificates outstanding times the years they are outstanding. 6.61 NET PRESENT VALUE SAVINGS – Present value of gross savings discounted at the refunding bond yield to the closing date plus accrued Financial Management Policy and Procedure 18 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy interest less any contribution from a reserve or debt service fund and anticipated loss investment earnings. 6.62 NOTES – A written, short-term promise of the issuer to repay a specified principal amount on a certain date, together with interest at a stated rate, or according to a formula for determining that rate, payable from a defined source of anticipated revenue. Notes usually mature in less than five years. Notes are used to cover seasonal cash flow needs or interim financings. 6.63 OFFICIAL STATEMENT (OS) – A document published by the issuer who generally discloses material information on a bond issue, including the purpose of the bond issue, how the bonds will be repaid, and the financial, economic and demographic characteristics of the issuer. Investors may use this information to evaluate the credit quality of the bonds. 6.64 ORIGINAL ISSUE DISCOUNT (OID) – The discount from par at which a new issue comes to market. For tax-exempt bonds, the capital gain represented by the OID is deemed tax-exempt by the IRS. 6.65 OVERLAPPING DEBT – The issuer’s share of the debt of other local units. 6.66 PAR VALUE – The principal amount of a security, which must be paid at maturity. Par value is also referred to as the face amount of a security. 6.67 PARITY BONDS – Separate bond issues that have the same lien against pledged revenues. 6.68 PAY-AS-YOU GO BASIS – The financial policy of a municipality that finances all capital outlays from current revenues rather than from borrowing. 6.69 PAYING AGENT – The entity responsible for the payment of principal and interest on municipal obligations on behalf of the issuer. The paying agent is usually a bank or trust company. 6.70 PLEDGED REVENUES – Funds obligated for the payment of debt service and other deposits as required by the bond contract. 6.71 PRELIMINARY OFFICIAL STATEMENT (POS) – A preliminary version of the official statement which is used by the issuer or underwriter to describe the proposed issue of municipal bonds prior to the determination of an interest rate and offering price. The preliminary official statement is a marketing tool used to gauge buyer’s interest in the issue and is relied upon by potential purchasers in making their investment decisions. Financial Management Policy and Procedure 19 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 6.72 PREMIUM – The amount by which the price paid for a security exceeds par value, generally representing the difference between the nominal interest rate and the actual or effective return to the investor. 6.73 PRINCIPAL – The par value or face amount of a bond payable or issue of bonds payable on stated dates of maturity. 6.74 PRIMARY MARKET – The market for new issues of municipal securities. 6.75 PRIVATE PLACEMENT – An original issue of municipal securities sold directly to an institutional or private investor by way of a negotiated sale rather than through a public offering. 6.76 RATE CONVENANT – A bond indenture provision requiring rate changes necessary to meet annual debt service payments. 6.77 RATING AGENCIES – Credit quality evaluation of an issuer’s securities made by independent rating services. The three primary rating agencies with regard to municipal debt are Moody’s Investors Services, S&P Global Ratings, and Fitch. 6.78 RATINGS – Evaluations of the credit quality of obligations usually made by independent rating services. Ratings generally measure the probability of the timely repayment of principal and interest on municipal obligations. The higher the credit rating, the more favorable the effect on the marketability of the security. 6.79 REDEMPTION – A transaction in which the issuer pays an outstanding obligation at a specified price, usually at or above par prior to the specified maturity date. Also known as a call. 6.80 REFUNDING – Selling a new bond issue for redemption or defeasance of an outstanding bond issue. There are generally two reasons for refunding: to reduce the issuer’s interest costs or to remove a burdensome or restrictive covenant imposed by the terms of the bonds being refinanced. 6.81 REGISTRAR – The person or entity responsible for maintaining records on behalf of the issuer for the purpose of noting the owners of registered obligations. The paying agent frequently performs this function. 6.82 REVENUE BONDS – Bonds payable from a specific source of revenue and which do not pledge the full faith and credit of the issuer. 6.83 SECONDARY MARKET – Market for bonds previously offered and sold. Financial Management Policy and Procedure 20 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 6.84 SENIOR LIEN OBLIGATIONS – Obligations having a prior claim on pledge revenues. 6.85 SERIAL BONDS – Bonds of an issue in which some bonds mature in each year over a period of years. 6.86 SETTLEMENT – Delivery of and payment for a new issue of municipal bonds. Settlement usually occurs within 30 days after the bonds are awarded to the underwriters, which allows for the printing of the bonds and the completion of certain legal matters. 6.87 SETTLEMENT DATE – The date used in price and interest computations, usually the date of delivery. 6.88 SINKING FUND – A fund established in a bond indenture that contains money available to call bonds prior to maturity. 6.89 STANDBY BOND PURCHASE AGREEMENT – A legal agreement with a commercial bank or trust company whereby the bank agrees to purchase demand bonds which the remarketing agent was unable to remarket to other parties and chose not to purchase for itself. 6.90 SUBORDINATE (JUNIOR) LIEN OBLIGATIONS – Obligations having a subordinate claim against pledged revenues. 6.91 TAX-EXEMPT OBLIGATIONS – Obligations whose interest is exempt from federal income taxation pursuant to Section 103 of the Internal Revenue Code and may or may not be exempt from state income or personal property taxation in the jurisdiction where issued. 6.92 TERM BONDS – Bonds coming due in a single maturity. The issuer usually agrees to make periodic payments into a sinking fund for mandatory redemption of term bonds before maturity or for payment at maturity. 6.93 TRUE INTEREST COST (TIC) – The present value borrowing cost of the issuer is reflected by taking into account the costs of issuance and underwriting. TIC is similar to NIC, but also accounts for the time value of money. 6.94 TRUSTEE – A financial institution with trust powers which acts in a fiduciary capacity for the benefit of bond holders in enforcing the terms of the bond indenture agreement. Financial Management Policy and Procedure 21 of 21 Revised 05/28/25 Section 201-3-1: Debt Policy 6.95 TRUST INDENTURE – A contract between the issuer of municipal securities and a trustee, serving for the benefit of the security holders. 6.96 UNDERWRITER – A dealer at a bank or brokerage house who buys an agency’s bonds in order for the firm’s sales force to resell them to both institutional and retail investors. The underwriter may acquire the bonds either by negotiation with the issuer, or by award on the basis of competitive bidding. 6.97 UNDERWRITERS COUNSEL – A lawyer involved in the transaction, who represents the securities firm buying an issuer’s bonds. 6.98 VARIABLE RATE OBLIGATIONS – A security whose interest rate is reset periodically by the remarketing agent according to a preset formula defined in the indenture agreement. The variable interest rate, also known as a “floater”, is determined by the remarketing agent as the level at which all bonds trade at par. 6.99 YIELD CURVE – Graph displaying the term structure of interest rates by plotting the yields of all bonds of the same quality with maturities ranging from shortest to the longest available. 6.100 YIELD TO MATURITY – The rate of return to the investor earned from payments of principal and interest, which is compounded semiannually and assumes that interest paid is reinvested at the same rate. Yield to maturity takes into consideration the time value of the investment. 6.101 ZERO-COUPON BONDS – Bonds sold at a deep discount from par, which pay no interest and appreciate to full value at maturity. Also known as capital appreciation bonds. 7. RELATED DOCUMENTS N/A 8. ATTACHMENTS N/A Financial Management Policy and Procedure 1 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy Orange County Sanitation District Financial Management Policy and Procedure Section Number: 201-3-1 Effective Date: 12/14/2023 5/29/2025 Supersedes: 12/15/2021 12/14/2023 SUBJECT: DEBT POLICY Approved by: Board of Directors 1. PURPOSE The foundation of any well-managed debt program is a comprehensive debt policy. A debt policy sets forth the parameters for issuing debt and managing outstanding debt and provides guidance to decision makers regarding the timing and purposes for which debt may be issued, types and amounts of permissible debt, methods of sale that may be used and structural features that may be incorporated. The debt policy should recognize a binding commitment to full and timely repayment of all debt as an intrinsic requirement for entry into the capital markets. The goals of a debt policy are to ensure that a government maintains a sound debt position, and that credit quality is protected, and is intended to comply with applicable California Government Code Sections prescribed by the California Debt and Investment Advisory Commission (CDIAC) to ensure all debt issuance is consistent with the Orange County Sanitation District’s (OC San) debt policy and all the required reports are submitted to CDIAC on time. 2. OBJECTIVES Each debt issuance must shall accomplish one or more of the following objectives: a. Accelerate the delivery of projects. Debt financing allows the delivery of projects on an accelerated basis; b. Spread cost over the useful life of an asset. Debt financing allows OC San to spread the cost of a project over its useful life rather than paying for it at one time; c. Smooth out annual cash flow. Debt financing spreads the cost of a project over a period of years, thereby smoothing out OC San’s cash flow; d. Optimize overall financial resources. To enable existing cash to be invested at a rate higher than the cost of borrowing; e. Refundings: It may become desirable for OC San to issue bonds or other securities to refinance outstanding obligations. The reasons for refinancing may include: Financial Management Policy and Procedure 2 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy i) To Achieve Debt Service Savings. In general, the net present value savings generated by the refunding bonds shall be at least 3% of the refunded bond amount. ii) For Programmatic Reasons. Such as: restructuring outstanding debt, changing the type of debt instruments originally used, retiring a bond issue, removing covenants/pledges that have become restrictive, or retiring debt prior to maturity. f. The debt policy must be viewed as an integral component of its overall financial practices and in the context of OC San’s capital-intensive expenditure plans. OC San’s issuance of debt must be generally consistent with its planning goals, capital improvement programs and budget. OC San’s financial practices, including the issuance of debt, must be designed to assure sufficient resources to fund all ofall its operating and capital requirements in all foreseeable circumstances. Advantages of a debt policy are as follows: 1.1 enhances the quality of decisions by imposing order and discipline, and promotes consistency and continuity in decision making; 1.2 rationalizes the decision-making process; 1.3 identifies objectives for staff to implement; 1.4 demonstrates a commitment to long-term financial planning objectives; 1.5 is viewed positively by the rating agencies in reviewing credit quality; 1.6 minimizes debt service and issuance costs; 1.7 ensures full and timely repayment of debt; 1.8 maintains full and complete financial disclosures and reporting and adequate internal controls; 1.9 ensures use of debt is consistent with OC San’s policies and the proceeds will be directed to the intended use; 3. ORGANIZATIONS AFFECTED General Manager’s Department, Financial Management Division, General Counsel, bond rating agencies, municipal advisors, bond underwriters, bond counsel and external independent auditors. Financial Management Policy and Procedure 3 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy 4. REFERENCES 4.1 Strategic Plan 20231 4.2 2017 Facilities Master Plan 4.3 Government Finance Officers Association’s Best Practice on Debt Management Policy. 4.4 California Debt and Investment Advisory Commission’s “Employing a Debt Management Policy – Practices Among California Local Agencies” (CDIAC No. 14.02) 5. POLICY 5.1 Limitations on Indebtedness 5.1.1 OC San’s debt capacity is limited by the additional bonds test within outstanding bond documents. shall not exceed legal limitations such as coverage requirements or additional bonds tests imposed by existing bond covenants. 5.1.1 Before any new debt is issued, the impact of debt service payments on total annual fixed costs shall be analyzed. In accordance with existing COP indenture agreements, Net Operating Revenues must be at least a 1.25 coverage ratio to the maximum annual debt service. 5.1.2 OC San’s bond documents include rate covenants which set the minimum debt service coverage ratio that must be maintained at all timesalways maintained. 5.1.3 OC San shall restrict long-term borrowing to capital improvements that provide long-term benefits to OC San. 5.1.4 Proceeds from long-term debt shall not be used for current on-going operations. 5.1.5 The decision to incur new indebtedness shall be integrated with the OC San’s biennial Operating Budget and Capital Improvement Program Budget. The annual debt service payment shall be included in the Operating Budget. 5.1.6 OC San shall integrate its debt issuances with the goals of its Capital Improvement Program by timing the issuance of debt to ensure that funds for projects are available when needed. Financial Management Policy and Procedure 4 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy 5.2 Types of Debt 5.2.1 OC San may use short-term debt to cover temporary or emergency cash flow shortages as well as provide interim financing in anticipation of a future long-term debt takeout. All short-term borrowing shall be subject to Board of Directors approval by resolution. 5.2.2 Commercial PaperShort-Term Debt – OC San may issue short- term debt including but not limited to in the form of Commercial Paper or a Revolving Line of Credit.. 5.2.3 Revenue Bonds – OC San may issue as special obligations various types of revenue securities including notes, warrants, interim debentures, bonds and temporary bonds. Securities issued as special obligations do not constitute outstanding indebtedness of OC San nor do they exhaust its legal debt-incurring power. Bonding should be limited to projects with available revenue sources, whether self-generated or dedicated from other sources such as user fees. Adequate financing feasibility studies should be performed for each revenue issue. Sufficiency of revenues should continue throughout the life of the bonds. 5.2.4 Certificates of Participation – Certificates of participation are essentially leases which are sold to the public. The lease payments are subject to annual appropriation. Investors purchase certificates representing their participation in the lease. Often, equipment or facilities being acquired serve as collateral. These securities are most useful when other means to finance are not available under state law. 5.2.5 Refundings – A refunding is generally the underwriting of a new bond issue whose proceeds are used to redeem an outstanding issue. 5.2.5.1 Prior to beginning a refunding bond issue, OC San shall review and estimate the savings achievable from the refunding. OC San may also review a pro forma schedule estimating the savings assuming that the refunding is done at various points in the future. Following are the conditions under which OC San shall consider refunding outstanding bonds: 5.2.5.1.1 Net present value savings are at least three (3) percent of the par amount of the refunded bonds. Net present value savings of less than three (3) percent of refunded bonds are Financial Management Policy and Procedure 5 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy acceptable when compared to savings that could be achieved by waiting for more favorable interest rates and/or call premiums. 5.2.5.1.1 5.2.5.1.2 Net present value savings exceed the costs of issuing the bonds. 5.2.5.1.3 The bonds to be refunded have restrictive or outdated covenants. 5.2.5.1.4 Restructuring debt is deemed to be desirable. 5.3 Debt Structure 5.3.1 Debt shall be structured to achieve the lowest possible net overall cost to OC San balanced against potential risks given market conditions, the urgency of the capital program and the nature and type of security to be provided. Structuring options shall also consider available opportunities related to maximizing earnings and minimizing costs while complying with all Arbitrage federal tax regulations, including the timing of issuance and current market conditions. 5.3.2 The term of OC San debt issues shall not extend beyond the useful life of the project and generally shall not extend beyond 30 years unless there are compelling factors which make it necessary or advantageous to extend the term further. 5.3.3 For the issuance of new money debt, OC San shall consider the appropriate amount to be sold based on the overall debt versus revenue funding targets as part of its long-term capital plan and prior to each issuance of new money debt. 5.3.4 New money debt issued by OC San shall be structured to provide for either level principal or level debt service on an individual issuance or aggregate debt service basis. Deferring the repayment of principal shall be avoided except in select instances where it will take a period of time before project revenues are sufficient to pay debt service. Ascending debt service shall generally be avoided. 5.3.4.1 OC San shall consider target financial ratios (including debt service coverage) and future financial flexibility when determining the structure of its new money debt. 5.3.5 Variable Rate Obligations – When appropriate, OC San may choose to issue variable rate obligations or securities that pay a rate Financial Management Policy and Procedure 6 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy of interest that varies according to a predetermined formula or results from a periodic remarketing or auction of the securities. 5.3.5.1 The maximum level of net variable rate obligations incurred shall not exceed 150% of the level of available invested reserves. The percentage is intended to reflect the inherent relationship between taxable and tax-exempt interest rates based on the highest marginal federal income tax rate. Such percentage should be adjusted as the highest marginal federal income tax changes. 5.4 Credit Objectives 5.4.1 OC San’s goal is to maintain or improve its bond ratings. To that end, prudent financial management policies shall be adhered to in all areas. 5.4.1.1 OC San shall monitor its current and projected key financial ratios (e.g., debt service coverage, debt-to-equity, net floating rate exposure, reserve level) in comparison to those of other similar municipal entities. These ratios shall be updated and compared prior to the issuance of new money debt or the restructuring of existing debt. OC San shall consider these ratios in its financial management policies. 5.4.2 Rating Agencies 5.4.2.1 Full disclosure of operations shall be made to the bond rating agencies. OC San staff, with the assistance of the municipal advisors and bond counsel, shall prepare the necessary materials for and presentation to the rating agencies. 5.4.2.2 OC San shall maintain a line of communications with the rating agencies (Fitch Ratings, Moody’s Ratings and/or Standard & P Global Ratingsoor’s), informing them of major financial events at OC San as they occur. The Annual Comprehensive Financial Report (ACFR) shall be distributed to the rating agencies after it has been accepted by the Board of Directors. 5.4.2.3 The rating agencies shall be notified when OC San begins preparation for a debt issuance. After the initial contact, a formal ratings application shall be prepared and sent along with the draft of the Official Statement relating to the bond Financial Management Policy and Procedure 7 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy sale to the rating agencies. This application and related documentation shall be sent several weeks prior to the bond sale to give the rating agencies sufficient time to perform their review. 5.4.2.35.4.2.4 The number of ratings to be utilized for a bond issuance will be determined according to the size of the issuance, final maturity as well as investor preferences at the time of sale. This decision will be made based on a number of factors including the number of ratings needed to achieve the lowest possible interest rates weighed against the cost of ratings 5.4.2.45.4.2.5 A meeting with representatives of the rating agencies shall be scheduled at least once every three years or whenever a major project is initiated. 5.4.3 Credit Enhancements – Credit enhancements are mechanisms which guarantee principal and interest payments. They include bond insurance and a line or letter of credit. A credit enhancement, while costly, shall sometimes bring a higher rating from the rating agencies and a lower interest rate on debt, thus lowering overall costs. Certain types of bonds such as Variable Rate Demand Bonds or Commercial Paper may require a credit enhancement such as a letter of credit. Credit enhancements shall only be used when net debt service is reduced by more than the cost of the enhancementenhancement, or it is required by investors (such as the case of Variable Rate Demand Bonds and Commercial Paper). During the debt issuance planning, the municipal advisor or underwriter shall advise OC San which credit enhancements if any, should be purchased. 5.4.4 Dedicated Revenue Sources – In order to ensure the most favorable credit ratings, OC San revenues are dedicated to debt service in the following order: 5.4.4.1 Ad valorem property tax. 5.4.4.2 Sanitary sewer service charges. 5.4.4.3 Other revenues. 5.5 Method of Sale 5.5.1 OC San shall select a method of sale that is the most appropriate in light ofconsidering financial, market, transaction-specific, and issuer- related conditions and explain the rationale for its decision. Financial Management Policy and Procedure 8 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy 5.5.1.1 Competitive Sales – Debt obligations are generally issued through a competitive sale. OC San and its municipal advisor shall set the terms of the sale to encourage as many bidders as possible. By maximizing bidding, OC San seeks to obtain the lowest possible interest rates on its bonds. 5.5.1.2 Negotiated Sales – When certain conditions favorable for a competitive sale do not exist and when a negotiated sale will provide significant benefits to OC San that would not be achieved through a competitive sale, OC San may elect to sell its debt obligations through a private or negotiated sale. Such determination may be made on an issue-by- issue basis, for a series of issues, or for part or all of a specific financing program upon approval by the Administration Committee. 5.5.1.3 Direct Purchase - a direct purchase is a borrowing typically made directly from a bank in the form of a loan. Direct purchases are more applicable in situations where the borrowing term is less than 15 years and for smaller borrowing sizes. The availability and interest rates on Direct Purchase is subject to market conditions and bank lending capacity. The cost/benefit of Direct Purchases will be measured against those of competitive and negotiated sales. 5.5.1.2 WIFIAFederal Loans -– Financing mechanisms offered by the federal government to fund projects. 5.5.1.4 Water Infrastructure Finance and Innovation Act (“WIFIA”) loans are a current example of federal loans administered by the EPA. WIFIA loans are available for eligible water and wastewater projects and are based on the comparable US Treasury rate + 1 basis point. WIFIA loans have certain terms which may be more favorable than competitive and negotiated bond sales. WIFIA loans are typically most applicable for larger projects given the time and cost associated with the application and execution timeline. The cost/benefit of WIFIA loans will be measured against those of other methods of sale. 5.6 Methods of Selecting Consultants 5.6.1 Municipal Advisor – OC San shall retain an external independent municipal advisor, selected through a competitive process, and Financial Management Policy and Procedure 9 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy renewed at the discretion of the Administration Committee. The municipal advisor contract shall be administered by the OC San Financial Management Division. The utilization of the municipal advisor for a particular bond sale shall be on a case by case basis upon recommendation by the Director of Finance and approval by the Administration Committee, pursuant to a municipal advisory service contract. 5.6.2 Underwriters – For negotiated sales, underwriters shall be required to demonstrate sufficient capitalization and experience related to the debt issuance. The selection of underwriters may be for an individual or series of financings or a specified time period. 5.6.3 Bond Counsel – OC San shall retain external bond counsel for all debt issues. All debt issued by OC San shall include a written opinion by bond counsel affirming that OC San is authorized to issue the debt, stating that OC San has met all state constitutional and statutory requirements necessary for issuance and determining the debt’s federal income tax status. Bond counsel shall be selected through a competitive process administered by OC San’s Financial Management Division. The selection process shall require comprehensive municipal debt experience. 5.6.4 Disclosure Counsel – OC San shall retain, when appropriate, Disclosure Counsel for debt issues. Disclosure Counsel shall be responsible for ensuring that the official statement complies with all applicable rules, regulations and guidelines. Disclosure Counsel for a particular transaction may also serve OC San as bond counsel on the same issue. Disclosure counsel shall be selected through a competitive process administered by OC San’s Financial Management Division. The selection process shall require comprehensive municipal debt experience. 5.6.5 Trustee and Paying Agent – OC San shall retain a trustee and paying agent for all debt issues. The trustee and paying agent shall be responsible for carrying out the administrative functions that are required under the bond documents. These functions include, but are not limited to, establishing the accounts and holding the funds relating to bond issues, maintaining a list of bondholders, and paying principal and interest on the debt. Trustee and paying agent shall be selected through a competitive process administered by OC San’s Financial Management Division. Selection shall be based on the cost of providing such services, along with other qualitative measurements. 5.6.6 Compensation for municipal advisor, underwriters, bond counsel, disclosure counsel, trustee and paying agent and other financial Financial Management Policy and Procedure 10 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy service providers shall be as low as possible, given desired qualification levels and consistent with industry standards. All costs and fees related issuance of bonds shall be paid out of bond proceeds. 5.7 Disclosure of Arbitrage Compliance 5.7.1 OC San shall follow all State and Federal regulations and requirements regarding bond provisions, issuance, taxation and disclosure. 5.7.2 The Financial Management Division shall be responsible for providing trustees and/or dissemination agents ongoing disclosure information for filing with the Municipal Standards Rulemaking Board (MSRB) via the Electronic Municipal Market Access (EMMA). OC San may elect to utilize the services of a dissemination agent for continuing disclosure reporting; however, the responsibility for ensuring the reports are filed timely remains with OC San. 5.7.2.1 Copies of the ACFR and updated tables from the Official Statement shall be provided to EMMA within six months of year end. 5.7.3 OC San shall maintain compliance with disclosure standards promulgated by State and Federal regulatory bodies, such as annual reporting to the California Debt and Investment Commission of the State Treasurer’s Office in accordance with SB 1029 for debt issued after January 1, 2017. 5.7.4 Official Statements accompanying debt issues, ACFRs and continuing disclosure statements shall meet, at a minimum, the standards articulated by the MSRB, the Government Accounting Standards Board (GASB), the National Federation of Municipal Analysts, the Securities and Exchange Commission (SEC) and Accounting Principles Generally Accepted in the United States (US GAAP). 5.7.5 OC San shall monitor compliance with bond covenants, continuing disclosure requirements and adhere to federal arbitrage regulations. Occurrence of any event, specified in Rule 15c2-12 under the Securities and Exchange Act of 1934, which must be filed with EMMA shall be immediately reported to the Administration Committee. Examples of such events are credit rating downgrades, major disasters, major litigation, default on existing debt, bankruptcy, etc. Financial Management Policy and Procedure 11 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy 5.7.6 OC San shall maintain good communications with bond rating agencies about its financial condition and shall follow a policy of full disclosure in every financial report and bond prospectus (Official Statement). 5.8 Administration and Internal Control Procedures 5.8.1 Expenditure of Proceeds – Whenever reasonably possible, proceeds of OC San’s debt shall be held by a third party trustee which shall release such proceeds upon written requisition signed by the Director of Finance, or authorized designee. The bank statements for money managed by trustees shall be reconciled on a monthly basis. 5.8.2 Requisition of Bond Proceeds – To reimburse OC San for expenditures incurred, bond proceeds requisitions shall be prepared by staff and shall include summary expenditure data listing the projects funded and related dollar amounts, all totaling to the requisition amount. 5.8.3 Investment of Debt Proceeds – Proceeds raised in a debt financing shall be invested in a manner that is consistent with the bond indenture and pursuant to OC San’s Investment policy for investments not addressed by the indenture. 5.8.4 Continuing Disclosure – OC San shall remain in compliance with SEC Rule 15c2-12 by filing its annual financial statements and other financial and operating data for the benefit of its bondholders within the period required by each Continuing Disclosure Agreement. 5.8.5 Reporting and Filing Requirements – OC San shall comply with the applicable reporting and filing requirements in California Government Code Section 8855. 5.8.6 Federal Tax Compliance – OC San shall comply with any federal tax requirements, including without limitation, private use tracking, Arbitrage and Arbitrage Rebate Compliance. 5.8.7 Debt Service Payments – OC San shall make debt service payments electronically, on time and error free. 6. DEFINITIONS 6.1 ACCRUED INTEREST – In the sale of a new issue of municipal bonds, the dollar amount, based on the stated rate or rates of interest, which has Financial Management Policy and Procedure 12 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy accrued on the bonds from the dated date, or other stated date, up to but not including the date of delivery. When a bond is purchased in the secondary market, the dollar amount, based upon the stated rate of interest, which has accrued on the bond from the most recent interest payment date, up to but not including the date of settlement. Accrued interest is paid to the seller by the purchaser and is usually calculated on a 360-day year basis (assumes each month has 30 days). 6.2 ADDITIONAL BONDS TEST – Refers to legal test found in resolution or ordinance securing bonds; governs ability to issue additional bonds having the same lien on pledged revenues. Usually expressed as a ratio in which historic earnings meet certain levels of future debt service coverage. 6.3 ADDITIONAL OBLIGATIONS TEST – Refers to legal test found in the resolution which governs an agency’s ability to issue additional obligations having the same lien on pledged revenues. OC San’s additional obligations test is expressed as a ratio in which historic earnings must meet or exceed certain levels of future obligation service coverage. 6.4 AD VALOREM TAX – A direct tax based “according to value” of property. Counties and school districts and municipalities usually are, and special tax districts may be, authorized by law to levy ad valorem taxes on property other than intangible personal property. Local government bodies with taxing powers may issue bonds or short-term certificates payable from ad valorem taxation. 6.5 ADVANCE REFUNDING – A transaction in which new debt is issued to provide monies to pay interest on old, outstanding debt as it becomes due and to pay the principal on the old debt either as it matures or at an earlier call date. An advance refunding occurs before the maturity or call date (more than 90 days before the maturity or call date) of the old debt and the proceeds of the new debt are invested until the maturity or call date of the old debt. Most advance refundings result in defeasance of debt. 6.6 AMORTIZATION – The process of paying the principal amount of an issue of bonds by periodic payments either directly to certificate holders or to a sinking fund for the benefit of certificate holders. Payments are usually calculated to include interest in addition to a partial payment of the original principal amount. 6.7 ARBITRAGE – Classically, the simultaneous purchase and sale of the same or an equivalent security in order toto profit from price discrepancies. The most common occurrence in the public sector involves the investment of the proceeds from the sale of tax-exempt securities in a Financial Management Policy and Procedure 13 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy taxable money market instrument that yields a higher rate, resulting in interest revenue in excess of interest costs. 6.8 ARBITRAGE REBATE REQUIREMENTS – Arbitrage profits (interest revenue in excess of interest costs) from investment bond proceeds that are invested in taxable instruments must be rebated to the U.S. Treasury Department. 6.9 AVERAGE COUPON – Weighted average interest cost of an issue. 6.10 BANK INVESTMENT CONTRACT – A separate account at a financial institution that functions like a guaranteed investment contract, whereby the contract is designed to provide guarantees of principal and interest on funds deposited for a specified period. 6.11 BASIS POINT – Yields on municipal securities are usually quoted in basis points where one basis point is equal to 1/100 of one percent. 6.12 BOND – Written evidence of the issuer’s obligation to repay a specified principal amount on a date certain (maturity date), together with interest at a stated rate, or according to a formula for determining that rate. Bonds are distinguishable from notes, which mature in a much shorter period of time. 6.13 BOND COUNSEL – An attorney (or firm of attorneys) retained by the issuer to give a legal opinion on the legality and security of the issue and its tax exemption or taxability. Typically, bond counsel may prepare, or review and advise the issuer regarding, authorizing resolutions or ordinances, trust indentures, official statements, validation proceedings and litigation. 6.14 BONDED DEBT – The portion of an issuer’s total indebtedness as represented by outstanding bonds. 6.15 BOND INSURANCE – An insurance policy purchased by an issuer or an underwriter for either an entire issue or specific maturities, which guarantees the payment of principal and interest. This security provides a higher credit rating and thus a lower borrowing cost for an issuer. Bond insurance can be purchased directly by OC San prior to the bond sale (direct purchase) or at the underwriter’s option and expense (bidder’s option). 6.16 BOND RESOLUTION OR ORDINANCE – The document or documents representing action of the issuer authorizing the issuance and sale of municipal bonds. Issuance of the bonds is usually approved in the authorizing resolution or ordinance and the sale is usually authorized in a Financial Management Policy and Procedure 14 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy separate document known as the “sale” or “award” resolution. All of such resolutions, read together, constitute the bond resolution, which describes the nature of the obligation and the issuer’s duties to the bondholders. 6.17 BROKER – A person or firm, other than a bank, which acts as an intermediary by purchasing and selling securities for others rather than for its own account. 6.18 CALLABLE BOND – A bond which permits or requires the issuer to redeem the obligation before the stated maturity date at a specified price, usually at or above par by giving notice of redemption in a manner specified in the bond contract. 6.19 CAPITALIZED INTEREST – Interest paid on long-term obligations during the period of time required to complete and prepare an asset for its intended use is capitalized as part of the acquisition cost of an asset. 6.20 CERTIFICATES OF PARTICIPATION – Obligations of a public entity based on a lease or installment sale agreement. These are not considered debt under Article 13 of the California Constitution. 6.21 CERTIFICATE HOLDER – The owner of a municipal certificate of participation to whom payments of principal and interest are made. Generally, certificates are registered and the owner is the person whose name is noted on the certificate register. 6.22 CERTIFICATE REGISTER – The listing of names and addresses of the current registered owners of the certificates, as maintained by the trustee or certificate registrar. 6.23 COMPETITIVE SALE – The sale of bonds through sealed bids. 6.24 COST OF ISSUANCE – The expenses associated with the sale of a new issue of municipal securities, including such items as underwriter’s spread, printing, legal fees and rating costs. 6.25 COVENANTS – The issuer’s enforceable promise to perform or refrain from performing certain actions. With respect to municipal bonds, covenants are generally stated in the bond contract, resolution, or indenture. 6.26 COVERAGE – The ratio of pledged revenues available annually to pay debt service obligations, as compared to the annual debt service obligation requirement. This ratio is one indication of the margin of safety for debt service obligations. Financial Management Policy and Procedure 15 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy 6.27 CREDIT ENHANCEMENT – The availability of additional outside support designed to improve an issuer’s own credit standing. Examples include bank lines of credit or collateralized funds. 6.27 6.28 CURRENT REFUNDING – A refunding transaction in which the proceeds of the refunding debt are applied immediately (no more than 90 days from issuance) to redeem the debt to be refunded. This situation differs from an advance refunding, where the proceeds of the refunding bonds are placed in escrow pending the call date or maturity of the debt to be refunded. 6.29 CURRENT YIELD – The ratio of the annual dollar amount of interest to the purchase price of a bond, stated as a percentage. 6.30 CUSIP NUMBERS (COMMITTEE ON UNIFORM SECURITY IDENTIFICATION PROCEDURES) – Identification numbers assigned each maturity of a bond issue and usually printed on the face of each individual bond in the issue. The CUSIP numbers are intended to facilitate identification and clearance of municipal securities. 6.31 DEBT LIMIT – The maximum amount of debt which an issuer of municipal securities is permitted to incur under constitutional, statutory, or charter provisions. 6.32 DEBT PER CAPITA – Bonded debt divided by population. 6.33 DEBT SERVICE OBLIGATION – The amount of funds necessary to pay principal and interest, and the required contributions to an amortization sinking fund for term certificates on an outstanding obligation. Debt service obligation on certificates may be calculated on a calendar-year or on a fiscal-year basis. 6.34 DEBT SERVICE RESERVE FUND – A fund usually amounting to principal and interest payments for one year and used only if pledged revenues do not generate sufficient funds to satisfy the debt service requirement. The reserve fund is typically funded in whole or in part from the proceeds of the debt issuance. The size and investment of the reserve fund are usually subject to arbitrage regulations. 6.35 DEBT SERVICE SCHEDULE – A table listing the annual payments necessary to meet debt service requirements over the period of time the bonds are to be outstanding. 6.36 DEFAULT – Failure to make timely payment of principal and interest or to comply with other features of the indenture. Financial Management Policy and Procedure 16 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy 6.37 DEFEASANCE – Eliminating bonded indebtedness off an issuer’s books through creation of a portfolio of allowable securities sufficient to make all debt service payments on pre-refunded, outstanding bonds. 6.38 DIRECT DEBT – The debt that a governmental agency incurs in its own name. 6.39 DISCOUNT – The amount by which par value exceeds the price paid for a security which generally represents the difference between the nominal interest rate and the actual or effective return to the investor. 6.40 DOUBLE-BARRELED BOND – Traditionally, a bond secured by a defined source of revenue plus the full faith and credit of the issuer. The term is occasionally, although erroneously, used to refer to bonds secured by any two sources of pledged revenue. 6.41 DOWNGRADE – The lowering of a bond rating by a rating service. A downgrade would be considered if the issuer encountered major financial difficulties or an economic decline, which may be viewed by the rating service as reducing the credit quality of the bond issue. 6.42 EFFECTIVE INTEREST RATE – The actual rate of interest earned by the investor on bonds purchased, after allowing for premiums, discounts, or accrued interest over the period of the investment. 6.43 FEASIBILITY STUDY – A report by an independent expert on the economic need and practicality of a proposed debt program. 6.44 FLOATER – A security sold with a variable rate that changes at intervals ranging from daily to annually. 6.45 FULL FAITH AND CREDIT – The pledge of a government’s general taxing power to pay off its debt obligations. 6.46 GENERAL OBLIGATION BONDS – Bonds which are secured by the full faith and credit of the issuer. General obligation bonds are secured by a pledge of a portion of the ad valorem taxing power. Such bonds constitute debts of the issuer and require approval by election prior to issuance. 6.47 GUARANTEED INVESTMENT CONTRACT (GIC) – A group annuity contract designed to provide guarantees of principal and interest on funds deposited with an insurance company for a specified period. 6.48 HIGH GRADE BONDS – Top-rated bonds, usually triple-A. Financial Management Policy and Procedure 17 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy 6.49 INDENTURE – Legal document describing the terms and conditions of a bond offering, the rights of the bondholder and the obligations of the issuer to the bondholder. The document is alternatively referred to as a bond resolution or deed of trust. 6.50 INTEREST RATE SWAP – An agreement between two parties to exchange future flows of interest payments. Swap payments may be based on actual bond payments and/or based on various market indices. 6.51 INVERTED YIELD CURVE – When short-term rates are higher than long- term rates. 6.52 INVESTMENT GRADE – The broad credit designation given bonds which have a high probability of being paid. Such bonds, have few, if any, speculative features and are rated by the rating agencies in one of their top four categories, ranging from triple-A to BBB and Baa. 6.53 ISSUER – A state, political subdivision, agency, or authority that borrows money through the sale of bonds or notes. 6.54 JUNIOR LIEN BONDS – Bond with a subordinate claim against pledged revenues. 6.55 LETTER OF CREDIT – An agreement, usually with a commercial bank, to guarantee demands for payment upon compliance with conditions established in the agreement. Bank letters of credit are typically used as additional sources of security and liquidity with variable rate obligations. 6.56 LIQUIDITY – The ability to convert assets, such as investments, readily into cash. 6.57 MATURITY – The date on which the principal amount of a security is due and payable to the certificate holder. 6.58 MUNICIPAL ADVISOR – Performs analysis as to the appropriateness of a bond sale and, if the governing body of the agency determines that a bond sale is necessary, they then assist in its planning and preparation. 6.59 NEGOTIATED SALE – The sale of a new issue of municipal securities by an issuer through an exclusive agreement with a previously selected underwriter or underwriting syndicate. A negotiated sale should be distinguished from a competitive sale, which requires public bidding by the underwriters. Primary points of negotiation for the issuer are the interest rate and purchase price, which reflect the issuer’s cost of offering its securities in the market. Financial Management Policy and Procedure 18 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy 6.60 NET INTEREST COST (NIC) – Traditional method of calculating an issuer’s borrowing cost. NIC is derived by adding the total volume of interest payments for the entire offering and dividing by the amount of certificates outstanding times the years they are outstanding. 6.61 NET PRESENT VALUE SAVINGS – Present value of gross savings discounted at the refunding bond yield to the closing date plus accrued interest less any contribution from a reserve or debt service fund and anticipated loss investment earnings. 6.62 NOTES – A written, short-term promise of the issuer to repay a specified principal amount on a certain date, together with interest at a stated rate, or according to a formula for determining that rate, payable from a defined source of anticipated revenue. Notes usually mature in less than five years. Notes are used to cover seasonal cash flow needs or interim financings. 6.63 OFFICIAL STATEMENT (OS) – A document published by the issuer who generally discloses material information on a bond issue, including the purpose of the bond issue, how the bonds will be repaid, and the financial, economic and demographic characteristics of the issuer. Investors may use this information to evaluate the credit quality of the bonds. 6.64 ORIGINAL ISSUE DISCOUNT (OID) – The discount from par at which a new issue comes to market. For tax-exempt bonds, the capital gain represented by the OID is deemed tax-exempt by the IRS. 6.65 OVERLAPPING DEBT – The issuer’s share of the debt of other local units. 6.66 PAR VALUE – The principal amount of a security, which must be paid at maturity. Par value is also referred to as the face amount of a security. 6.67 PARITY BONDS – Separate bond issues that have the same lien against pledged revenues. 6.68 PAY-AS-YOU GO BASIS – The financial policy of a municipality that finances all capital outlays from current revenues rather than from borrowing. 6.69 PAYING AGENT – The entity responsible for the payment of principal and interest on municipal obligations on behalf of the issuer. The paying agent is usually a bank or trust company. 6.70 PLEDGED REVENUES – Funds obligated for the payment of debt service and other deposits as required by the bond contract. Financial Management Policy and Procedure 19 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy 6.71 PRELIMINARY OFFICIAL STATEMENT (POS) – A preliminary version of the official statement which is used by the issuer or underwriter to describe the proposed issue of municipal bonds prior to the determination of an interest rate and offering price. The preliminary official statement is a marketing tool used to gauge buyer’s interest in the issue and is relied upon by potential purchasers in making their investment decisions. 6.72 PREMIUM – The amount by which the price paid for a security exceeds par value, generally representing the difference between the nominal interest rate and the actual or effective return to the investor. 6.73 PRINCIPAL – The par value or face amount of a bond payable or issue of bonds payable on stated dates of maturity. 6.74 PRIMARY MARKET – The market for new issues of municipal securities. 6.75 PRIVATE PLACEMENT – An original issue of municipal securities sold directly to an institutional or private investor by way of a negotiated sale rather than through a public offering. 6.76 RATE CONVENANT – A bond indenture provision requiring rate changes necessary to meet annual debt service payments. 6.77 RATING AGENCIES – Credit quality evaluation of an issuer’s securities made by independent rating services. The three primary rating agencies with regard to municipal debt are Moody’s Investors Services, S&P Global Ratings, Standard & Poor’s Corporation and Fitch. 6.78 RATINGS – Evaluations of the credit quality of obligations usually made by independent rating services. Ratings generally measure the probability of the timely repayment of principal and interest on municipal obligations. The higher the credit rating, the more favorable the effect on the marketability of the security. 6.79 REDEMPTION – A transaction in which the issuer pays an outstanding obligation at a specified price, usually at or above par prior to the specified maturity date. Also known as a call. 6.80 REFUNDING – Selling a new bond issue for redemption or defeasance of an outstanding bond issue. There are generally two reasons for refunding: to reduce the issuer’s interest costs or to remove a burdensome or restrictive covenant imposed by the terms of the bonds being refinanced. Financial Management Policy and Procedure 20 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy 6.81 REGISTRAR – The person or entity responsible for maintaining records on behalf of the issuer for the purpose of noting the owners of registered obligations. The paying agent frequently performs this function. 6.82 REVENUE BONDS – Bonds payable from a specific source of revenue and which do not pledge the full faith and credit of the issuer. 6.83 SECONDARY MARKET – Market for bonds previously offered and sold. 6.84 SENIOR LIEN OBLIGATIONS – Obligations having a prior claim on pledge revenues. 6.85 SERIAL BONDS – Bonds of an issue in which some bonds mature in each year over a period of years. 6.86 SETTLEMENT – Delivery of and payment for a new issue of municipal bonds. Settlement usually occurs within 30 days after the bonds are awarded to the underwriters, which allows for the printing of the bonds and the completion of certain legal matters. 6.87 SETTLEMENT DATE – The date used in price and interest computations, usually the date of delivery. 6.88 SINKING FUND – A fund established in a bond indenture that contains money available to call bonds prior to maturity. 6.89 STANDBY BOND PURCHASE AGREEMENT – A legal agreement with a commercial bank or trust company whereby the bank agrees to purchase demand bonds which the remarketing agent was unable to remarket to other parties and chose not to purchase for itself. 6.90 SUBORDINATE (JUNIOR) LIEN OBLIGATIONS – Obligations having a subordinate claim against pledged revenues. 6.91 TAX-EXEMPT OBLIGATIONS – Obligations whose interest is exempt from federal income taxation pursuant to Section 103 of the Internal Revenue Code and may or may not be exempt from state income or personal property taxation in the jurisdiction where issued. 6.92 TERM BONDS – Bonds coming due in a single maturity. The issuer usually agrees to make periodic payments into a sinking fund for mandatory redemption of term bonds before maturity or for payment at maturity. 6.93 TRUE INTEREST COST (TIC) – The present value borrowing cost of the issuer is reflected by taking into account the costs of issuance and Financial Management Policy and Procedure 21 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy underwriting. TIC is similar to NIC, but also accounts for the time value of money. 6.94 TRUSTEE – A financial institution with trust powers which acts in a fiduciary capacity for the benefit of bond holders in enforcing the terms of the bond indenture agreement. 6.95 TRUST INDENTURE – A contract between the issuer of municipal securities and a trustee, serving for the benefit of the security holders. 6.96 UNDERWRITER – A dealer at a bank or brokerage house who buys an agency’s bonds in order for the firm’s sales force to resell them to both institutional and retail investors. The underwriter may acquire the bonds either by negotiation with the issuer, or by award on the basis of competitive bidding. 6.97 UNDERWRITERS COUNSEL – A lawyer involved in the transaction, who represents the securities firm buying an issuer’s bonds. 6.98 VARIABLE RATE OBLIGATIONS – A security whose interest rate is reset periodically by the remarketing agent according to a preset formula defined in the indenture agreement. The variable interest rate, also known as a “floater”, is determined by the remarketing agent as the level at which all bonds trade at par. 6.99 YIELD CURVE – Graph displaying the term structure of interest rates by plotting the yields of all bonds of the same quality with maturities ranging from shortest to the longest available. 6.100 YIELD TO MATURITY – The rate of return to the investor earned from payments of principal and interest, which is compounded semiannually and assumes that interest paid is reinvested at the same rate. Yield to maturity takes into consideration the time value of the investment. 6.101 ZERO-COUPON BONDS – Bonds sold at a deep discount from par, which pay no interest and appreciate to full value at maturity. Also known as capital appreciation bonds. 7. RELATED DOCUMENTS N/A 8. ATTACHMENTS Financial Management Policy and Procedure 22 of 20 Revised 05/283/26/25 Section 201-3-1: Debt Policy N/A OC SAN 25-XX-1 RESOLUTION NO. OC SAN 25-XX A RESOLUTION OF THE BOARD OF DIRECTORS OF THE ORANGE COUNTY SANITATION DISTRICT ADOPTING THE ORANGE COUNTY SANITATION DISTRICT'S DEBT POLICY AND REPEALING RESOLUTION NO. OC SAN 23-22 WHEREAS, on December 14, 2023, the Board of Directors adopted Resolution No. 23-22, adopting a Board of Directors Policy. NOW, THEREFORE, the Board of Directors of the Orange County Sanitation District, DOES HEREBY RESOLVE, DETERMINE AND ORDER: Section 1: That the Board of Directors hereby adopts the Orange County Sanitation District’s Debt Policy. Section 2: That any change in the Policies and Procedures set forth in the Orange County Sanitation District’s Debt Policy must be approved by the Board of Directors prior to implementation. Section 3: That this Resolution shall take effect immediately upon its adoption. Section 4: That Resolution No. OCSD 23-22 is hereby repealed. PASSED AND ADOPTED at regular meeting of the Board of Directors, Orange County Sanitation District held May 28, 2025. Ryan P. Gallagher Board Chairman ATTEST: Kelly A. Lore, MMC Clerk of the Board OC SAN 25-XX-2 STATE OF CALIFORNIA ) ) ss COUNTY OF ORANGE ) I, Kelly A. Lore, Clerk of the Board of Directors of the Orange County Sanitation District, do hereby certify that the foregoing Resolution No. OC SAN 25-XX was passed and adopted at a regular meeting of said Board on the 28th day of May 2025, by the following vote, to wit: AYES: NOES: ABSTENTIONS: ABSENT: IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of Orange County Sanitation District this 28th day of May 2025. Kelly A. Lore, MMC Clerk of the Board of Directors Orange County Sanitation District ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4246 Agenda Date:5/14/2025 Agenda Item No:14. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: INSURANCE UPDATE GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Information Item. BACKGROUND Staff and Broker will provide an update on the status of the Insurance Program as the budget process is underway and the insurance renewals are upcoming. RELEVANT STANDARDS ·Protect OC San Assets ·Commitment to safety & reducing risk in all operations ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Presentation Orange County Sanitation District Printed on 5/1/2025Page 1 of 1 powered by Legistar™ 5/5/2025 1 FY 2025-26 Insurance Update Presented by: Collette Stewart, Principal Staff Analyst Administration Committee May 14, 2025 •Insurance Events •Market Drivers •OC San Cost Estimates Overview 2 All data and information has been provided by Alliant Insurance Services 1 2 5/5/2025 2 Recent Catastrophic Losses 3 Flooding Hurricanes Wildfires Tornado/ Convective Storm Winter Storms 2018-2024 –More than 10 severe flood events 2018-2023 97 named storms 2018-2023 95 $1B+ Wildfire events $71B in insuredlosses due to severe convective storm through 2023-year end ($60B in U.S.) Uri – 2021 Over 110 deaths associated $70.1b Economic Loss – only $20b insured $470.7B+ in economic losses (US ) 2023 Burned over 8m acres Accounted for nearly 58% of allglobalInsured losses Estimated $20B+ insured losses Hurricane Ida, Ian, Nicole & Idalia = $108b? 2022 =7.5m acres SCS insured losses growing at a rate of 8.9% since 1990 Largest Q1 loss record Hilary, first CA Tropical Storm since 1939 $39B in insured loss, *8.68B in 2021 alone 10 singular $1B+ events Elliott – 2022 Over 65deaths associated 17% increase from 2019 to 2021 in U.S. wildfires and a 223% increase since 1983 Estimated $5.4B+insured losses Earthquake/ Difference in Conditions Renewal Outlook 4 Current Market Conditions: •Major underwriters are re- evaluating the most profitable way to deploy capital: •CA EQ vs. Other CAT/ Florida Wind Capacity is generally declining: •Current markets are shrinking appetites – the push for smaller limits continues •No new significant injection of capital for EQ markets •Market conditions pushed many placements into non-admitted markets, and a backlog developed creating service delays •For 2024, the goal is to provide stability and faster underwriting processing Earthquake is catastrophic in nature, it is priced and underwritten separately from Property risks. Over the previous 10 years, the earthquake market has remained stable, and pricing has remained relatively flat compared to other major lines of CAT coverage. That is now changing. 3 4 5/5/2025 3 Casualty Market Drivers 5 Increase in Catastrophic Losses •Sexual Misconduct •Law Enforcement Liability •Lifetime Care Costs •Punitive Damage Awards Organized Plaintiff Bar •Litigation Financing Inflationary Pressures •Social Inflation •Personal Injury Trends Aging Infrastructure Aging Workforce Medical Cost Inflation Cancer & PTSD Presumptions Workplace Violence Medical Service Delays Out of State Exposure Accident Survivability Mental Health Cost of vehicles (inflation) Cost to repair (technology) Fatality Trends Distractive Driving – Cell Phones Claims Frequency and Severity Trajectory Social Inflation General Liability & Excess Liability Workers Compensation Auto Liability Liability Claim Trends and Inflationary Pressures 6 Liability Claim severity has increased •Social Inflation •Medical Cost Inflation •Plaintiff Bar Success – Advertising, Reptile Theory, etc. Liability Claims frequency has increased •Third-party litigation funding (TPLF) •Aging Infrastructure •Dissatisfaction Inflation Toll •As inflation increased, Insurance Carriers seek increased premiums •Higher claims payouts, operational costs, etc. •Investment Portfolio is impacted •Claims more likely to approach retention levels, retentions increases are common 5 6 5/5/2025 4 Increasing Impact on Liability Market 7 Hyper Social Inflation 1.7b award given in Missouri on October 31, 2023 for conspiring to inflate real estate commissions and will triple to 5.3b under US antitrust law Reduced Capacity Reinsurer withdrawals have been significant over the past two years Litigation Financing Continues to drive large claims. Funding increased $3.5B in 2022 Plaintiff Attorney Strategies Specialization and strategies have evolved to get larger verdicts and settlements Labor Shortage Everyone is doing more with less Reviver Legislation Amendments A rise in Sexual Abuse and Molestation claims and settlements Law Enforcement Increased focus on policing policy and procedures as well as pressure on Qualified Immunity Auto Liability Frequency & Severity of losses has returned to pre COVID figures Underwriter Scrutiny Reinsurers are seeking to grow prudently and are maintaining a disciplined, conservative underwriter approach Inflation Rising cost are increasing the size of claims ExclusionsContinued restrictions surrounding sexual abuse, Wildfire Exclusions, COVID, cyber, opioids, man made chemicals (PFAS) and Biometric Identifiers (new focus) Emerging RiskNew Technologies such as AI, Telematics, Biometrics and machine learning systems risks are not fully understood given historical information Environmental risks relative to climate change are substantial Growing concerns around mental health impacts including impact on productivity, access to care, medical inflation and the steady rise of healthcare costs Trends to Impacting the Market: •Rising medical costs for catastrophic claims •Accident survivability •Increased life expectancy for catastrophically injured workers •Higher costs for medical care technology •30% increase in claims incurred over $10M in last 3 years* •While frequency of claims is down, the financial severity of claims is up •Home Health and Skilled Care Facility costs increasing at rates far more significant than average medical inflation. •Number of claims and cost to deliver benefits very high in CA *Source: Safety National’s Carrier Chronicles Workers’ Compensation Hardening Market 8 7 8 5/5/2025 5 2025 Major Coverages Coverage, Exposure, and Cost Estimates – As compared to 2024 9 Property Limit 1,000,000,000 1,000,000,000 None Retention 500,000 500,000 None Total Insurable Value 2,813,772,889 2,892,579,839 3% Total Cost (Est.) 3,126,562 3,118,944 -0.2% Excess Workers Compensation Limit Statutory Statutory None Retention 1,000,000 1,000,000 None Payroll 86,592,000 89,335,718 3% Total Cost (Est.) 378,342 476,000 26% Excess Liability Limit 40,000,000 40,000,000 None Self-Insured Retention $1M/$1M Corr. $1M/$1M Corr. None Exposure - Payroll 86,592,000 89,335,718 3% Total Cost (Est.) 1,191,618 1,429,942 20% Earthquake Limit 25,000,000 25,000,000 None Retention 5% ($5M Min) 5% ($5M Min) None Total Insurable Value 122,218,703 129,709,788 6.13% Total Cost (Est.) 185,528 206,744 11% Cyber Liability Limit 2,000,000 2,000,000 None Retention 250,000 250,000 None Exposure - Values 2,813,772,889 2,892,579,839 2.80% Total Cost (Est.) 139,743 143,935 3% Total Cost 5,021,793 5,375,565 7.04% Coverage 2024 2025 Change Key Meeting Dates 10 January February March April May June Budget Assumptions and Calendar Board Revenues and Reserves Operations Administration Expenditures Operations Administration CIP Operations Administration Proposed 2-Year Budget Operations Administration Board Insurance Administration 9 10 5/5/2025 6 Questions? 11 11 ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4285 Agenda Date:5/14/2025 Agenda Item No:15. FROM:Robert Thompson, General Manager Originator: Mike Dorman, Director of Engineering SUBJECT: FY 2025-26 CAPITAL IMPROVEMENT PROGRAM BUDGET UPDATE GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Information Item. BACKGROUND Discussion of the Orange County Sanitation District (OC San)FY 2025-26 Budget development process was initiated at the January 22,2025 Board of Directors meeting.During this process,staff provides presentations to the Administration and Operations Committees focusing on various areas of the budget.Staff will make a brief presentation on the proposed expenditure details of the Capital Budget at the Committee meetings. The Operating and Capital Improvement Program Budgets,effective July 1 of this year,will be presented for adoption at the June 25, 2025 Board of Directors meeting. RELEVANT STANDARDS ·Produce appropriate financial reporting -annual financial report &audit letter and Ops &CIP budgets every two years, with annual update ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Presentation Orange County Sanitation District Printed on 4/30/2025Page 1 of 1 powered by Legistar™ 4/30/2025 1 FY 2025-26 Capital Improvement Program Budget Update Presented by: Justin Fenton, Engineering Manager Administration Committee May 14, 2025 Information Item All Budget Expenses (millions) 2 Operating$232.744% Capital $223.1 42% Debt $61.0 12% Other $8.7 2% Total Expenses - $525.4 FY 2024-25 Operating $238.1 40% Capital $279.4 48% Debt $60.4 10% Other $9.5 2% Total Expenses - $587.4 FY 2025-26 1 2 4/30/2025 2 3 Our Asset Management Plan is utilized to develop the CIP. The CIP includes all costs to plan, design, and construct capital facilities based on four (4) key drivers: •Additional Capacity •Regulations •Strategic Initiatives •Rehabilitation & Replacement Capital Improvement Program (CIP) 4 Proposed CIP includes: •74 Active & Upcoming Projects ($3.7B) •Programs: •Small Construction Projects ($125M) •Information Tech Capital ($10M) •Research ($10M) •Planning Studies ($25M) •Capital Equipment ($17M) •54 Future Projects CIP – General Overview 3 4 4/30/2025 3 Proposed FY 25-26 Adopted FY 25-26 Estimated FY 24-25 Budget FY 24-25 $230$303$211$238Capital Improvement Program (CIP) $17$14$15$15Capital Equipment ($30)($38)($13)($30)CIP Savings & Deferrals -$0.2--Future Rehabilitation & Replacement $217 $279$213$223Net Capital Expenses ($62)($10)Change from Adopted Budget -22%-4.5% 5 Net Capital Expenses - Overview Capital Expenses (Millions) Net Capital Expenses – Budget Update 6 FY25-26 change based on: •Project Specific Information •Construction Risks •Project Schedule Updates •Historic Adjustments $0 $50 $100 $150 $200 $250 $300 Budget FY 24-25 Estimated FY 24-25 Adopted FY 25-26 Proposed FY 25-26 Mil l i o n s Planning Equipment Design Closed / Cancelled Construction $217 $279 $213$223 5 6 4/30/2025 4 7 10-Year Net CIP: $3.5B $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 25-26 26-27 27-28 28-29 29-30 30-31 31-32 32-33 33-34 34-35 Mi l l i o n s Fiscal Year Proposed Authorization Future Projects Prior Year Net CIP $116M Decrease in First 5 Years $119M Increase Over 10 Years 8 20-Year Net CIP: $6.7B $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 25-26 26-27 27-28 28-29 29-30 30-31 31-32 32-33 33-34 34-35 35-36 36-37 37-38 38-39 39-40 40-41 41-42 42-43 43-44 44-45 Mi l l i o n s Fiscal Year Proposed Authorization Future Projects Prior Year Net CIP $272M Increase Over 20 Years 7 8 4/30/2025 5 9 Proposed Budget (M) Budget Change (M)Project NameProject # $79$79Deep Well Biosolids Management FacilityJ-143 $55$55Power Dist Systems & PB C Replacement at P1 & P2J-142 $178$52Operations and Maintenance Complex at P2P2-138 $2($46)Greenville Trunk Improvements1-24 $129$26Laboratory Replacement at P1J-133 $34($25)North Tustin-Orange Sewer Rehabilitation7-69 $20$20Oxygen Gas Generation Facility at P2P2-142 $100$18Ocean Outfalls RehabilitationJ-137 $201$18Primary Sed Basins No. 3-5 Replacement at P1P1-126 $17$17CenGen Monitoring System Improvements at P1 & P2J-140 $-($16)12.47 kV Switchgear Replacement at CenGen at P1P1-136 $43$14Electrical Power Distribution System ImprovementsJ-98 $12$12Waste Sidestream Pump Station A Improvements at P2P2-143 $12$12Public Address System ReplacementJ-141 $19$11East Coast Highway Sewer Rehabilitation5-69 Top 15 Project Changes J-143: Deep Well Biosolids Management 1-24: Greenville Trunk Improvements P2-142: Oxygen Gas Generation Facility at P2 JF0 P2-138: Ops & Maint Complex at P2 Operations Center Maintenance BuildingNew O&M Complex (Current) •Current Project - $126.5M •Replace existing Operations Center & Maintenance Building •Includes Construction Management and Risk Management staff •Revised Project - $178.0M ($51.5M INCREASE) •3rd Floor/SF Added •Updated Pricing •Deep Foundation New O&M Complex (Prior) 10 9 10 4/30/2025 6 Manhole Rehab 11 •Current Project - $59.1M •Pipe Replacement (Capacity) •Pipe & Manhole Rehabilitation •Revised Project – $33.8M ($25.3M DECREASE) •Recent Study – capacity not required 7-69: N. Tustin-Orange Sewer Rehabilitation Host Pipe CIPP Short Outfall (1.5 miles): •Assessment & Rehabilitation •Reliable for next 15 years: Cleaning & Inspection Minor Repairs Plan for future CIP Long Outfall (5 miles): •Rehabilitation •Add 25+ years of Life: Replace Manholes Remove Sediment Ballast Correction $18M budget increase due to short outfall scope, cost updates, and sequencing 12 J-137: Ocean Outfalls Rehabilitation Long Outfall Short Outfall Reclamation Plant No. 2 TC0 11 12 4/30/2025 7 13 $0 $50 $100 $150 $200 $250 CIP Reserves Net CIP $217 50% of 10- Year CIP $174 Replacement and Refurbishment $75 Mi l l i o n s FY 2025-26 CIP Reserves Key Meeting Dates January February March April May June Budget Assumptions and Calendar Board Revenues and Reserves Operations Administration Expenditures Operations Administration CIP Operations Administration Proposed 2-Year Budget Operations Administration Board Insurance Administration 14 13 14 4/30/2025 8 Questions? 15 15 ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4286 Agenda Date:5/14/2025 Agenda Item No:16. FROM:Robert Thompson, General Manager Originator: Riaz Moinuddin, Director of Operations & Maintenance SUBJECT: OC SAN -OPERATIONS &MAINTENANCE WASTEWATER 101 PART 1:TREATMENT AND RECYCLING GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Information Item. BACKGROUND Each month,staff provides an informational presentation on topics of interest to the Board of Directors. This month’s topic: Orange County Sanitation District Wastewater Treatment Operations. RELEVANT STANDARDS ·24/7/365 treatment plant reliability ·Operate and maintain facilities to minimize impacts on surrounding communities, including odor, noise, and lighting ·Listen to and seriously consider community input on environmental concerns ·Build brand, trust, and support with policy makers and community leaders ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Presentation Orange County Sanitation District Printed on 4/30/2025Page 1 of 1 powered by Legistar™ 4/30/2025 1 Wastewater Treatment Process Presented by: Jon Bradley Operations Manager Administration Committee May 14, 2025 2 Plant Process Overview 1 2 4/30/2025 2 3 Metering & Diversion Structure 4 Preliminary Treatment • Grit is mostly inorganic material (i.e. sand, gravel, eggshells) • Grit is very abrasive and heavy. It clogs flow channels, digesters and wears out pumps. Barscreen Grit Chamber 3 4 4/30/2025 3 5 Primary Treatment 6 Secondary Treatment Trickling Filter ProcessActivated Sludge Process 5 6 4/30/2025 4 7 Solids Removal During Treatment Purification (GWRS Final Effluent) OCWD 8 Solids Recovery Process Anaerobic Digestion 7 8 4/30/2025 5 9 Dewatering Operation Centrifuge System at Plant No. 1 10 Truck Loading 9 10 4/30/2025 6 11 BIOGAS Heat & Electricity Questions? 12 11 12 ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4287 Agenda Date:5/14/2025 Agenda Item No:17. FROM:Robert Thompson, General Manager Originator:Laura Maravilla, Director of Human Resources SUBJECT: STRATEGIC PLANNING - CORE VALUES GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Information Item. BACKGROUND The Orange County Sanitation District’s (OC San)Strategic Plan consists of various elements including the Core Values.OC San’s Core Values support our Mission and Vision statements by expressing the values,beliefs,and philosophy that guides our daily actions.They help form the framework of our organization and reinforce our professional work ethic. The Core Values were last updated as part of the 2021 Strategic Plan update and are reflected as follows: Integrity, Inclusion, Honesty, and Respect We aspire to the highest degree of integrity,inclusion,honesty,and respect in our interaction with each other,our suppliers,our customers,and our community.We strive to demonstrate these values in our actions, commitments, and service. Leadership, Teamwork, and Problem Solving We lead by example,acknowledging the value of our resources and using them wisely to achieve our mission.We strive to reach OC San goals through cooperative efforts and collaboration with each other and our constituencies.We work to solve problems in a creative,cost-effective,and safe manner, and we acknowledge team and individual efforts. Customer Service, Transparency, and Accountability We are committed to acting in a timely,accurate,accessible,and transparent manner through excellent customer service.We are committed to act in the best interest of our internal and external stakeholders. Orange County Sanitation District Printed on 4/30/2025Page 1 of 2 powered by Legistar™ File #:2025-4287 Agenda Date:5/14/2025 Agenda Item No:17. Resiliency, Innovation, and Learning We continuously develop ourselves,enhancing our talents,skills,and abilities.We recognize that only through personal growth and development will we progress as an agency and as individuals. Safety We are committed to providing a safe work environment.We will demonstrate leadership,promote individual accountability,and participate actively in the advancement of our health and safety practices. RELEVANT STANDARDS ·Build brand, trust, and support with policy makers and community leaders ·Make it easy for people to understand OC San’s roles and value to the community PROBLEM The Strategic Plan needs to be updated to ensure its relevancy. PROPOSED SOLUTION Solicit and incorporate the Board of Directors’input in the update of the proposed Strategic Plan documents. PRIOR COMMITTEE/BOARD ACTIONS November 2023 - Adopted the Orange County Sanitation District 2023 Strategic Plan. ADDITIONAL INFORMATION The adopted Strategic Plan will be the basis of Fiscal Year 2026-27 and 2027-28 budget development and for the General Manager’s Fiscal Year 2026-27 Work Plan. CEQA N/A ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·OC San’s 2023 Strategic Plan ·General Manager’s FY 2024-25 Work Plan ·Presentation Orange County Sanitation District Printed on 4/30/2025Page 2 of 2 powered by Legistar™ STRATEGIC PLAN — 2023 | 1 StrategicPlan’23 ORANGE COUNTY SANITATION DISTRICT 2 | STRATEGIC PLAN — 2023 STRATEGIC PLAN — 2023 | 3 Table of Contents Board of Directors 4 Message from the General Manager 5 Executive Summary 6 Our Mission and Vision 8 Core Values 9 Levels of Service 10 Risk Register 12 Policy Areas 13 Appendix Business Principles Budget Control and Fiscal Discipline Policy 23 Asset Management Policy 29 Cybersecurity Policy 32 Property Management Policy 34 Organizational Advocacy and Outreach Policy 35 Environmental Stewardship Energy Independence Policy 40 Climate and Catastrophic Event Resilience Policy 43 Food Waste Treatment Policy 46 Water Reuse Policy 50 Environmental Water Quality, Stormwater Management, and Urban Runoff Policy 52 Wastewater Management Chemical Sustainability Policy 56 Biosolids Management Policy 60 Constituents of Emerging Concern Policy 63 Workforce Environment Resilient Staffing Policy 68 Safety and Physical Security Policy 73 4 | STRATEGIC PLAN — 2023 City Active Director Anaheim Stephen Faessel Brea Christine Marick Buena Park Susan Sonne Cypress Scott Minikus Fountain Valley Glenn Grandis Fullerton Bruce Whitaker Garden Grove Stephanie Klopfenstein Huntington Beach Pat Burns Irvine Farrah N. Khan La Habra Rose Espinoza La Palma Marshall Goodman Los Alamitos Jordan Nefulda Newport Beach Brad Avery Orange Jon Dumitru Placentia Chad Wanke (Chairperson) Santa Ana Johnathan Ryan Hernandez Seal Beach Schelly Sustarsic Stanton David Shawver Tustin Ryan Gallagher (Vice Chairperson) Villa Park Robbie Pitts AGENCIES Costa Mesa Sanitary District Robert Ooten Midway City Sanitary District Andrew Nguyen Irvine Ranch Water District John Withers Yorba Linda Water District Phil Hawkins Member of the Board of Supervisors Doug Chaffee Board of Directors STRATEGIC PLAN — 2023 | 5 Message from the General Manager The Orange County Sanitation District (OC San) serves a critical mission for 2.6 million residents in North Central Orange County, “To protect public health and the environment by providing effective wastewater collection, treatment, and recycling.” To achieve this mission in an ever-changing world, OC San must adjust the level of service it delivers and the methods of delivering those services. The creation of a new Strategic Plan every two years is the first step in a comprehensive planning process at OC San. By understanding the risks it is facing, shifts in the regulatory environment, opportunities in the business climate, and the condition of its assets, OC San is able to balance its services defined by fifteen policy areas and levels of service provided to our customers. This adopted Strategic Plan, along with the annual Asset Management Plan, will serve as the basis for staff to develop a new two-year budget which will be adopted by the Board of Directors in June 2024. The General Manager’s Work Plan is developed annually to deliver tangible progress toward the goals in the Strategic Plan within the parameters of the budget. The planning process for OC San is key for creating unity. The Board of Directors experience significant turnover every two years due to term limits and changing representation as decided by the twenty-five agencies we serve. This biennial process allows each Board of Directors to make the plan their own, while at the same time continuing to develop and extend the vision of the prior Boards. Having a clear, written Strategic Plan allows staff to align itself with this direction and continue to be high achieving. I would like to thank our former Board Members for their vision and guidance that sets the expectations we are delivering today and our current Board Members who have improved the plan to meet our new and evolving challenges and opportunities. Staff are committed to innovating our service delivery to meet the expectations of this Strategic Plan. Sincerely, Robert Thompson General Manager 6 | STRATEGIC PLAN — 2023 Executive Summary The Orange County Sanitation District (OC San) is a resource recovery agency focused on providing reliable and cost-effective public services. OC San uses a two-year, four-step management process that creates and maintains vision alignment between the Board of Directors, staff, and the public we serve. It all begins with a Strategic Plan developed by the Board with input from staff that provides guidance and direction for long-term financial, capital, and operational efforts. The four steps of the strategic planning process are: 1. Defining OC San’s ability to have people and assets in place to meet its agreed upon mission. 2. Developing the budget which lays out the tactical planning and resource allocation based on the adopted Strategic Plan. 3. Implementing the budget which is the day in and day out delivery of services to the public we serve. 4. Reporting on our level of service delivery and goal attainment. These four steps are repeated every two years to maintain alignment and are adjusted based on the Board of Directors input, legal and regulatory changes, and the needs of the communities we serve. This management system is intended to carry on over the course of transitioning Board Members and staff to deliver resilient daily services and morph our facilities and systems over time to meet new challenges facing Orange County. The policy areas from the 2021 Strategic Plan were evaluated and determined to be relevant today, with modifications made to address new findings or continue to advance the original goal with new initiatives. We are continuing with four broad categories with 15 policy areas that define our role in the wastewater environment for Orange County. The areas are: Business Principles • Budget Control and Fiscal Discipline • Asset Management • Cybersecurity • Property Management • Organizational Advocacy and Outreach Environmental Stewardship • Energy Independence • Climate and Catastrophic Event Resiliency • Food Waste Treatment • Water Reuse • Environmental Water Quality, Stormwater Management and Urban Runoff Wastewater Management • Chemical Sustainability • Biosolids Management • Constituents of Emerging Concern STRATEGIC PLAN — 2023 | 7 Workplace Environment • Resilient Staffing • Safety and Physical Security Collaboration and engagement with the Board of Directors and our employees took place over the course of the year to update the Board of Directors on the elements that make up the Strategic Plan. The updates began with a review of the policy areas and the specific policy topics and initiatives. Feedback and recommendations were made by the Board leading to revisions of some of the proposed initiatives for each area. The 15 policy topics include a policy statement, background, the current situation, and updated initiatives to meet the policy goal. The policy topics and initiatives will be incorporated into supporting documents such as the Budget and General Manager’s Work Plan. The work plan is where we will note measurable results of each goal and the supporting initiatives. Subsequent updates to the Board of Directors consisted of a presentation on the Levels of Service (LOS), the Core Values, and the Risk Register. Our Levels of Service are our commitment to our various stakeholders, that includes the public, regulators, our Board, and our employees. As regulations change, technology advances, and expectations change, so must our service to the public. Our LOS remain unchanged from the previous plan as they align with the current Strategic Plan. The Core Values are intended to reflect and guide the culture practiced at OC San and how we are able to achieve the LOS. OC San’s Risk Register captures the appropriate areas of concern as well as our action plan to mitigate those risks. STRATEGIC PLANNING PROCESS 2021 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Strategic PlanDevelopment Budget Development General Manager Work Plan General Manager Work PlanBudget Update General Manager Work Plan General Manager Work PlanBudget UpdateFive Year Rate Study Prop218 Strategic PlanDevelopment Budget Development Strategic PlanDevelopment Budget Development 8 | STRATEGIC PLAN — 2023 Our Mission “To protect public health and the environment by providing effective wastewater collection, treatment, and recycling.” Our Vision ORANGE COUNTY SANITATION DISTRICT WILL BE A LEADER IN: • Providing reliable, responsive, and affordable services in line with customer needs and expectations. • Protecting public health and the environment utilizing all practical and effective means for wastewater, energy, and solids resource recovery. • Continually seeking efficiencies to ensure that the public’s money is wisely spent. • Communicating our mission and strategies with those we serve and all other stakeholders. • Partnering with others to benefit our customers, this region, and our industry. • Creating the best possible workforce in terms of safety, productivity, customer service, and training. STRATEGIC PLAN — 2023 | 9 Core Values OC San’s Core Values support the Mission and Vision Statements by expressing the values, beliefs, and philosophy that guides the agency’s daily actions. They help form the framework of the organization and reinforce a professional work ethic. These Core Values accurately express the philosophy and practice of OC San’s workforce. Integrity, Inclusion, Honesty, and Respect We aspire to the highest degree of integrity, inclusion, honesty, and respect in our interaction with each other, our suppliers, our customers, and our community. We strive to demonstrate these values in our actions, commitments, and service. Leadership, Teamwork, and Problem Solving We lead by example, acknowledging the value of our resources and using them wisely to achieve our mission. We strive to reach OC San goals through cooperative efforts and collaboration with each other and our constituencies. We work to solve problems in a creative, cost-effective, and safe manner, and we acknowledge team and individual efforts. Customer Service, Transparency, and Accountability We are committed to acting in a timely, accurate, accessible, and transparent manner through excellent customer service. We are committed to act in the best interest of our internal and external stakeholders. Resiliency, Innovation, and Learning We continuously develop ourselves, enhancing our talents, skills, and abilities. We recognize that only through personal growth and development will we progress as an agency and as individuals. Safety We are committed to providing a safe work environment. We will demonstrate leadership, promote individual accountability, and participate actively in the advancement of our health and safety practices. 10 | STRATEGIC PLAN — 2023 Levels of Service OC San’s Levels of Service (LOS) are the commitment made to our rate payers, regulators, employees, and the Board of Directors on our operational efforts. The LOS align with the Strategic Plan and showcase how the initiatives are being implemented and monitored. ENVIRONMENTAL STEWARDSHIP LEVELS OF SERVICE OC San will protect public health and the environment. • Compliance with Ocean Discharge Permit 100% • Dry weather urban runoff collected and treated Up to 10 MGD • Major non-conformance audit findings <5 per permit per audit • Respond to corrective actions within regulatory timeline for air, solids, and water compliance audits 100% • Comply with Fleet Air Emission Regulations 100% • Number of odor complaints under normal operations < 5 per events per treatment plant < 12 per events for collection system • Sanitary Sewer Spills per 100 miles <2.1 • Compliance with core industrial pretreatment requirements 100% OC San’s effluent, solids and biogas will be recycled. • Provide specification effluent to Groundwater Replenishment System 100% • Beneficially reuse biosolids during normal operations 100% WASTEWATER MANAGEMENT OC San will be a good neighbor and will be responsive to its customers. • Respond to collection system spills within 1 hour of notification 100% • Respond to odor complaints Within 1 hour in plants Within 24-hours in collection system • Respond to public complaints or inquiries regarding construction within 24 hours 100% • Respond to biosolids contractor violations within one week of violation notice 100% • Respond to Public Records Act requests within the statutory requirements <=10 days • Dig alert response within 48 hours 100% OC San will manage its assets to ensure reliability and security. • Cybersecurity event monitoring and incident handling, percent successful >87% • Annual real property assessments/inspections 25% of the properties • Annual Inspection, documentation, and evaluation of collection system 70 miles of sewers 880 manholes STRATEGIC PLAN — 2023 | 11 BUSINESS PRINCIPLES OC San will exercise sound financial management. • Annual user fees sufficient to cover 100% of O&M Budget 100% • Collection, treatment, and disposal costs per million gallons Within 10% of budget • Maintain Credit Rating (Moody’s, Fitch, S&P)AAA WORKPLACE ENVIRONMENT OC San will provide a safe, productive workplace. • Employee injury incident rate per 100 employees <4.4 • Annual days away from work, restricted activity, or job transfer resulting from a work-related injury <2.5 • Annual training hours per employee 45 hours 12 | STRATEGIC PLAN — 2023 Risk Register The Risk Register is a collection of the various risks facing OC San for the annual review by management. The findings from this assessment are utilized in the development of the Strategic Plan and the General Manager’s Work Plan to ensure OC San’s operations are not affected. The analysis allows management to identify solutions and prioritize the concerns in a manner that is efficient and effective. The risks analyzed range from staffing, to cybersecurity, to operational concerns. The 2023 Risk Register is a tool used by management to keep OC San in a forward moving position while considering the risks identified. STRATEGIC PLAN — 2023 | 13 Policy Areas The Strategic Plan is divided into four categories with 15 topic areas. Below are the policy statements and corresponding initiatives to achieve the goals of the plan. The complete policy papers can be found in the appendix. BUSINESS PRINCIPLES Budget Control and Fiscal Discipline Policy Statement OC San has practices and safeguards in place to ensure its long-term fiscal stability. These provide direction so that OC San’s finances are managed in a manner that will continue to support the daily collection and treatment of wastewater; meet the mission of the organization; maintain our AAA Bond Rating; ensure a responsible budget, consisting of Revenues, Operating Expenditures, Capital Improvement Program (CIP), Debt Service; and establish reserves necessary to meet known and unknown future obligations. OC San has established Fiscal Policies and Reserve Criteria, which are included in the budget, and separately adopted Investment and Debt Policies. Initiatives • Use established resources, along with developing and implementing additional resources to assist OC San staff in tracking and monitoring expenditures to ensure smooth business operations while maintaining budgetary control. • Maintain a fiscally responsible financial plan that is based on long-term planning which supports stable rate setting and a pay-as-you-go philosophy for operating and capital expenditures. • Leverage the centralized training program to provide targeted training opportunities for employees to remain current with financial best practices and OC San fiscal policies and procedures. • Monitor the long-term debt program and continually assess market conditions to identify possible opportunities to reduce outstanding debt balance and term, while maintaining a AAA rating. Maintain reserve levels within policy guidelines, while optimizing the use of available funds to finance capital programs and ensure a balanced budget. Asset Management Policy Statement OC San will assess and manage the collection and treatment plant systems and assets to improve resilience and reliability while lowering lifecycle costs. This will be accomplished through adaptive operation, coordinated maintenance and condition assessment, and planned capital investment. Staff will balance maintenance, refurbishment, and replacement strategies to maximize useful life, system availability and efficiency. Initiatives • Continue developing an annual Asset Management Plan documenting the condition of the collection system and treatment plants, and upcoming maintenance or capital projects. • Coordinate the efforts of operations, collections, mechanical maintenance, electrical maintenance, instrument maintenance and engineering through process teams to assure OC San’s resources are focused on the high priority work functions. • Identify critical collections and plant assets that have long lead times for parts and replacement and mitigate procurement risks and impacts to collections and plant resiliency based on market conditions. 14 | STRATEGIC PLAN — 2023 • Maintain a 20-year forecast of all CIP projects needed to maintain or upgrade OC San’s $12.6 billion in assets on a prioritized risk basis to establish rate structures. Cybersecurity Policy Statement OC San must maintain adequate cybersecurity (information technology security) techniques that protect computer assets, networks, programs, data, and industrial control equipment from unauthorized access, denial of service, or attacks that are aimed for exploitation. Initiatives • Conduct various tabletop exercises to determine the organization’s ability to respond to a targeted cyberattack and to improve the quality of the response, should an attack occur. • Evaluate, enhance, and monitor network security including activities to protect the usability, reliability, integrity, and safety of the network by developing Security Operations Center capabilities that support continuous monitoring and is responsible for the continuous threat protection process. • Conduct a comprehensive third-party cybersecurity operations assessment (Red Team). A thorough Red Team engagement will expose vulnerabilities and risks regarding: o Technology — Networks, applications, routers, switches, appliances, etc. o People — Staff, independent contractors, departments, business partners, etc. o Physical — Offices, warehouses, substations, data centers, buildings, etc. Property Management Policy Statement OC San owns and operates assets throughout its service area located in property owned in fee, through easements, and in the public right-of-way. OC San will identify and protect all of its property rights to assure that its assets are not encumbered or encroached upon so that the facilities may be properly operated, maintained, upgraded, and replaced. Initiatives • Leverage technology to review property rights and identify encroachments or encumbrances that restrict operation, maintenance, inspection, or emergency repair access to remove encroachments or encumbrances. • Collaborate with Engineering to obtain property, easements, and right-of-way in a timely manner for capital projects. • Augment OC San resources with contracted specialized real estate services to limit the need for additional staffing. Organizational Advocacy and Outreach Policy Statement OC San will create and disseminate information to our stakeholders with an end goal to educate, inform, and garner support for the services provided thus allowing us to operate in a more efficient and effective manner. OC San will deliver messages that are accurate, transparent, and designed to foster public trust and confidence. Additionally, legislative activity will ensure OC San’s interests are explained and considered. Initiatives • Develop an educational display in the Headquarters building to illustrate OC San’s reuse and recycling efforts in support of the environment and public health. Display to be revealed when new building is unveiled. Phase 2 of the hands-on educational display will consist of content on STRATEGIC PLAN — 2023 | 15 the exterior of the building to create a complete experience from walking up to OC San to entering the building. • Implement a multipronged outreach strategy that will include industry and media coverage for the Supercritical Water Oxidation project. • Develop and implement a Local Government Affairs Outreach Program to enhance OC San business goals and build local relationships that benefit OC San, cities we serve, member agencies and officials. • Engage a local lobbyist to assist in advancing strategic initiatives as identified with the Strategic Plan. • Actively monitor and engage in regulatory and legislative activity across California and Washington, D.C., and take appropriate action in support of, or opposition to, legislative and regulatory initiatives affecting OC San and the wastewater industry. This includes using Monitoring and Analysis, Advocacy Days, Position letters and Funding Requests (as deemed suitable). 16 | STRATEGIC PLAN — 2023 ENVIRONMENTAL STEWARDSHIP Energy Independence Policy Statement OC San will strive to be energy neutral. Electrical, thermal, and methane gas generation will be maximized. Energy utilization will be minimized using sound engineering and financial principles. Initiatives • Maximize the anaerobic digestion conversion of organics to methane through receipt of food waste and operational techniques. • Investigate and install energy storage and photovoltaic systems where practical to achieve energy independence/resilience. • Investigate the treatment and sale of biogas to external users. • Continue to support the conversion of biomethane into electricity and heat for process use. Improve systems as necessary to comply with air regulations. • Pursue technology innovation to reduce energy use, reduce transportation energy impacts, and reduce greenhouse gas impacts. • Investigate the optimum wastewater influent flow split between Plant No. 1 and Plant No. 2 that satisfies OCWD specification water requirements and energy efficiency. Climate and Catastrophic Event Resilience Policy Policy Statement OC San aims to design, maintain, and operate valuable wastewater assets that withstand or adapt to adverse conditions in a reasonable manner that is both cost-effective and sustainable for present and future generations. These adverse conditions include drought, heavy rains, flooding, sea level rise, earthquakes, tsunamis, extreme heat, wildfires, pandemic, and electrical grid interruptions. Initiatives • Evaluate the seismic vulnerabilities of Plant No. 2 flow processes (primary clarifiers, activated sludge facility, and ocean outfall piping) within the plant. Determine the required improvements to maintain dry weather flow capacity after a seismic event. Incorporate necessary upgrades into future capital improvement projects. • Complete the biannual high flow exercise to assure readiness for a high flow event. Maintain a higher level of readiness October 15 through March 15 and in advance of predicted significant rain events. Food Waste Treatment Policy Statement The State of California limits the volume of organic waste that is diverted to landfills. OC San will collaborate with the County of Orange, other local agencies, and waste haulers to find ways to beneficially reuse food waste, a type of organic waste to assist cities in our service area in meeting their diversion requirements while increasing OC San’s energy production. Initiatives • OC San will accept a preprocessed food waste slurry from an in-county partner that is compatible with its existing anaerobic digesters. OC San will charge a tipping fee to offset its costs for capital construction, operations, handling, maintenance, and biosolids disposal. STRATEGIC PLAN — 2023 | 17 • Design, build, and operate a food waste receiving station. Utilize a county-wide specification for food waste slurry and contract with OCWR to receive and co-digest food waste slurry. Water Reuse Policy Statement OC San will seek to beneficially reuse all reclaimable water for potable, industrial, irrigation and environmental uses. Initiatives • Support Groundwater Replenishment System and maximize reclaimable wastewater availability to OCWD. • Support Green Acres project water production to provide reclaimed water for industrial and irrigation uses. • Conduct a Dry Weather Urban Runoff Optimization Study in collaboration with OCWD and OCPW to identify additional opportunity to accept up to 10 MGD of dry weather urban runoff. Environmental Water Quality, Stormwater Management and Urban Runoff Policy Statement OC San will collaborate with regional stakeholders to accept up to ten (10) million gallons per day of dry weather urban runoff at no cost to the dischargers through its permit-based Dry Weather Urban Runoff Diversion Program. The primary objective of this program is to improve water quality in streams, rivers, and beaches in OC San’s service area without adversely impacting the OC San occupational safety, collection and treatment systems, reuse initiatives, or permit compliance. Unauthorized discharge of urban runoff to OC San is strictly prohibited. Initiatives • Issue dry weather urban runoff connection permits to accept up to a total of ten million gallons per day of controlled discharge of dry weather urban runoff where existing conveyance capacity exists, and the constituents within the flow will not adversely impact OC San. • Safeguard OC San’s sanitary sewer system against uncontrolled and unregulated discharge by supporting responsible industry practices for flow management and urban runoff pollutant reduction at the source. Utilize OC San’s pretreatment expertise to support effective urban runoff best management practices and special purpose discharge requests among OC San’s regional stakeholders. • Support responsible and practicable urban runoff management and reuse legislations and regulations. 18 | STRATEGIC PLAN — 2023 WASTEWATER MANAGEMENT Chemical Sustainability Policy Statement OC San has a need to use chemicals in its treatment process to improve plant performance, reduce odor and corrosion potential, and meet its regulatory requirements. These commodity chemicals are provided by outside vendors through the purchasing process. Some of these chemicals are subject to price swings due to market condition changes such as energy cost impacts, raw material cost changes, commercial competition changes, and transportation cost volatility. OC San will identify chemicals key to its operation, investigate the market risks for those chemicals and devise strategies to mitigate identified risks to availability and pricing. Initiative • Reduce the exclusive reliance on particular chemicals and individual vendors to establish flexibility to utilize other chemicals/processes to accomplish operational objectives. Biosolids Management Policy Statement OC San will remain committed to a sustainable biosolids program and will continue the beneficial reuse of biosolids in accordance with Resolution No. OC San 13-03 and the 2017 Biosolids Master Plan. Initiatives • Proceed with implementation of new thermophilic biosolids facilities at Plant No. 2 to improve OC San’s operational resiliency against seismic events while enhancing biosolids quality and marketability. • Engage with local, state, and federal agencies to ensure that biosolids will continue to be safely and legally used as a soil amendment. • Refresh both short- and long-term hauling and management options to ensure reliability and availability of failsafe options, promote local biosolids management options, and enable compliance with Advance Clean Fleet and Greenhouse Gas reduction regulations. • Stay abreast of new biosolids management options, technologies, and biosolids recycling and renewable energy partnerships in Southern California, with special emphasis on technologies that address the removal, sequestration, and destruction of contaminants of emerging concern, such as Supercritical Water Oxidation. Constituents of Emerging Concern Policy Statement OC San will partner with other agencies, associations, and institutions to support the use of sound science to inform policy and regulatory decisions on constituents or contaminants of emerging concern (CECs) at the federal, state, and regional levels. Staff will obtain and maintain current knowledge on CECs under regulatory consideration, including occurrence, analytical methods, regulations, and treatment to support OC San’s mission and regulatory compliance. Initiatives • OC San will continue to actively engage water and wastewater stakeholders to stay abreast of the scientific progress and any potential operational and financial impacts of CECs and provide timely briefings to OC San’s Executive Management Team and Board of Directors to facilitate informed decision making. STRATEGIC PLAN — 2023 | 19 • OC San will continue to develop capacity to identify, detect, quantify, and characterize CEC sources throughout the service area and treatment process to promote source reduction, treatment effectiveness, communication of credible risks, and responsible reuse and disposal. • OC San will proactively establish internal expertise and develop laboratory capability to research the potential impact of CECs on beneficial reuse of water and biosolids. OC San will use science- based knowledge to help shape CEC legislation and regulations to protect the public health and environment. • In the absence of promulgated regulatory limits for specific CECs, OC San will work with regulatory agencies to establish interim source control measures to safeguard its water and biosolids reuse initiatives and ocean discharge against potential adverse impacts. 20 | STRATEGIC PLAN — 2023 WORKPLACE ENVIRONMENT Resilient Staffing Policy Statement OC San has comprehensive programs in place to attract, develop and retain high-quality talent to support its mission of protecting public health and the environment. Some of these programs include training and development, employee recognition, diversity and inclusion, recruitment and selection, and competitive benefits and compensation, which help promote employee engagement and productivity and make OC San an employer of choice. Initiatives • OC San’s employee training programs and activities will be transitioned from individual departments and centralized in the Human Resources department over a two-year period. The centralized approach will streamline processes, ensure legal compliance, and provide greater consistency, transparency, and access for all employees, while also being responsive to the needs of the organization. • Maintain and enhance workforce planning initiatives to efficiently and effectively identify, develop and select the next generation of prepared, capable, and engaged employees through: o Vocational/Professional Student Internship Programs o Workforce Vulnerability Assessments o Talent Readiness Assessments o Orange County Sanitation District University (OC San “U”) • Continue to build the OC San “U” program and evaluate various options to partner with member agencies to share content and interactive development opportunities. Safety and Physical Security Policy Statement OC San will ensure the safety, health, and security of employees, contractors and the public through industry best practices, policies, and procedures that support a safe and secure environment, provide an appropriate level of security and safeguard OC San’s property and physical assets. Initiatives Safety • Identify regulatory gaps and opportunities to continually improve OC San’s safety and health management system to participate in the Cal/OSHA Voluntary Protection Program (VPP). • Continue to foster a culture where employees are accountable for their safety, as well as the safety of others. Emergency Management • Support facility and countywide emergency preparedness, response, and recovery efforts by partnering with entities such as, the Water Emergency Response Organization of Orange County (WEROC), Orange County Sherriff Department, and local fire departments to plan and conduct disaster preparedness exercises and drills. • Train new employees or retrain existing employees who staff OC San’s Emergency Operation Center (EOC) on the Incident Command System (ICS) and emergency disaster forms. Security • Identify and assess security vulnerabilities and improve physical security systems such as CCTV monitoring, access control systems, physical key management systems, and physical patrols of occupied buildings and plant facilities. STRATEGIC PLAN — 2023 | 21 22 | STRATEGIC PLAN — 2023 STRATEGIC PLAN — 2023 | 23 Appendix BusinessPrinciples 24 | STRATEGIC PLAN — 2023 Budget Control and Fiscal Discipline Policy Summary Policy Statement The Orange County Sanitation District (OC San) has practices and safeguards in place to ensure its long-term fiscal stability. These provide direction so that OC San’s finances are managed in a manner that will continue to support the daily collection and treatment of wastewater; meet the mission of the organization; maintain our AAA Bond Rating; ensure a responsible budget consisting of Revenues, Operating Expenditures, Capital Improvement Program (CIP), and Debt Service; and establish reserves necessary to meet known and unknown future obligations. OC San has established Fiscal Policies and Reserve Criteria, which are included in the budget, and separately adopted Investment and Debt Policies. These policies set the guidelines for planning the cashflow of OC San and have helped to stabilize the rates that our residents pay. Background OC San’s annual budget for Operating, Capital, and Debt Service expenses is approximately $600 million. OC San maintains all physical assets at a level adequate to meet its mission, protect OC San’s capital investment and to minimize future maintenance and replacement costs. OC San strives to maintain budgetary and accounting procedures that balance the budget in the current cycle, rather than through future budgets. These efforts are supported by OC San’s pay-as-you-go policy for its capital projects and expenditures. OC San focuses its fiscal policy around seven distinct areas, (1) Revenues, (2) Operating Budget, (3) CIP, (4) Long-Term Debt, (5) Reserves, (6) Investments, and (7) Accounting, Auditing, and Financial Reporting. These areas are reviewed, updated annually, and described as follows: 1) Revenues OC San’s revenues come from three general areas: Fees and Charges, Property Taxes, and other smaller revenue sources. Because revenues are sensitive to both local and regional economic conditions, revenue estimates are conservative. Staff estimates annual revenues by an objective, analytical process that utilizes trend, judgment, and statistical analysis as appropriate. Property tax revenues of OC San are first dedicated to debt service. OC San sets fees and user charges at a level that fully supports the total direct and indirect costs of operations, capital improvements, and debt service requirements not covered by property taxes and reserves. 2) Operating Budget The budget is used as a fiscal control device as well as a financial plan. Budget preparation and monitoring are performed by each division within OC San at the organizational level to ensure accountability and control. An annual operating budget is developed by Financial Management and the respective divisions, conservatively projecting expenditures for the current and forthcoming fiscal years. During the annual budget development process, the existing programs are examined to assure removal or reduction of any services or programs that could be eliminated or reduced in cost. Annual budgets provide for adequate repair and maintenance of facilities and equipment. Current operating expenditures are supported by current revenues. 3) Capital Improvement Program OC San makes all capital improvements in accordance with an adopted and funded CIP. OC San maintains a current Asset Management Plan and a twenty-year plan for capital improvements, including design, construction, and OC San staff costs. All capital projects approved in the annual STRATEGIC PLAN — 2023 | 25 budget are approved for the budgeted amounts through the completion of the project. The Board of Directors approves both the individual project total budget and the projected cash outlays for all capital projects. Staff identifies which capital projects may have a significant impact to on-going operating and maintenance costs, staffing impacts and estimates the impact as the project is developed. Staff coordinates development of the CIP budget with the development of the operating budget. All operations and maintenance resources required to implement the CIP have been considered and appropriately reflected in the operating budget for the year the project is to be implemented. Cost tracking for components of the project is updated quarterly to ensure project completion against budget and established timelines. 4) Long-Term Debt OC San maintains a Board of Directors adopted Debt Policy. Before any new debt is issued, the impact of debt service payments on total annual fixed costs is analyzed. Proceeds from long- term debt cannot be used for current on-going operations. OC San maintains a AAA credit rating from Moody’s, S&P, and Fitch. 5) Reserves OC San has a Board of Directors Reserve Policy which governs the establishment of our reserve level and the use of those funds. To ensure an adequate and diverse reserve policy, we have established seven different criteria. These criteria ensure that OC San will have sufficient funds for debt covenants, operating expenditures, and debt service payments prior to receiving our revenue from the county, operating contingency, rehabilitations and refurbishment, CIP contingency, and self-insurance for catastrophic loss. Any amounts in excess of these criteria are used to fund capital projects on a pay-as-you-go basis. 6) Investments OC San annually submits an investment policy to the Board of Directors for review and adoption. The investment policy emphasizes safety and liquidity before yield. OC San contracts with an Investment Manager to manage its portfolio in accordance with State Code and the investment policy. 7) Accounting, Auditing, and Financial Reporting OC San’s accounting and financial reporting systems are maintained in conformance with accepted accounting principles. Quarterly financial reports are submitted to the Board of Directors and made available to the public. Monthly Operating Budget Reports are compiled, analyzed, and distributed to each division. An annual audit is performed by an independent public accounting firm with the subsequent issue of an official Annual Comprehensive Financial Report, including an audit opinion and a management letter. Various internal audits are undertaken each year under the direction of the Audit Ad Hoc Committee to ensure adherence to policies, processes, and procedures. Current Situation 1) Revenues Most of OC San’s revenue is generated by user fees and charges. This category accounts for approximately 70 percent of OC San revenue in a year. Currently, OC San fees are in the lower third of its comparison agencies. After completing a rate study, a new five-year rate schedule was adopted by the Board of Directors in March 2023. 26 | STRATEGIC PLAN — 2023 OC San receives a share of the basic property tax levy proportionate to what was received in the 1976 to 1978 period, less $3.5 million allocated to school districts. These funds make up approximately 22 percent of the total revenue for the year. Other Revenue includes Interest Earnings, Intra-District Transfers, and small revenue sources that make up the remaining eight percent of the annual revenue. Budget Expenditures OC San adopts a biennial budget with an update in the second year of the adopted budget. The annual budgeted expenditures are approximately $600 million. This document lays out the framework of OC San’s activities during the upcoming fiscal year and serves as a source of information for the Board of Directors, our ratepayers, investors, and our employees. This budget includes the operational, capital and debt service expenditures necessary to cost-effectively support our mission and execute the Strategic Plan adopted by our Board of Directors. OC San has received the Government Finance Officers Association Distinguished Budget Presentation Award for the last 27 years. 2) Operating Budget OC San’s Operating Budget is the financial plan and fiscal control mechanism for the 25 divisions that comprise the six departments. The Operating Budget accounts for the costs to operate, maintain, and manage OC San’s two treatment plants, 15 pump stations, and 388 miles of collection systems. Outside of salaries and benefits, the largest expenditure categories are repairs and maintenance and operating supplies. The budget preparation process is collaborative among the divisions, departments, Finance, and upper management. The General Manager and Assistant General Manager met with each of the departments to ensure their budget proposals were prudent and cost-effective. This process assists to develop a comprehensive budget for OC San that meets the needs of the organization and is fiscally responsible. 3) CIP OC San’s CIP has evolved over time. It began by focusing on creating the initial infrastructure of the collections and treatment system, shifted to expanding capacity, and now our focus is on aging infrastructure, incorporating climate resiliency, seismic risk, and maximizing resource recovery in every project we execute. There are $3.1 billion in planned capital projects over the next ten years. The CIP is supported by the Asset Management Plan, which is updated annually and provides a comprehensive analysis of the condition and capacity of OC San’s wastewater infrastructure. The Asset Management Program continuously validates and updates the projects that are within the CIP. Current and near-term future projects are validated annually to ensure accurate schedule, scope, and budget. 4) Long-Term Debt OC San’s long-term debt fiscal policy restricts long-term borrowing to capital improvements that cannot be financed from current revenue. Before any new debt is issued, the impact of debt service payments on total annual fixed costs will be analyzed. OC San has $790 million in outstanding debt. No new money debt issuances are planned. The debt issuances are regularly reviewed and evaluated for potential savings through refinancing. All existing debt is scheduled to be paid off by 2044. STRATEGIC PLAN — 2023 | 27 5) Reserves OC San conducted an in-depth review of the agency’s reserve policies. This review included a survey of the reserve policies of 23 other public agencies and is periodically updated. It serves as a tool to assist in the evaluation of the underlying economic reasons supporting OC San’s reserve policies. There are seven distinct reserve criterion which together comprise OC San’s reserve fund target. These criteria are cash flow, operating contingency, capital improvement, catastrophic loss/self-insurance, replacement and refurbishment, debt service, and accumulated funds. Collectively, these individual criteria require a minimum average reserve amount of approximately $580 million a year over the current ten-year cash flow forecast. This reserve amount, while significant, totals less than five percent of the replacement value of our $12.6 billion in assets. 6) Investments OC San invests public funds in a manner which ensures the safety and preservation of capital while meeting reasonably anticipated operating expenditure needs, achieving a reasonable rate of return, and conforming to all state and local statutes governing the investment of public funds. OC San uses a bank checking account and sweep account for its daily transactions. Liquidity needs are met through funds invested with the Local Agency Investment Fund managed by the State Treasurer’s Office. Most of OC San’s investments are separated into two distinct portfolios, Long-term and Short-term, with a primary focus on the Long-term portfolio, which are managed by an outside investment manager. Monthly, quarterly, and annual reporting and review mechanisms are in place. 7) Accounting, Auditing, and Financial Reporting An audit of the books, financial records, and transactions of OC San is conducted annually by independent certified public accountants. The Annual Comprehensive Financial Report includes the financial position and activity of the organization and is prepared by the Financial Management Division. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with OC San. The auditor’s report on OC San’s basic financial statements and supplementary information renders an unmodified opinion on OC San’s basic financial statements for the year ended June 30, 2022. OC San has been awarded the Government Finance Officers Association Certificate of Achievement in Financial Reporting for 28 consecutive years. Along with monthly budget reviews and quarterly reporting to the Board, OC San’s internal accounting controls adequately safeguard assets and provide for proper recording of financial transactions. Budget Control Resources OC San has various structures, procedures, and resources in place to help assist with project and operating budget controls. Several software systems such as PM Web, Request to Purchase, JDE reports, and monthly operating budget reports provide information and have controls in place to be able to restrict purchases to budgeted amounts and monitor overall spending per division. Contract structures have also been optimized to fix costs over longer periods to ensure controlled and predictable expenditures for goods, services, and labor. Future Policy Statement OC San will maintain and enhance the sound fiscal condition of the organization by regularly updating and following the individual policies that provide guidelines for OC San’s day-to-day financial affairs. The scope of these policies includes, accounting, purchasing, auditing, financial 28 | STRATEGIC PLAN — 2023 reporting, internal controls, operating and capital budgeting, pay-as-you-go for capital expenditures, revenue management, cash and investment management, expenditure control, debt management, and planning concepts. OC San will actively monitor budget expenditures, be transparent, submit quarterly financial reports to the Board, have financial information available to the public, and follow industry best practices. OC San’s accounting and financial reporting systems will be maintained in conformance with generally accepted accounting principles and standards promulgated by the Governmental Accounting Standards Board. Initiatives to Support Progress Toward the Policy Goal • Use established resources, along with developing and implementing additional resources to assist OC San staff in tracking and monitoring expenditures to ensure smooth business operations while maintaining budgetary control. • Maintain a fiscally responsible financial plan that is based on long-term planning which supports stable rate setting and a pay-as-you-go philosophy for operating and capital expenditures. • Leverage the centralized training program to provide targeted training opportunities for employees to remain current with financial best practices and OC San fiscal policies and procedures. • Monitor the long-term debt program and continually assess market conditions to identify possible opportunities to reduce outstanding debt balance and term, while maintaining a AAA rating. Maintain reserve levels within policy guidelines, while optimizing the use of available funds to finance capital programs and ensure a balanced budget. STRATEGIC PLAN — 2023 | 29 Asset Management Policy Summary Policy Statement The Orange County Sanitation District (OC San) will assess and manage the collection and treatment plant systems and assets to improve resilience and reliability while lowering lifecycle costs. This will be accomplished through adaptive operation, coordinated maintenance and condition assessment, and planned capital investment. Staff will balance maintenance, refurbishment, and replacement strategies to maximize useful life, system availability, and efficiency. Background OC San is a regional governmental agency principally chartered to protect the public health through collection and treatment of wastewater. The governing Board of Directors has defined this role to include the recovery and utilization of resources from wastewater for the public good as a part of that mission. The environmental impact mitigation of the human activity of 2.6 million people and the natural drainage of the 479 square miles OC San serves is our principal concern. OC San owns and operates extensive facilities to achieve its mission. OC San estimates the replacement value of the civil, mechanical, and electrical assets in its collection system, Plant No. 1 in Fountain Valley, and Plant No. 2 in Huntington Beach to be $12.6 billion. OC San has been building the piping, pumping, and treatment infrastructure it utilizes for nearly 70 years. It is necessary to expand, renew, replace, demolish, and rebuild components of the system to deal with wear and tear and meet new challenges. The early years for OC San were characterized mostly by capacity expansion to meet the challenges of increased flows as the county grew. The late 1970s to the 2000s were more defined by improved levels of treatment. The last ten years have been focused on increasing the level of recycling while rehabilitating and replacing facilities to maintain reliable operations. One of the key success factors for OC San has been the ability to maximize the life of our facilities, through cost-effective maintenance and long-range planning to ensure reliable systems. Current Situation OC San is a highly planned, forward-looking organization. The collection system and each of the treatment plants are broken down into granular functional parts. Each part is well defined and future requirements are routinely updated within the annual asset management plan. This plan may also be supplemented with detailed planning studies to optimize the timing and extent of upcoming projects. OC San has a detailed understanding of what is owned, what condition it is in, and how it is capable of performing. The collection system is made up of independent pipe networks that were installed by the former independent sanitation districts to deliver flow to the joint treatment works. The natural watershed drainages in the service area are served by major trunk sewer systems. OC San has worked with member agency staff to understand future development plans, flow estimates, and has collected historical inflow and infiltration rates during wet weather events to assure adequate flow carrying capability exists in each trunk sewer system. OC San also factors in the effects of drought and lower domestic water usage rates to make sure the sewers operate properly at low-flow rates. Detailed modeling efforts are used to determine when upgrades are required. The treatment plants are broken down into the discrete process units. Each plant has preliminary treatment to remove debris and grit, primary treatment for gravity settling solids, multiple biological 30 | STRATEGIC PLAN — 2023 secondary treatment systems, solids handling and dewatering, power generation and distribution utilities, water and air system utilities, and an outfall system to release treated water to the ocean. Each plant can treat 320 million gallons per day of wet weather flow, but only 185 million gallons total on average is treated by both plants. OC San must always maintain the ability to treat both the average flow and peak wet weather flow. OC San understands that every asset has an expected life. Electrical systems with electronics are generally limited by component obsolescence to 20 years of life and electrical distribution equipment is limited to 30 to 40 years of life. Mechanical and coating systems are also generally limited by erosion, corrosion, and wear to 20 years of life. Civil structures and pipes are generally limited to 60 to 80 years of life if maintained on a regular basis. Generally, process facilities are renewed about every 25 years. OC San has created a Facilities Master Plan that plans to renew or replace facilities on this regular basis. Collection system projects are driven by growth projections or condition findings. Pipes are upsized or renewed based on flow projections, corrosion observation, or coating system failure. The 15 regional pump stations are renewed about every 25 years due to the mechanical wear and tear, and electrical component obsolescence needs. The master plan for the treatment plants is much more dynamic. In addition to the electrical, mechanical, and civil asset considerations, there is also the need to meet new requirements. The new requirements are driven by regulatory requirements or by the Board of Directors to change a discretionary level of service. Examples include capacity demands (more water, more solids), lower discharge requirements (lower BOD/TSS to the outfall, lower nutrients to the ocean), more water for reclamation, better energy conversion of solids. The 2017 Facilities Master Plan took a snapshot in time looking at the anticipated needs and levels of service to lay out a detailed project plan to morph OC San infrastructure over time to meet the expectation. Renewal or replacement projects with costs and schedules were laid out for each individual unit of the treatment plants to address capacity, condition, level of service, and anticipated new regulatory drivers. Future Policy Statement OC San will continue to invest in the infrastructure necessary to meet its mission. OC San will seek to provide its required level of service at the minimum lifecycle cost for its collection and treatment systems. The 2017 Facilities Master Plan was the snapshot basis of the Capital Improvement Program (CIP), but the annual Asset Management Plan is the means to update and modify the CIP to meet new requirements and conditions as time goes by. OC San will understand in a transparent way: what it owns, the condition of those assets, the capacity of collections and treatment required, the level of service required by its regulators and Board of Directors and will anticipate new regulations that may require system improvement. This understanding will drive coherent operations, targeted maintenance, and capital investment strategies to assure resilient, lowest lifecycle cost compliance with the requirements. Operations is committed to optimizing the operation of the systems to extend equipment life and minimize energy and chemical utilization, while meeting all regulatory and level-of-service requirements. Staff is committed to maintain the installed assets in a ready state for operations. Maintenance will seek to balance individual component preventive maintenance, repair, and renewal in harmony with the CIP. The CIP is based on the annual Asset Management Plan, and will execute the projects to install, renew, or replace trunk sewers and treatment plant units on a scheduled basis. STRATEGIC PLAN — 2023 | 31 Asset Management at OC San is the living management of the operation strategies, maintenance plans, and implementation of the CIP. OC San will find creative ways to maximize asset life and meet capacity or level of service goals through operations and maintenance. OC San will annually reassess its condition, capacity, level of service, and regulatory conditions to drive operations and maintenance practices and modify the CIP. Initiatives to Support Progress Toward the Policy Goal • Continue developing an annual Asset Management Plan documenting the condition of the collection system and treatment plants, and upcoming maintenance or capital projects. • Coordinate the efforts of operations, collections, mechanical maintenance, electrical maintenance, instrument maintenance and engineering through process teams to assure OC San’s resources are focused on the high priority work functions. • Identify critical collections and plant assets that have long lead times for parts and replacement and mitigate procurement risks and impacts to collections and plant resiliency based on market conditions. • Maintain a 20-year forecast of all CIP projects needed to maintain or upgrade OC San’s $12.6 billion in assets on a prioritized risk basis to establish rate structures. 32 | STRATEGIC PLAN — 2023 Cybersecurity Policy Summary Policy Statement The Orange County Sanitation District (OC San) must maintain adequate cybersecurity (information technology security) techniques that protect computer assets, networks, programs, data, and industrial control equipment from unauthorized access, denial of service, or attacks that are aimed for exploitation. Background Developing an effective, sustainable cybersecurity program is a pressing challenge for organizations of all sizes. The reasons behind the scope of the challenge are many. Cyber risk continues to grow at an exponential rate with routine attacks from nation states, criminal elements, hacktivists, and insider threats. The bottom line is cybercrime pays. The booming cybercrime economy is productizing malware and making cybercrime as easy as shopping at Amazon. With this easy access to cybercriminal tools and services, enterprises are experiencing rapid increases in the volume, scale, and sophistication of cyberattacks. Complex and dynamic information security disciplines are subject to continuous changes in the business, technology, and threat environments. Many organizations will struggle to implement security programs that support continuous improvements in this challenging environment. Current Situation OC San has evolved over recent years from dedicating less than half of a position towards cybersecurity, to one position, to currently two full-time positions. OC San’s cybersecurity portfolio consists of strategic policy management, defense in depth practices, periodic risk assessments, ongoing awareness communication and operational (e.g., security monitoring and incident response, threat and vulnerability management, user provisioning) processes. For example: • Cybersecurity Awareness and Training Program - OC San understands that our employees are our best line of defense in protecting and defending our enterprise from attack. We have built a comprehensive security awareness program by focusing on four critical functions: phishing attack simulations and reporting, quarterly education requirements, targeted training for IT developers and SCADA engineers, and pervasive communications utilizing internal communication tools. • Vulnerability Management - IT staff subscribe to and monitor security advisories and threat bulletins from Microsoft, US-CERT, ICS-CERT, KnowBe4, Cisco, and other vendors to understand and manage new vulnerabilities. All internet accessible servers and applications are scanned weekly for vulnerabilities and remediated, as necessary. Microsoft operating system and application patches are deployed monthly while third party updates are deployed weekly. We use a vulnerability platform for continuous assessment of our security and compliance posture. • Intrusion Detection and Response - We have implemented several security solutions to be able to detect, prevent and respond to malicious network activity. These include firewalls, intrusion prevention systems, web security gateways, and next-generation anti-malware. In addition, we also have user behavior analysis tools to identify insider threats and ransomware activity. • Privileged Access Management Program - We use a privileged access management solution to remove and manage local administrative rights on workstations/servers to prevent lateral movement. The solution is also used to protect, control, and monitor privileged access across files and systems. STRATEGIC PLAN — 2023 | 33 • Backup and Restore Capabilities - IT practices a 3-2-1 backup strategy: 3 – Keep three copies of critical data 2 – Have your data on two types of media 1 – One copy must be offsite and offline Restores are performed on at least a weekly basis in response to customer incidents. Disaster Recovery Testing is performed monthly by selecting a major system and testing restore capabilities of that system to our secondary treatment facility. We isolate the restores and provide access to our application subject matter experts to conduct application specific testing. These tests are logged and kept for auditing and management purposes. • Security Incident Response – A security incident response plan is an organized approach to handle a cyberattack. We have developed an incident response plan, playbooks, and procedures for various attacks as well as trained IT security staff. In addition, there are external contacts we can call for assistance including the Federal Bureau of Investigation, Department of Homeland Security and organizations that specialize in incident response like Mandiant, Cylance, and Microsoft. • Security Assessments - The purpose of a security assessment is to identify the current security posture of a system, network, or organization. The assessment provides recommendations to improve the security posture by mitigating identified risks. Our goal is to do one or two security assessments per year. Future Policy Statement The main objective of our information security program is the establishment of a continuous, iterative regimen of planning, building, running, and governing security capabilities that are derived from business requirements. Our security program cannot be a static entity. It must be adapted and continuously refined to keep pace with the ever-changing threat environment and changes in how OC San adopts digital business practices. Cybersecurity incidents are inevitable. Mistakes and/or a lack of preparation in the response can have serious repercussions. The ability of an organization to respond effectively to a security incident is a direct result of the time spent preparing for such an eventuality. If you fail to prepare, then you effectively prepare to fail. OC San will be prepared. This will be accomplished by the following proposed initiatives. Initiatives to Support Progress Toward the Policy Goal • Conduct various tabletop exercises to determine the organization’s ability to respond to a targeted cyberattack and to improve the quality of the response, should an attack occur. • Evaluate, enhance, and monitor network security including activities to protect the usability, reliability, integrity, and safety of the network by developing Security Operations Center capabilities that support continuous monitoring and is responsible for the continuous threat protection process. • Conduct a comprehensive third-party cybersecurity operations assessment (Red Team). A thorough Red Team engagement will expose vulnerabilities and risks regarding: o Technology — Networks, applications, routers, switches, appliances, etc. o People — Staff, independent contractors, departments, business partners, etc. o Physical — Offices, warehouses, substations, data centers, buildings, etc. 34 | STRATEGIC PLAN — 2023 Property Management Policy Summary Policy Statement The Orange County Sanitation District (OC San) owns and operates assets throughout our service area located in property owned in fee, through easements, and in the public right-of-way. OC San will identify and protect all its property rights to assure that our assets are not encumbered or encroached upon so that the facilities may be properly operated, maintained, upgraded, and replaced. Background OC San owns and operates $12.6 billion in assets. A portion of those assets include buildings, easements, rights-of-way, and other encroachments. OC San has a real property analyst that serves as a resource in support of OC San’s real property assets. The position acts as project leader and/or technical expert for real property matters, including purchase, sale, lease, rent, acquisition, disposition, appraisal, inspection, title, right-of-way, easements, permits, licenses, contracts, agreements, relocation, property and space management, and other related activities. Periodically, OC San sells and purchases property to support its efforts. Since these transactions are limited and not core to OC San, it has been determined that it is more cost effective to augment OC San resources with contracted specialized real estate services. Current Situation OC San manages its physical property and property rights in support of Reclamation Plant No. 1, Treatment Plant No. 2, fifteen pump stations, and 388 miles of trunk sewer lines in the Collection System. The real property analyst works closely with Operations and Maintenance staff to ensure that OC San has the necessary easements and rights-of-way for operations along with unencumbered access for repairs and maintenance. Staff works with Engineering to obtain property, easements, and rights-of-way to facilitate the completion of projects for our Capital Improvement Program (CIP). Additionally, OC San manages landscaping, building maintenance, and security for its facilities. Future Policy Statement OC San will effectively manage its property assets and actively maintain all encroachments, encumbrances, easements, and rights-of-way. When prudent, OC San will augment resources with contracted specialized real estate and property management services. OC San staff will work to support the property needs of Operations and Maintenance and the CIP. Initiatives to Support Progress Toward the Policy Goal • Leverage technology to review property rights and identify encroachments or encumbrances that restrict operation, maintenance, inspection, or emergency repair access to remove encroachments or encumbrances. • Collaborate with Engineering to obtain property, easements, and rights-of-way in a timely manner for capital projects. • Augment OC San resources with contracted specialized real estate services to limit the need for additional staffing. STRATEGIC PLAN — 2023 | 35 Organizational Advocacy and Outreach Policy Paper Summary Policy Statement The Orange County Sanitation District (OC San) will create and disseminate information to our stakeholders with an end goal to educate, inform, and garner support for the services provided, thus allowing us to operate in a more efficient and effective manner. OC San will deliver messages that are accurate, transparent, and designed to foster public trust and confidence. Additionally, following legislative activity will ensure OC San’s interests are explained and considered. Background OC San provides regional sewer service for 2.6 million people living, working, and commuting in central and northwest Orange County. The various stakeholders include over 600 employees, 50 local elected officials appointed to our Board of Directors, regulators, policy makers, and the public. It is critical for OC San to have a multi-pronged outreach program to reach the intended audiences and to gain support for OC San’s mission. OC San provides services and tools to effectively communicate about the various programs that help achieve its mission. These programs include: • Student Educational Outreach OC San is interested in promoting and educating the youth within our service area on OC San’s mission and the essential services we provide. Reaching out to students allows for future generations to be aware of the environmental impact we each make and what we can accomplish working together. This knowledge will help our future generations to act and make positive changes. It also introduces them to an industry that they may be unaware of as a career choice. We do this through programs such as Inside the Outdoors which goes directly into classrooms to teach the wastewater treatment process; school-based plant tours that give them an inside view into a treatment plant and how the system works; events such as the Children’s Water Festival, which provides an opportunity to reach thousands of local children in a short amount of time with clear and direct messaging; our partnership with the Heritage Museum, and contests such as the Public Service Announcement which is an incentive for students to get involved in developing messages for environmental issues. • Infrastructure Outreach OC San has $12.6 billion in infrastructure that must be designed, operated, maintained, replaced, and enhanced to continue providing the essential service of protecting public health and the environment. Forming a positive presence in the community prior to the start of construction projects or maintenance activities is imperative to build trust, understanding, and support for the necessary construction. This is done through an extensive outreach program that develops and implements communication tools to engage the communities affected by OC San construction projects. This includes dedicated community liaisons, construction webpages, collateral material, presentations, etc. Over the next fiscal year, about two dozen projects will be in construction with various degrees of public impacts. • Employee Engagement Open and honest communication with our employees creates a positive and trusting environment which can result in a more engaged workforce and ambassadors for our agency. OC San creates employee engagement by utilizing various communication methods to share agency-wide 36 | STRATEGIC PLAN — 2023 messages. A diverse toolkit of communication pieces allows messages to be delivered to over 600 staff with various professional backgrounds, work shifts, work locations, and access to online materials. This toolkit of communication pieces includes The San Box (intranet), Pipeline Newsletter, Three Things to Know email, etc. • Brand Recognition As an industry leader, OC San must ensure its brand and image are portrayed accurately and positively. A cohesive voice, message, look, and feel are critical to maintaining a positive public perception and the trust granted to us by the community we serve and the stakeholders we work with. To build and maintain a positive image, we engage in general outreach efforts such as plant tours; community newsletters; a Speakers Bureau Program (which allows us to go into the community and meet with various groups to inform them of who we are and what we do); an informative and educational website, an active social media presence; and the development of programs such as Wastewater 101 Academy which provides an opportunity to showcase OC San’s operations and initiatives for our ratepayers, fellow agencies, and influential public. • Regulatory and Legislative Advocacy OC San also recognizes the need for an active regulatory and legislative advocacy program at the local, state, and federal levels to ensure that the interests of the rate payers and the Board of Directors are communicated, understood, and supported. Towards this end, the legislative and regulatory team actively monitors and engages officials across California and in Washington, D.C., and takes appropriate action in support of, or opposition to, legislative and regulatory initiatives. Current Situation OC San is an industry leader involved in innovative and significant programs. However, it is most often seen as a silent utility due to its consistent attainment of its mission. News coverage for a wastewater resource recovery agency is most often about a mission failure. People tend not to think about their wastewater or where it goes until a beach is closed or a spill occurs. In addition, OC San has no direct connection to its ratepayers. User fees are paid via property tax bills thus eliminating an opportunity to reach our customers directly. This ultimately results in a limited understanding of OC San, what we do, and the important service provided to the community. OC San’s outreach efforts are imperative to positively inform and educate the public we serve about the value we provide, including policy makers and regulators. OC San actively works with other public agencies in its service area to develop opportunities to provide additional value from the assets we own and operate to the ratepayers we serve. Initiatives like dry weather urban runoff diversion, conversion of food waste to energy and compost, and full reclamation of wastewater to potable water are examples of public-to-public partnerships. Future Policy Statement OC San will creatively and effectively develop communication tools and tactics to inform and educate our various stakeholders. As a silent utility, is it imperative that OC San connect with the public we serve in a clear and transparent way to create a bank of trust, and garner support for the programs that allow us to continue protecting the public health and the environment. OC San will maintain an active legislative and regulatory outreach program to help inform and guide leaders to ensure the wastewater industry is able to protect the public health and environment in a cost-effective way. STRATEGIC PLAN — 2023 | 37 OC San will engage with other local government entities and nonprofit organizations to coordinate our existing messaging and services; and will search for new and innovative ways to add more value from our assets and operations. Initiatives to Support Progress Toward the Policy Goal • Develop an educational display in the Headquarters building to illustrate OC San’s reuse and recycling efforts in support of the environment and public health. Display to be revealed when new building is unveiled. Phase 2 of the hands-on educational display will consist of content on the exterior of the building to create a complete experience from walking up to OC San to entering the building. • Implement a multipronged outreach strategy that will include industry and media coverage for the Supercritical Water Oxidation project. • Develop and implement a Local Government Affairs Outreach Program to enhance OC San business goals and build local relationships that benefit OC San, cities we serve, member agencies, and officials. • Engage a local lobbyist to assist in advancing strategic initiatives as identified within the Strategic Plan. • Actively monitor and engage in regulatory and legislative activity across California and Washington, D.C., and take appropriate action in support of, or opposition to, legislative and regulatory initiatives affecting OC San and the wastewater industry. This includes using Monitoring and Analysis, Advocacy Days, Position letters and Funding Requests (as deemed suitable). 38 | STRATEGIC PLAN — 2023 STRATEGIC PLAN — 2023 | 39 EnvironmentalStewardship 40 | STRATEGIC PLAN — 2023 Energy Independence Policy Summary Policy Statement The Orange County Sanitation District (OC San) will strive to be energy neutral. Electrical, thermal, and methane gas generation will be maximized. Energy utilization will be minimized using sound engineering and financial principles. Background OC San strives to maximize the positive impacts of its operation between land, air, and water. For example, as an agency dedicated to protecting public health and the environment, OC San is an industry leader in protecting ocean health and providing a drought-proof and reliable local water supply through the Groundwater Replenishment System, which is currently the world’s largest potable reuse project. A natural result of wastewater treatment is the separation and concentration of solid and gaseous materials which provide opportunities to create sustainable and renewable energy and reduce greenhouse gas emissions. OC San is also committed to be a good neighbor. As such, significant amounts of energy are spent capturing and converting odorous air and vapor streams. OC San has pursued a comprehensive program to cover and seal its liquid and solid processes. Air streams are ducted to large fans which move thousands of cubic feet of foul air per minute through chemical, biological, and activated carbon beds to scrub the air of odorants that are regulated or may be perceived as a nuisance by the community. OC San has utilized an anaerobic digestion process that relies on biological conversion of solid organic material to methane and carbon dioxide gas or biogas. The biogas is converted to electrical and heat energy in power plants for internal use. OC San’s secondary treatment system is another example of using energy to convert water impacts to air emissions. Approximately 23 percent of OC San’s energy usage within the treatment process is devoted to aerating water so biological agents can convert soluble organic material to nitrogen and carbon dioxide. The generation of energy itself creates an impact on the environment in air and thermal emissions. Current Situation The potential exists to further shift environmental impacts between land, air, and water through the utilization of energy. OC San is an environmental steward that seeks to maximize the harvesting of energy available in the incoming wastewater. On the energy use side of the ledger, OC San invests prudently in lifecycle energy efficiency to minimize the use of energy to achieve its mission. Pumping systems to lift water and move material are at premium efficiency. Thermal energy is harvested from power production for use in the process and to heat and cool occupied buildings. Aeration compressors and diffusers are selected by overall efficiency. Lighting systems are upgraded over time to more efficient technologies and lighting levels are balanced between safety and security needs versus energy utilization and light pollution concerns. Facility designers and operators make careful choices regarding the utilization of every watt of electricity, BTU of heat, and therm of gas consumed. On the energy generation side of the ledger, OC San seeks to maximize the internal creation of energy. The primary source of energy creation is in biogas. Organic solids collected and concentrated in the water treatment processes are converted biologically to biogas composed of 65 percent methane, 34 percent carbon dioxide, and other trace constituents. OC San has been STRATEGIC PLAN — 2023 | 41 using this technology since the 1950s. Research has been ongoing since that time to maximize the production of digester gas. Some of the areas of research include improved mixing and heating; improved feeding; chemical addition to limit trace pollutant production; introduction of food waste; injection of fats, oils, grease; cell lysing; and microaeration to minimize hydrogen sulfide production. OC San cleans the biogas and converts this biogas into electricity, heat, and exhaust gas. The exhaust gas is regulated even more tightly for nitrogen compounds, carbon monoxide, particulates, and volatile organic compounds which require costly and performance degrading engine control technologies. This is another example of an air impact/energy trade off. These internal systems of energy harvesting provide roughly 66 percent of OC San’s electrical demand and 92 percent of OC San’s thermal demand in the treatment plants. OC San can shift the digester gas between treatment plants via an interplant pipeline and has roughly 11 MW of additional generation capacity if more gas is produced. The additional capacity was originally designed to provide standby to the large outfall pumping system during an electric utility power outage using natural gas. In addition, OC San has a 5 MW, 32 MWh electrical battery storage system at Plant No. 1. The operation of this system is scheduled by Southern California Edison to offset plant loads and reduce the demand on the electric utility grid for during peak demand times in the early evening hours when solar produces little to no energy. Future Policy Statement OC San seeks to be energy independent by self-generating all the electrical and thermal energy necessary to sustain its operations. This will be accomplished by economically minimizing its utilization requirements and maximizing energy harvested from the wastewater it receives. Energy independence will improve OC San’s environmental impact and improve its operational reliability and resiliency. The Plant No. 1 electricity imports vary between 1 MW and 6 MW, based on the time of day and if the battery storage system is charging or discharging. Currently, the Plant No. 2 load is close to zero on average. OC San will also study and use photovoltaic cells in non-process areas where it makes economic sense. For example, the new Headquarters Building will include photovoltaic panels linked to the treatment plant. Staff will also investigate the installation of photovoltaic arrays over OC San owned property between the treatment plants with additional battery storage systems. OC San will also investigate the treatment and sale of biogas to external users. The State of California has set goals for renewable energy utilization for electrical production and hydrogen transportation fuels. OC San’s biogas is viewed favorably in these industries to meet the State of California targets. OC San is working very diligently and creatively to maximize the production of gas and reduce its own energy needs. The selling of biogas would require additional natural gas or electricity to offset the loss of electricity generated using biogas. Staff recommends that innovative research continue to maximize energy harvesting and to minimize energy usage to make OC San energy independent in the most basic mission of protecting the public health and the environment. Supercritical Water Oxidation and other biosolids thermal conversion technologies offer some exciting opportunities to cut power use, reduce diesel fueled transportation, and create useful energy. 42 | STRATEGIC PLAN — 2023 Initiatives to Support Progress Toward the Policy Goal • Maximize the anaerobic digestion conversion of organics to methane through receipt of food waste and operational techniques. • Investigate and install energy storage and photovoltaic systems where practical to achieve energy independence/resilience. • Investigate the treatment and sale of biogas to external users. • Continue to support the conversion of biomethane into electricity and heat for process use. Improve systems as necessary to comply with air regulations. • Pursue technology innovation to reduce energy use, reduce transportation energy impacts, and reduce greenhouse gas impacts. • Investigate the optimum wastewater influent flow split between Plant No. 1 and Plant No. 2 that satisfies the Orange County Water District specification water requirements and energy efficiency. STRATEGIC PLAN — 2023 | 43 Climate and Catastrophic Event Resilience Policy Summary Policy Statement The Orange County Sanitation District (OC San) aims to design, maintain, and operate valuable wastewater assets that withstand or adapt to adverse conditions in a reasonable manner that is both cost-effective and sustainable for present and future generations. These adverse conditions include drought, heavy rains, flooding, sea level rise, earthquakes, tsunamis, extreme heat, wildfires, pandemic, and electrical grid interruptions. Background OC San owns and operates extensive wastewater collection and treatment facilities valued at $12.6 billion. OC San’s service area faces special challenges because of the geographic location of its facilities. These challenges include: its position on and near seismic risk factors, its proximity to the Pacific Coast, adjacency of its treatment facilities to the Santa Ana River, and being served by increasingly fragile energy utilities. OC San’s facilities are situated on or near several seismic risk factors. Plant No. 2 is located directly on top of the Newport-Inglewood fault. Both plants and the collection system are influenced by many adjacent major and minor faults capable of delivering damaging energy. Both of our treatment plants and most of our collection system sit on top of silty, alluvial soils that can have the effect of amplifying the earth motion and risk liquefaction during a seismic event. OC San has invested significantly over the last 50 years to improve the soils, foundations, and structures to mitigate these seismic risks. As geotechnical and structural knowledge and building codes progress, upgrades and facility replacements will be necessary. Another seismic risk associated with having a treatment plant and several pump stations located on the Pacific Coast is the risk of tsunami inundation. OC San has been working with and reviewing the plans of the City of Huntington Beach and the City of Newport Beach to understand and quantify this risk. The American Society of Civil Engineers (ASCE) has created a new standard, ASCE 7-22, to layout design parameters for lateral forces and inundation zone associated with potential tsunamis. OC San understands that climactic factors we face change widely over time. OC San’s systems must perform in extreme wet weather situations (atmospheric rivers), extreme dry weather conditions (drought), extreme tidal conditions (king tides, rising sea levels), and high and low temperature extremes. OC San generally designs for historical and expected “average conditions” for optimal performance but must also assure operations for extreme weather events. OC San serves a critical public health role. Its operations must be reliable 24 hours per day, 365 days a year. Electricity, and to a lesser extent natural gas, are necessary for pumping and treatment operations. Both electricity and natural gas supplies have become increasingly vulnerable to interruption. Electricity deliveries are more vulnerable due to wildfire outage criteria, loss of local generation assets, aging infrastructure, and extreme weather events. Natural gas supplies are more vulnerable due to the loss of local storage capacity, aging infrastructure, line corrosion, and more stringent regulatory requirements. OC San has significant capacity to self-supply critical energy requirement for extended periods. Current Situation OC San has spent considerable effort quantifying its seismic, climate, and utility supply risks. Several key studies were completed over the past several years. The most acute risk factor faced by OC San is seismic risk. Climate and utility supply risks are more accurately described as chronic risks. 44 | STRATEGIC PLAN — 2023 Seismic risk factors include ground shaking, liquefaction, lateral spreading, and fault rupture. Both treatment plants are situated in historic riverbed with poor soil conditions. The collection system is vulnerable to failures during seismic events. State of the art seismic design has changed greatly over OC San’s history and will continue to do so. Many of our critical structures were designed or installed prior to the advancements that occurred because of the various earthquakes of the 1990s. Significant effort has been expended to better characterize the soil conditions under our treatment plants and pump stations. Projects to replace existing unit processes will be scoped and budgeted to provide seismic resilience. These measures include soil mixing to stiffen the soil, various foundation designs, and building structure improvements. For refurbished facilities, the cost to provide soil improvements for existing structures to mitigate liquefaction will be evaluated based on the importance of the structure and the associated impact on pumping and treatment plant operations during dry weather conditions. Tsunami resilience and flooding protection can go hand in hand. Tsunami protection requires a more robust wall footing and wall structure. To a great extent, these two risk factors can be mitigated in the same way. The tsunami guidelines for inundation in ASCE 7-22 are a reasonable peer reviewed standard. By complying with this standard for Huntington Beach and Newport Beach, OC San will be reasonably prepared for flooding caused by extreme storm events and conservative sea level rise estimates at Plant No. 2 and pump stations in the City of Newport Beach. A tsunami wall has been designed for a large portion of the southern perimeter wall of Plant No. 2. A future project will construct the remaining portion of the tsunami wall. OC San has also expended significant effort to prepare for the effects of weather extremes on its operations. Extreme wet weather impacts operations. Inflow and infiltration during intense storm activity have multiplied average dry weather flow rate by up to three times in past years. During recent storms, peak wet weather flows have exhibited fewer extreme peaks due to inflow and infiltration improvements throughout the collections system. OC San has significant wet weather capacity and will continue to maintain a 640 million gallon per day influent and outfall capacity which is roughly 3.5 times our average dry weather flow. Historically, high rains as seen in 1863, 1938, 2017, and 2023 will push our systems to the limit. Recently we are seeing king-tides higher than previously anticipated which is impacting our coastal pump stations. OC San has also adapted its systems to perform in extreme dry weather. OC San, in cooperation with the Orange County Water District, operates the largest potable water reuse system in the world. This is made possible by replumbing our treatment plants and adding new smaller pump stations to deal with extreme low outfall flow rates during dry weather conditions. OC San can also shift significant influent flow from Plant No. 1 to Plant No. 2 through the interplant line and a portion of the flow from Plant No. 2 to Plant No. 1, which creates additional resilience for risk factors. Finally, on the topic of utility supply, OC San built redundant supplies for its most critical needs: electricity, natural gas, and water. OC San has maintained three sources of electricity supply for more than 25 years. The treatment plants can be supplied with power from Southern California Edison, OC San’s Central Generation Plants, or onsite diesel generation systems to maintain basic operation to protect public health. In terms of natural gas, OC San has been producing bio- methane through anaerobic digestion since the 1950s with enough capacity to provide electricity for half of the loads at Plant No. 1, all the loads at Plant No. 2, heating and cooling loads at Plant No. 1, and heating loads at Plant No. 2. Select pump stations are provided with standby generators and 24 hours of fuel for pump stations that require response in two hours or less during a power supply failure. Portable generator connections are being installed at the pump stations to provide increased reliability and maintain pump station operation in the event the onsite standby generators fail or there is an electrical fault. STRATEGIC PLAN — 2023 | 45 Future Policy Statement OC San will continue to build and improve its facilities to meet the seismic, climate and energy infrastructure risks that it faces with a long-term, planned approach. Acute life-safety risks that are identified or facilities that are damaged or fail in a catastrophic event will be addressed very quickly. However, it is not practical to update $12.6 billion in facilities every time a code is updated, or a new climate change estimate is released. OC San will stay abreast of code and climate change estimates as they occur and will implement improvements or replacements to facilities on a long-term basis in line with its asset management practices. OC San generally plans to refurbish or replace its mechanical and electrical assets every 20 to 25 years with an average capital improvement investment of $300 million per year over the next 10 years. OC San facilities are designed to meet industry codes. As time goes on and codes are updated, it is not required to upgrade existing facilities to meet those latest codes unless there is a mandate to do so, or an unacceptable risk in not doing so is recognized. OC San will accept some incremental risk in having some facilities that are not necessarily compliant with latest building codes until a project to rehabilitate or replace these facilities is developed. All of OC San’s facilities have a planned life span with two to three refurbishment cycles. Identified seismic or flooding vulnerabilities may drive a replacement versus refurbishment decision in the normal capital planning process. OC San will continue to aspire to energy independence which will help mitigate vulnerabilities to loss of electrical and gas utilities. In addition, OC San will continue to maintain third level, diesel generator, electrical supply capability for critical loads. Onsite diesel storage will provide up to 48 hours of fuel to power the plants. Pump stations diesel generation will be site specific in its design based on flow risks, hydraulic storage capacity, and site constraints. Either onsite generation or quickly deployable mobile generators will provide standby power. Initiatives to Support Progress Toward the Policy Goal: • Evaluate the seismic vulnerabilities of Plant No. 2 flow processes (primary clarifiers, activated sludge facility, and ocean outfall piping) within the plant. Determine the required improvements to maintain dry weather flow capacity after a seismic event. Incorporate necessary upgrades into future capital improvement projects. • Complete the biannual high flow exercise to assure readiness for a high flow event. Maintain a higher level of readiness October 15 through March 15 and in advance of predicted significant rain events. 46 | STRATEGIC PLAN — 2023 Food Waste Treatment Policy Summary Policy Statement The State of California limits the volume of organic waste that is diverted to landfills. The Orange County Sanitation District (OC San) will collaborate with the County of Orange, other local agencies, and waste haulers to find ways to beneficially reuse food waste, a type of organic waste to assist cities in our service area in meeting their diversion requirements while increasing OC San’s energy production. Background Whether supplying secondary treated wastewater for the Groundwater Replenishment System, creating renewable energy in the form of biogas from anaerobic digestion to produce electricity, or benefiting from the use of biosolids as a soil amendment, OC San is a resource recovery agency committed to providing resilient and reliable wastewater treatment service while protecting the public health and the environment. In recent years, there has been a significant change in the regulatory landscape regarding the management of organics in California. This encompasses a range of materials including food, green waste, wood, paper, biosolids, digestate, and sludges, all of which are typically disposed of in the landfills. Currently, much of the state’s diverted organics undergo composting or serve as alternative daily cover on landfills. In response to the impending phaseout of organics as alternative daily cover, a regulatory shift is creating an organics market within the wastewater sector that is providing a solution to manage organics such as food waste by way of co-digestion. Co-digestion is the mixing of sewage solids and food waste in an anerobic digester to create biogas. There is an opportunity for OC San to produce additional biogas, reducing the reliance to purchase electricity from local utilities. Anaerobic digestion is currently at the nexus of important mandates within California, namely: (1) organics diversion from landfills (AB 1826 and SB 1383), and (2) increased renewable energy and fuels generation (SB 32 and SB 100). The primary alternatives for organics management are anaerobic digestion and composting — of which anaerobic digestion is the only process offering energy recovery potential. Over the next few years, California’s cities and counties, along with municipal solid waste haulers, material recovery facilities, and landfills will need to develop collection, processing, and energy recovery infrastructure to address new state legislation and goals. In this context, existing wastewater treatment plants such as OC San are uniquely positioned to play a role in the new organics’ marketplace since solid waste management facilities do not typically have anaerobic digesters, the energy recovery infrastructure in place, or experience regarding the management of biosolids for beneficial use. In 2017, OC San completed a comprehensive Biosolids Master Plan (Plan) that provides a roadmap and framework for sustainable and cost-effective biosolids management options and future capital facilities improvement over a 20-year planning horizon. Considering the timeliness of the regulatory mandates requiring organic diversion from landfills and increased renewable energy, the Plan evaluated the feasibility of implementing a high strength organic waste receiving program involving the co-digestion of preprocessed food waste. While food waste digestion appears to be feasible, OC San’s existing infrastructure is not well suited or permitted for receiving, handling, or digesting green waste. Current digester feed, mixing, heating, dewatering and truck loading facilities aren’t designed to deal with cellulosic products in green waste. The highly fibrous material does not readily break down and clogs the various STRATEGIC PLAN — 2023 | 47 systems optimized for sewage sludge treatment. In addition, there are legal hurdles specified in the California Health and Safety Code, Section 4700, that must be addressed before OC San could operate a solid waste refuse transfer facility. Current Situation Project Viability OC San’s Plan concluded that the costs to construct and operate a food waste receiving facility could be offset by tipping fees charged to food waste processors/haulers and by additional power generated from the increased digester gas production. The Plan recommended that OC San build an interim food waste receiving station immediately to take advantage of existing digestion and power generation capacity of approximately 150-250 wet tons per day at Plant No. 2. OC San will construct a more permanent facility in the future to utilize OC San’s available capacity. Based on these recommendations, in 2018, OC San’s Board approved a project (P2-124) to construct an interim (10 to 15-year service life) food waste facility to receive, store, and feed preprocessed food waste slurry to the digester complex at Plant No. 2 to generate additional digester gas. The facility is designed to accept approximately 150 wet tons per day of preprocessed food waste and will produce approximately 15 percent more methane gas for on-site energy production, resulting in a greenhouse gas reduction of approximately 10,800 metric tons of carbon dioxide which is equivalent to the annual greenhouse gases generated by approximately 2,000 passenger vehicles. This is consistent with OC San’s Energy Independence Policy which is to strive to be energy neutral by minimizing energy utilization and maximizing useful energy recovery from the wastewater it receives. The final biosolids product currently produced by OC San is anticipated to be largely unaffected by the addition of food waste slurry. Pilot testing conducted by OC San indicates that there will be increased gas production due to mixing sewage sludge and food waste feed stock, but the final biosolids product will remain largely unchanged. A draft Preliminary Design Report was issued in June 2019 for the interim receiving facility which included a viability evaluation concluding that the project is economically justifiable based on project costs and anticipated tipping fees. Final design of the interim food waste receiving station is complete and ready to bid for construction. The 2019-2020 tipping fee was established by the Board of Directors and the food waste slurry specifications were developed by OC San staff. Between 2020 and early 2023, OC San hosted quarterly check-in meetings with several large municipal solid waste haulers to discuss procuring pre-processed food waste slurry. Although most haulers expressed interest in working with OC San, none were willing to meet OC San’s food waste slurry specifications. In spring 2023, OC San initiated a series of meetings with Orange County wastewater digester owners and Orange County Waste and Recycling (OCWR) to discuss partnership opportunities for in-county food waste preprocessing, co-digestion, composting, biosolids management, and biogas production. The meetings were highly productive, and as of August 2023, the parties have agreed to assess the feasibility of constructing a centralized food waste pre-processing facility at an OCWR landfill to provide high-quality food waste slurry for co-digestion at in-county wastewater treatment plants. Future Policy Statement Food Waste Slurry OC San will only accept a preprocessed food waste slurry. We do not have land or air permits to handle, sort, and process solid or green waste. OC San will work with other regional partners to 48 | STRATEGIC PLAN — 2023 develop a county-wide standard for food waste slurry that specifies water, organic, metal, plastic, and glass content requirements. A common specification for slurry will help all parties make investment decisions. Food Waste Volume OC San plans to construct a permanent food waste facility based on the lessons learned from the interim system and the anticipated availability of food waste feedstock. The permanent facility will be able to accept up to 300 wet tons per day and utilize the total available capacity of the existing digesters and gas compressors. OC San also has at least 6 MW of installed electrical generation capacity that can convert the produced digester gas to electricity and heat. OC San believes that the full implementation of the current regulations will create a food waste slurry market significantly greater than 500 wet tons per day in Southern California. Tipping Fee Basis The acceptance of food waste has the opportunity to more fully utilize the system capacity that already exists for the benefit of OC San’s rate payers. OC San staff will develop an updated base tipping fee rate schedule for Board of Directors’ approval that meets the following criteria: • Recover all capital costs to construct facilities within ten years (this will allow OC San and waste haulers to properly invest in processing facilities). • Recover all on-going costs including operating cost, maintenance cost, electricity usage, biosolids dewatering, and reuse costs. • Food waste will not be operated “for profit” but rather a cost recovered service with tipping fees offsetting costs to not impact OC San’s wastewater service fee structure. Food waste generated and processed within the service area will be charged the base rate and will be prioritized over food waste from outside the service area. This is justified by the fact that the underlying infrastructure of OC San is already owned by service area rate payers. OC San contracts with service area waste haulers must provide for a pass-through savings to OC San ratepayers. That means waste haulers may charge for collection and processing of food waste but must disclose OC San’s tipping fees and negotiate pricing adjustments as necessary with City or Special District franchise partners. If additional capacity exists, but isn’t utilized by in-service area users, then that capacity may be contracted by out-of-service area users at a premium to help offset the cost of the underlying infrastructure necessary to process the food waste. OC San will pursue grant opportunities to the extent possible to reduce the overall capital and operating cost basis for the program to reduce the tipping fee base rate. Initiatives to Support Progress Toward the Policy Goal • OC San will accept a preprocessed food waste slurry from an in-county partner that is compatible with its existing anaerobic digesters. OC San will charge a tipping fee to offset its costs for capital construction, operations, handling, maintenance, and biosolids disposal. • Design, build, and operate a food waste receiving station. Utilize a county-wide specification for food waste slurry and contract with OCWR to receive and co-digest food waste slurry. STRATEGIC PLAN — 2023 | 49 50 | STRATEGIC PLAN — 2023 Water Reuse Policy Summary Policy Statement The Orange County Sanitation District (OC San) will seek to beneficially reuse all reclaimable water for potable, industrial, irrigation and environmental uses. Background For over 40 years, OC San and the Orange County Water District (OCWD) have partnered to beneficially reuse treated wastewater from OC San. OCWD, which serves roughly the same service area as OC San, manages and replenishes the groundwater basin in northern and central Orange County, ensures water reliability and quality, prevents seawater intrusion, and protects Orange County’s rights to Santa Ana River water. Beginning in 1975, OC San contributed treated wastewater from its Plant No. 1 to OCWD for the operation of Water Factory 21, which reclaimed the treated wastewater and injected it along with deep well water into the groundwater basin to prevent seawater intrusion. In the mid-1990s, OCWD needed to expand Water Factory 21. At the same time, OC San faced the challenge of having to build a second ocean outfall pipe to discharge treated wastewater into the Pacific Ocean. Both agencies collaborated to build an advanced water purification facility to resolve these challenges. This state-of-the-art facility, known as the Groundwater Replenishment System (GWRS), took the place of Water Factory 21, and began operation in 2008. The GWRS further treats secondary treated wastewater from OC San Plant Nos. 1 and 2 to drinking water standards and uses the purified water for both injection and percolation, through injection wells and recharge basins, as source water to replenish the groundwater basin’s drinking water supplies. With approximately 75 percent of the water demand in northern and central Orange County cities coming from the groundwater basin, GWRS supplements existing water supplies by providing a new, reliable, high-quality source of water. OC San made a considerable investment to improve its level of treatment and source control to support the GWRS partnership. The upgrade to full secondary treatment and shifting the source control regulations, testing, and enforcement from a focus on ocean discharge to drinking water supply was very significant. While the original GWRS facility was initially constructed to supply up to 70 million gallons per day (MGD) of purified water, the facility was designed for an ultimate treatment and conveyance capacity of 130 MGD. The Final Expansion of GWRS was completed in December 2022 and can produce a maximum capacity of 130 MGD. In addition to providing treated wastewater to the GWRS, OC San also provides treated water to OCWD’s Green Acres Project and OC San uses treated effluent within the treatment plants to offset potable water use. The Green Acres Project provides recycled water for landscape irrigation at parks, schools, and golf courses; industrial uses, such as carpet dying; toilet flushing; and power generation cooling. OC San uses nearly 10 MGD of treated effluent, called Plant Water, within the treatment plants for engine and equipment cooling, polymer make-down, equipment flushing and washdown, and other uses. Current Situation The GWRS currently produces up to 130 MGD of purified water – enough water for 1 million people. All of OC San’s Plant No. 1 secondary effluent and Plant No. 2 secondary reclaimable effluent is made available to OCWD for the GWRS and Green Acres Project. Non-reclaimable secondary effluent from OC San’s Plant No. 2, such as discharges from inland desalters, GWRS’s reverse STRATEGIC PLAN — 2023 | 51 osmosis process, and OC San’s process sidestreams, are appropriately treated and released into the ocean. Future Policy Statement The treated effluent produced from OC San’s Plant Nos. 1 and 2 is a valuable resource that can help boost local water resources, improve groundwater quality, and reduce dependence on imported water, while reducing the volume of effluent discharged to the ocean. OC San will continue to support GWRS by providing secondary effluent as source water free of charge; allowing OCWD to discharge brine via OC San’s ocean outfall free of charge; leasing approximately 10 acres of land to OCWD at $1 per year for GWRS; and allowing OCWD to discharge North and South Basin extraction well flows to OC San sewers. OC San will continue to maximize the delivery of secondary effluent available to GWRS and the Green Acres Project to maximize full production of purified recycled water for indirect potable reuse, and industrial and irrigational uses. The two agencies regularly communicate and coordinate on operations and construction projects, regulatory compliance, and source water quality to sustain reliable GWRS operation. OC San has adequate flow to maximize the production of the GWRS. OC San, OCWD, and Orange County Public Works (OCPW) are currently studying opportunities to utilize the available 10 MGD sewer capacity allocated to dry weather urban runoff under OC San’s Urban Runoff Resolution No. OCSD 13-09. Urban runoff diversions will be utilized during dry weather conditions and jointly monitored by the dischargers and OC San to avoid surcharges in the collection system and introduction of contaminants that may compromise OC San’s water and biosolids reuse initiative. Initiatives to Support Progress Toward the Policy Goal • Support Groundwater Replenishment System and maximize reclaimable wastewater availability to OCWD. • Support Green Acres project water production to provide reclaimed water for industrial and irrigation uses. • Conduct a Dry Weather Urban Runoff Optimization Study in collaboration with OCWD and OCPW to identify additional opportunity to accept up to 10 MGD of dry weather urban runoff. 52 | STRATEGIC PLAN — 2023 Environmental Water Quality, Stormwater Management, and Urban Runoff Policy Summary Policy Statement The Orange County Sanitation District (OC San) will collaborate with regional stakeholders to accept up to ten (10) million gallons per day of dry weather urban runoff at no cost to the dischargers through its permit-based Dry Weather Urban Runoff Diversion Program (DWURD Program). The primary objective of the DWURD Program is to improve water quality in streams, rivers, and beaches in OC San’s service area without adversely impacting OC San’s occupational safety, collection and treatment systems, reuse initiatives, or permit compliance. Unauthorized discharge of urban runoff to OC San is strictly prohibited. Background OC San is a regional governmental agency principally chartered to protect public health and the environment through an extensive regional sanitary sewer system and a highly effective wastewater treatment operation. The governing Board of Directors (Board) has refined this role to include the recovery and utilization of resources from wastewater for the public good. In addition to beneficial reuse of biosolids and responsible ocean discharge, OC San delivers high-quality treated wastewater to Orange County Water District’s (OCWD) Groundwater Replenishment System (GWRS) for advance treatment and purification followed by storage in the Orange County groundwater basin. OC San operates its regional wastewater collection system in accordance with its Sewer System Management Plan, which was developed in compliance with the California Statewide General Waste Discharge Requirements for Sanitary Sewer Systems, Water Quality Order No. WQ 2022- 0103-DWQ. The Board periodically updates OC San’s Wastewater Discharge Regulations Ordinance (Ordinance) to set uniform requirements for all users of OC San’s system and enables OC San to comply with all applicable state and federal regulations. The Ordinance establishes limits on all wastewater discharges which may adversely affect OC San’s system and includes language that prohibits sewer users from discharging groundwater, stormwater, surface runoff, or subsurface drainage to the sewer without written authorization or a valid permit. Uncontrolled discharge of any type is strictly prohibited and any person who violates any provision of the Ordinance is subject to administrative, civil, and criminal penalties. Most of the local sanitary sewer systems within OC San’s highly urbanized service area are owned and operated by cities, water districts, or sanitary districts. These local systems are designed to transport wastewater from homes and businesses to OC San’s regional sewers. These local and regional wastewater systems are designed to be wholly separate from Orange County’s Municipal Separate Stormwater Sewer System (MS4), which is a system of conveyances that includes roads, streets, catch basins, curbs, gutters, ditches, man-made channels, or storm drains that carry surface runoff into receiving waters and is regulated by the Santa Ana Regional Water Quality Control Board. Throughout the year, dry and wet weather urban runoff are collected through the MS4 and discharged along the coastline. During wet weather, the vast majority of urban runoff is comprised of stormwater from rainfall that either travels at a flow rate that does not allow enough time to soak into the ground or whose volume has exceeded the ability of the soil to hold any more moisture. In communities with a high percentage of covered or impervious surfaces, the runoff volume and velocity can be considerably greater when compared to rural areas. Additionally, sheets of runoff in these communities can pick up pollutants and debris from transportation, construction, industrial, and residential sources as they travel by gravity toward storm drains or other low points. Stormwater runoff carries trash, STRATEGIC PLAN — 2023 | 53 debris, bacteria, chemicals, oil, silt, sediments, microplastics, and other common and emerging contaminants, and is the responsibility of MS4 permittees, who typically have jurisdiction over land use practices and flood control. During wet weather, the volume of surface runoff is well beyond the capacity of OC San’s conveyance and treatment systems. Inflow and infiltration into the sanitary sewer system during storm events can strain the hydraulic capacity of OC San to its limit of under 1,000 cubic feet per second. In addition, storm flow runoff also contains a much greater debris load that would compromise the sanitary sewer system. During dry weather, OC San has the capacity normally reserved for inflow and infiltration to accept urban runoff. The Best Management Practices (BMPs) required of MS4 permit holders such as screening, street sweeping, spill prevention, and waste reduction campaigns help to effectively remove trash, silt, and other debris which help make these relatively small flows more compatible with the sanitary sewer. However, pollutants and pathogens that are not removed by the BMPs are carried by runoff from sources such as excess outdoor irrigation into storm drains which is discharged along the coastline. In response to the significant and persistent adverse impacts from urban runoff to coastal beaches and waters, OC San sought support from the California legislature to accept controlled discharge of surface urban runoff into its wastewater system and was authorized in April 2000 to initiate a permit-based DWURD Program to accept up to three (3) million gallons of dry weather flow per day. OC San Board Resolution No. 00-04 allowed local agencies to apply for a Dry Weather Urban Runoff (DWUR) Permit where there was not an economically or practically feasible alternative and permittees are subject to requirements of the Ordinance. Since its inception, the DWURD Program has significantly improved beach water quality throughout OC San’s service area as evidenced by excellent ratings in Heal the Bay’s Annual Beach Report Cards and a notable decrease in water quality-based beach closures. In June 2013, OC San modified the Dry Weather Urban Runoff Policy (Resolution No. 13-09) to cap discharges received to ten (10) million gallons per day (MGD) and waived fees associated with the program until discharges exceeded 10 MGD, or until the policy is revised. The Board established an action threshold of 9 MGD to trigger revisiting the policy. In addition to DWURD Permits, OC San’s Ordinance allows for normally prohibited wastes such as groundwater, stormwater, surface runoff, and subsurface drainage to be discharged to OC San through a Special Purpose Discharge Permit (SPDP) or written authorization from OC San when no alternate method of disposal is reasonably available to mitigate an environmental risk or health hazard. Both DWURD and Special Purpose Discharge permits carry strict wet weather shut-off and debris limiting provisions to protect the sanitary sewer system from hydraulic overload and the associated sewer spills. These permits also require flow monitoring and constituent sampling so that OC San can assure that water reused, water discharged to the ocean, and biosolids reused for agriculture are safe and fit for their greater environmental and resource recovery programs. Current Situation As of August 2023, OC San is administering 21 DWURD Permits for diversions that are owned and operated by the City of Huntington Beach, the City of Newport Beach, OC Public Works, Irvine Ranch Water District, and an LLC responsible for the areas in and around Pelican Point community. Since the program’s inception in 2000, the Dry Weather Urban Runoff Program has treated over 10 billion gallons of urban runoff. For the July 2022 through June 2023 reporting period, OC San received on average 1.55 MGD from these facilities, which is well below the current 10 MGD policy cap and nine MGD action threshold. 54 | STRATEGIC PLAN — 2023 Under special circumstances, OC San may also accept runoff on a limited-term and limited-volume basis through the SPDP or direct authorization process if there is adequate capacity, the runoff/ wastewater meets applicable effluent discharge standards, there is no practical alternative method of disposal, and the runoff/wastewater is captured and held until it can be safely discharged to OC San. In combination, these practices have enabled responsible management of persistent urban runoff challenges in OC San’s service area and support a thriving and healthy local economy. Key Issues for the Future Since the inception of OC San’s DWURD Program, the program success has depended on collaboration among stakeholders to improve beach water quality and urban runoff diversion water quality, coordinate flow management, and minimize any potential adverse impact on OC San’s ocean discharge, biosolids management, and potable reuse. OC San’s enhanced source control program and vigilant operations provide a solid foundation for GWRS water’s safety and reliability. Much of the current urban runoff diversion is attributable to Plant No. 2 in Huntington Beach which now provides source water for OCWD. OC San is keenly aware of the critical role of source water quality and the need for a region-wide commitment to prevent Constituents of Emerging Concern from entering OC San’s system. Although OC San will continue to accept controlled discharge from DWURDs in accordance with Resolution No. 13-09, which supports long-term integrated regional water management, OC San recognizes that urban runoff is a well-established carrier for surface contaminants. The best available scientific studies continue to highlight the need for enhanced surveillance and best management practice for pollution control prior to discharge to OC San consistent with MS4 permit requirements of diversion owners. For example, a 2020 study by the San Francisco Estuary Institute showed that runoff into San Francisco contained over 300 times the amount of microplastics when compared with treated wastewater. A 2021 study that was co-authored by the Southern California Coastal Research Project showed that tire debris in urban runoff released a rubber preservative (6-PPD) that is highly toxic to aquatic life in the Pacific Northwest. As residents within OC San’s service area continue to reduce their indoor water use, there is increasing interest in utilizing dry weather urban runoff as a new source of water for the GWRS. Coupled with the completion of GWRS Final Expansion, the need to reassess available sewer capacity for accepting dry weather urban runoff was recognized by OC San. A feasibility study was initiated in 2023 by OC San in collaboration with OCWD and Orange County Public Works to identity opportunities to optimize dry weather urban runoff to sewer to augment local water supply. Initiatives to Support Progress Toward the Policy Goal: • Issue dry weather urban runoff connection permits to accept up to a total of ten million gallons per day of controlled discharge of dry weather urban runoff where existing conveyance capacity exists, and the constituents within the flow will not adversely impact OC San. • Safeguard OC San’s sanitary sewer system against uncontrolled and unregulated discharge by supporting responsible industry practices for flow management and urban runoff pollutant reduction at the source. Utilize OC San’s pretreatment expertise to support effective urban runoff best management practices and special purpose discharge requests among OC San’s regional stakeholders. • Support responsible and practicable urban runoff management and reuse legislations and regulations. WastewaterManagement STRATEGIC PLAN — 2023 | 55 56 | STRATEGIC PLAN — 2023 Chemical Sustainability Policy Summary Policy Statement The Orange County Sanitation District (OC San) has a need to use chemicals in its treatment process to improve plant performance, reduce odor and corrosion potential, and meet its regulatory requirements. These commodity chemicals are provided by outside vendors through the purchasing process. Some of these chemicals are subject to price swings due to market condition changes such as energy cost impacts, raw material cost changes, commercial competition changes, and transportation cost volatility. OC San will identify chemicals key to its operation, investigate the market risks for those chemicals and devise strategies to mitigate identified risks to availability and pricing. Background OC San’s treatment plants and collection system use several bulk chemicals. A sustainable supply of these chemicals is critical to maintaining an acceptable level of treatment and for ensuring compliance with all regulatory requirements. OC San spends about $24 million annually on the procurement of eight key chemicals which generally can be broken down into four categories: coagulants, odor/corrosion control, disinfection, and boiler water treatment. Boiler water treatment chemicals are low volume and readily available and will not be considered here. Coagulant Chemicals Coagulant chemicals include ferric chloride, anionic polymer, and cationic polymer. These chemicals are the workhorses of the sewage treatment process. Coagulant chemicals work to clump together organic material so it can more readily be separated from water. Ferric chloride is the first chemical added in the treatment process. It is a powerful settling agent that causes organics to clump together and settle to the bottom of primary basins. It is a double-duty chemical in that it also controls the formation of hydrogen sulfide gas, which is a major odorant, by binding to suspended sulphur compounds and causing them to settle before they can be converted by natural bacterial processes to hydrogen sulfide. Ferric chloride is an iron salt that is produced by reacting iron with hydrochloric acid. It is generally a byproduct of steel treatment, a leftover pickling agent. Ferric chloride is commonly used in the water and wastewater industries. Historically, this chemical has been the subject of a limited supplier base in Southern California. OC San has been actively splitting supply contracts to multiple vendors to ensure multiple vendors are available. On-site generation of the chemical is impractical due to the hazardous nature of the manufacturing process and acid handling, the bulk steel handing logistics, and waste products disposal. Anionic polymer works with ferric chloride to further aid in the coagulation or settling of organic compounds in the primary treatment process. These long-chain molecules are designed to be negatively charged to attract or collect positively charged ferric chloride induced organic clumps or flocculant. The use of ferric chloride and anionic polymer is called Chemically Enhanced Primary Treatment or CEPT. OC San has been using CEPT for more than thirty years. Anionic polymers are specially designed chains with many potential variants and multiple vendors. Part of the purchasing process for polymers involves polymer trials to document the efficacy of different products from different vendors to get the best cost-performance balance. Cationic polymer is generally used to thicken sludge or biosolids in centrifuges or dissolved air floatation thickeners (DAFT). These long-chained, positively charged molecules are essential to the proper operation of centrifuges and DAFT units. Part of the purchasing process for these polymers STRATEGIC PLAN — 2023 | 57 also involves polymer trials to document the efficacy of different products from different vendors to get the best cost-performance balance. It is important to note that it is entirely possible that four different cationic polymers will be used to optimize the performance of Plant No. 1 dewatering centrifuges, Plant No. 1 thickening centrifuges, Plant No. 2 dewatering centrifuges, and Plant No. 2 DAFTs, because the performance can vary greatly depending on the equipment or process. Each process will have its own polymer trial to determine the cost-performance balance for each application. Odor Control Chemicals OC San uses several chemicals in the collection system and the treatment plant to reduce the odors normally attributed to sewage and sewage treatment. These chemicals can either prevent the formation of odor causing compounds, called odorants, or they can destroy odorants that already exist. Chemicals that prevent the formation of odorants include ferrous chloride, calcium nitrate, magnesium hydroxide, and caustic. Chemicals used in the collection systems tend to be more benign than chemicals used in the treatment plants due to their proximity to the public. Ferrous chloride is closely related to Ferric chloride as described above. It is a powerful settling agent that prevents the formation of hydrogen sulfide by tying up and settling sulfide compounds in the collection system. It is a preferred chemical because of its dual role, but it is not as benign as other choices. Calcium nitrate is another choice for collection system odor control. It works in a different way. Calcium nitrate alters the biological equilibrium in sewage. Generally, bacteria that live by respirating oxygen are the most robust organisms, followed by nitrogen respirating bacteria, and finally sulfur respirating bacteria. Adding calcium nitrate to sewage creates an environment where sulfur loving bacteria do not thrive or create hydrogen sulfide. Magnesium hydroxide is a third choice for collection system odor control. It works primarily by raising the pH of sewage to a point that is not conducive for odor causing bacteria to thrive. Magnesium hydroxide is the most benign of the chemical choices as it is the main ingredient in Milk of Magnesia. All three of these chemicals are continuously fed into sewer systems at different points to consistently control the formation of odorants in the system. Where OC San does not have the ability to site a chemical dosing station and persistent odors are being experienced, there is the option to utilize caustic slug dosing. Caustic slug dosing involves using tanker trucks to discharge up to 6,000 gallons of sodium hydroxide into a sewer manhole structure. The very high pH has the effect of killing the bioslime layer on sewer pipes that creates hydrogen sulfide. This treatment has an instant benefit that reduces hydrogen sulfide production for days to weeks depending on system conditions. The final major odor fighting chemical is bleach. Bleach is used in treatment plant chemical scrubbers to oxidize odorants in air scrubber units. Bleach is an effective neutralizer of hydrogen sulfide, methyl mercaptan, methyl disulfide, dimethyl disulfide, and many others. Disinfection After a significant amount of work with the regulators, and noticeable degradation of the ocean environment, OC San successfully discontinued disinfection of its effluent to the long outfall in 2012. This means that thousands of gallons of bleach and sodium bisulfate are no longer required to be purchased or discharged to the ocean. However, in the event of a discharge to the short outfall or river overflow, disinfection by bleach will be required. Significant on-site storage of bleach and dechlorination chemical, sodium bisulfite, is necessary for this emergency contingency. Bleach 58 | STRATEGIC PLAN — 2023 does have a shelf life of about six months. OC San rotates its disinfection supply to its odor control and plant water treatment systems to prevent product waste. Process Specific Chemicals OC San uses pure oxygen to support its activated sludge secondary treatment process for Plant No. 2. OC San previously self-generated pure oxygen using a cryogenic oxygen plant rated at 70 tons per day. This plant was removed because it was inefficient at the current average utilization of 35 tons per day and was at the end of its useful life. OC San contracts for delivery of liquid oxygen and uses a vaporization system to deliver pure gaseous oxygen to the activated sludge process. Chemical Supply — Purchase vs. Make OC San has relied on purchasing bulk commodity chemicals for its treatment plants and collection system. This has proven to be an effective strategy for operational flexibility and to allow concentration on core business. Operationally, the types and volume of chemicals change over time. Over time the types of polymers that are most efficient change. The volume and dosing of chemicals is based on sewage flow rates, sewage composition, and flow splits between plants. Managing the generation of specialized chemicals using hazardous materials imposes a significant training burden on staff, increases the regulatory oversight and requirements, and increases overall risk to the organization. OC San maintains a policy to split the volume of orders between two vendors to assure competition exists in the marketplace for ferric chloride. While OC San generally cooperates with other public agencies to pool purchasing power to secure the lowest possible cost through high volume purchasing, some specialty chemicals like ferric chloride require split orders to maintain competitive market forces. Current Situation OC San is constantly changing and improving its facilities to meet new challenges. Each of the facility changes offer new opportunities to reconsider how OC San operates its processes and how chemicals are used. The best chemical stability outcome is to cost-effectively eliminate the use of the chemical. This is the strategy behind cessation of bleach disinfection of the outfall effluent. Staff is studying the potential to operate the treatment plants differently to minimize or eliminate use of selected chemicals. Facilities like centrifuge sludge thickening provide new opportunities to adjust ferric chloride and anionic polymer usage. Opportunities for substitute chemicals will be explored to understand overall cost and efficiency savings potential. This includes iron vs. aluminum coagulant studies, anionic polymer trials, cationic polymer trials, and microaeration of anaerobic digesters to reduce hydrogen sulfide production. Staff also evaluates operating parameters such as in-basin sludge co-thickening, primary basin sludge blanket level parameters, as well as the greater loading of the secondary treatment systems. Future Policy Statement OC San will thoroughly understand its treatment processes, the potential modes of operation, and the benefit and cost of chemicals to improve or stabilize its process. OC San will maintain a list of necessary chemicals for optimal treatment operations which will consider chemical cost, chemical availability, treatment stability, energy utilization, energy creation, nuisance odor control, biosolids generation/cost, and regulatory permit compliance risks. Chemicals that are deemed most beneficial will be procured at the lowest overall cost from market STRATEGIC PLAN — 2023 | 59 providers to the extent possible. Where there are market stability concerns, the purchasing division will devise procurement strategies to mitigate procurement risks. Where procurement risk cannot be satisfactorily mitigated, technical staff will evaluate alternatives such as alternate operating methods, substitute chemical usage, or on-site generation of a chemical if feasible. Initiatives to Support Progress Toward the Policy Goal • Reduce the exclusive reliance on particular chemicals and individual vendors to establish flexibility to utilize other chemicals/processes to accomplish operational objectives. 60 | STRATEGIC PLAN — 2023 Biosolids Management Policy Summary Policy Statement The Orange County Sanitation District (OC San) will remain committed to a sustainable biosolids program and will continue the beneficial reuse of biosolids in accordance with Resolution No. OC San 13-03 and the 2017 Biosolids Master Plan. Background Wastewater solids at both our treatment plants are separated, thickened, digested, and dewatered before being recycled offsite by contractors for composting and land application. Biogas generated from the digesters offsets electricity needs, minimizing the need to purchase power from a local utility. Prior to 2019, OC San produced an average of 800 wet tons per day (~20 percent solids) of Class B biosolids that were dewatered by belt presses. Following the commissioning of the co-thickening sludge and dewatering centrifuge system in 2019, OC San has been producing approximately 500-600 wet tons per day (23-28 percent solids), which resulted in an approximately $4 million per year reduction of biosolids hauling costs. OC San’s biosolids program is developed in compliance with federal, state, and local regulations, OC San’s biosolids policy (Board Resolution 13-03), biosolids management system, and the 2017 Biosolids Master Plan (Plan). OC San’s adaptive and highly effective biosolids program emphasizes diversification of beneficial reuse options and markets for biosolids. Although cost is a key consideration, the incorporation of failsafe options is considered paramount. These principles align with the policy and Plan and provide a framework for identifying and adopting reliable and sustainable biosolids management options while minimizing cost. Moreover, through innovation and continuous improvements in its biosolids management practice, OC San has been well- positioned to sustain regulatory compliance and its commitment to beneficially reuse biosolids. Currently, about 54 percent is used to produce Class A compost in California, and about 46 percent is used for Class B land application in Arizona. The Plan forecasted future capital improvement projects needed to sustain responsible and cost- effective biosolids management over a 20-year planning horizon. As an example, OC San has initiated a project at Plant No. 2 to construct new thermophilic digesters and batch holding tanks that will generate Class A biosolids beginning in 2030. These new digesters are needed to increase operational resiliency against seismic events and biosolids reuse options. Plant No. 1 will continue to produce Class B biosolids. According to the Plan, upon commissioning the new thermophilic digesters, future biosolids management options may include: • Emerging markets: Management options and technologies that become available following the adoption of the Plan, such as mine and fire reclamation, gasification, pyrolysis, supercritical water oxidation, fluidized bed combustion, and cement kiln drying. • Soil blending: Partner with local soil blenders to deliver and blend Class A biosolids with soil to produce a high-quality soil amendment that can be used in a larger variety of markets than current Class A compost such as construction back-fill. • California land application: While Class A compost and granules are currently land-applied in California, land application of Class A biosolids is still restricted in most counties. However, with the recent implementation of California’s organics diversion regulations and planned enforcement in 2022, stringent local ordinances that unreasonably restrict land application of biosolids are prohibited. STRATEGIC PLAN — 2023 | 61 • Arizona land application: Land application in Arizona will continue to be a part of OC San’s overall biosolids program and serves as a large-capacity outlet for biosolids management. Current Situation The legislative and regulatory landscapes in California are changing regarding organics management. Since 2003, direct land application of Class B biosolids in Southern California has largely been prohibited due to strict ordinances and conditional use requirements that preempted state recycling laws. However, in recent years there has been a greater focus on healthy soils, renewable energy, organics diversion from landfills, and reduction of Greenhouse Gases (GHGs), which are reflected in several bills and initiatives that have been adopted: • AB 1826 (2014) - Mandatory Organics Recycling for Businesses. • SB 1383 (2016) - 50% organics diversion from landfill by 2020 and 75% by 2025, which includes biosolids and mandatory organics procurement (compost and biogas) for impacted jurisdiction. • SB 32 (2016) - 40% Reduction of GHG below 1990 levels by 2030. • SB 100 (2018) – 50% renewable resources (i.e., anaerobic co-digestion of food waste) target by December 31, 2026, and to achieve a 60% target by December 31, 2030. • Increasing soil carbon and carbon sequestration under the Healthy Soils Initiative and Forest Carbon Plan. In combination, these measures are expanding the “organic waste markets”, thereby stimulating interest in siting more composting facilities and organic waste-to-energy projects. It will also support soil blending and direct land application of biosolids and create opportunities for wastewater agencies to innovate. Agencies such as the State Water Resources Control Board (SWRCB), CalRecycle, California Department of Food and Agriculture, California Air Resources Board, and California Energy Commission are developing regulations to implement the new laws. Throughout the rulemaking process, OC San has been actively involved through the California Association of Sanitation Agencies (CASA) and the Clean Water SoCal (formerly Southern California Alliance of POTWS, SCAP) to encourage regulators to open more biosolids management options in California. In particular, the recently adopted regulations for SB 1383 require jurisdictions such as cities and counties to procure recycled organics like compost and biogas for localized beneficial reuse. In addition, CASA, in coordination with CalRecycle, has met with counties in California to restrict enforcement of local ordinances on land application of biosolids that are unreasonably restrictive or prohibitive, thus paving the way for more local biosolids management options. It is worth noting that, while there is growing interest in California for enhanced organics management, there has also been a rising concern from the regulatory community regarding emerging contaminants such as polyfluoroalkyl substances (PFAS) and microplastics. These ubiquitous, often household compounds have been detected in the wastewater pathway and biosolids, and OC San has been actively monitoring the development of the science and regulations across all water, wastewater, air, and soil sectors. To date, PFAS regulations have been established for drinking water and a series of phased investigative orders were issued by the SWRCB to examine the fate and transport of PFAS. OC San was among 249 wastewater treatment plants that participated in Phase 3 of the investigative order and is actively participating in collaborative studies to evaluate the potential impact of PFAS on beneficial reuse of biosolids. Future Policy Statement As California’s evolving environmental regulations influence the organic waste markets, OC San will continue to leverage its memberships with various professional/industry associations to encourage 62 | STRATEGIC PLAN — 2023 local, state, and federal agencies to promote the beneficial reuse of biosolids. OC San will also continue to monitor the development of regulations for constituents of emerging concern that may impact the beneficial reuse of biosolids. OC San’s long-standing leadership role in key professional organizations will continue to ensure timely and meaningful engagement on key regional, state, and national biosolids management policies. OC San will continue to stay abreast of new biosolids management options, technologies, and regional biosolids recycling and renewable energy partnerships within Southern California, especially those that address the removal, sequestration, and destruction of constituents of emerging concern. Based on the findings from the above mentioned pyrolysis PFAS demonstration project and any regulations that are developed in the coming years, staff will update OC San’s biosolids strategy to account for emerging contaminant management. Consistent with the Plan, staff will work with OC Waste and Recycling (OCWR) to explore regional biosolids management opportunities as well as local solutions to meet SB 1383’s organics diversion mandates, with emphasis on in-county biosolids utilization, composting, food waste co- digestion, and biogas production. Initiatives to Support Progress Toward the Policy Goal • Proceed with implementation of new thermophilic biosolids facilities at Plant No. 2 to improve OC San’s operational resiliency against seismic events while enhancing biosolids quality and marketability. • Engage with local, state, and federal agencies to ensure that biosolids will continue to be safely and legally used as a soil amendment. • Refresh both short and long-term hauling and management options to ensure reliability and availability of failsafe options, promote local biosolids management options, and enable compliance with Advanced Clean Fleets and Greenhouse Gas reduction regulations. • Stay abreast of new biosolids management options, technologies, and biosolids recycling and renewable energy partnerships in Southern California, with special emphasis on technologies that address the removal, sequestration, and destruction of contaminants of emerging concern, such as Supercritical Water Oxidation. STRATEGIC PLAN — 2023 | 63 Constituents of Emerging Concern Policy Summary Policy Statement The Orange County Sanitation District (OC San) will partner with other agencies, associations, and institutions to support the use of sound science to inform policy and regulatory decisions on constituents (or contaminants) of emerging concern (CECs) at the federal, state, and regional levels. Staff will obtain and maintain current knowledge on CECs under regulatory consideration, including occurrence, analytical methods, regulations, and treatment to support OC San’s mission and regulatory compliance. Background CECs are pollutants that are not necessarily subject to existing regulations but have the potential to pose significant risk to public health and/or the environment. Wastewater treatment systems are generally not designed to remove or destroy CECs but can serve as a pathway for persistent CECs such as per- and polyfluoroalkyl substances (PFAS, commonly known as the “Forever Compound”) and microplastics that enter the system from sources such as residential dwellings, commercial establishments, industrial facilities, dry weather urban runoff diversions, and special purpose discharges. In fact, certain CECs have the potential to compromise wastewater treatment and reuse operations, if found at levels that impair OC San’s biological treatment systems, digester gas utilization, or advanced water purification at the Groundwater Replenishment System. As with most pollutants, reduction of CECs at the source is by far the most effective means of safeguarding public health and the environment. However, since the full range of adverse effects associated with each CEC is often unknown until contamination has become wide-spread, OC San routinely coordinates with environmental regulators, industry partners, and community stakeholders to maintain up-to-date scientific knowledge, technological developments, and relevant regulatory and legislative initiatives. It is worth noting that some of today’s regulated pollutants were once considered CECs, such as 1,4-dioxane and polychlorinated biphenyls (PCBs), and OC San is engaged in multiple regional collaborations to continuously increase our collective understanding of pollutant fate and transport and develop integrated water quality improvement strategies. With steadfast support from the OC San Board of Directors, multiple generations of staff have acquired and conveyed considerable institutional knowledge and experience with identifying, monitoring, and reducing CECs through a combination of source control, treatment optimization, analytical innovations, outreach, and responsible reuse and disposal. A key takeaway from OC San’s decades-long experience with CECs is that there is no such thing as ‘away’ for some pollutants. Thus, we must consider CEC management in every facet of OC San operation, with special emphasis on advance planning for source control, beneficial reuse, and responsible ocean discharge. Current Situation OC San has prioritized CEC source control to prevent potential adverse impacts to its mission of protecting public health and the environment. Industrial and certain non-domestic discharges are regulated by OC San’s Pre-treatment Program through a permitting and source control inspection program that enforces OC San’s Waste Discharge Ordinance and federal, state, and local mandates. For CECs that are undergoing regulatory development, OC San may choose to utilize interim guidelines and recommended thresholds from federal, state, and local regulatory agencies to safeguard our ocean discharge and beneficial reuse of water and biosolids. 64 | STRATEGIC PLAN — 2023 Specifically, OC San has worked with regulators at the federal, state, and local levels in advance of CEC regulations to develop special projects that can be incorporated into its National Pollutant Discharge Elimination System (NPDES) Permit to evaluate the presence and quantity of CECs in our final discharge to the ocean and the background levels in the receiving environment. OC San’s current CEC monitoring program includes constituents in the following category: Hormones (8), Industrial Endocrine Disrupting Compounds (7), Pharmaceuticals and Personal Care Products (13), and Flame Retardants (9). Data from OC San’s ongoing CEC program were reviewed by the regulatory and natural resource agencies during the recent NPDES permit renewal consultations, and additional CECs have been added to the 2021 NPDES permit. Over time, OC San’s source control program has been enhanced and updated to meet the needs of the Groundwater Replenishment System (GWRS) as it underwent expansion to increase water supply reliability for north-central Orange County. Through formal agreements and staff-level coordination, OC San and the Orange County Water District (OCWD) have forged a world-class partnership that currently produces up to 130 million gallons per day (MGD) of purified water. To safeguard this potable reuse effort against CECs and other pollutants that are not removed by conventional wastewater treatment systems, OC San and OCWD established a response plan that is activated whenever a pollutant or pollutant precursor becomes a concern to either agency. Where the source can be identified, the plan organizes responsive actions from OC San and OCWD for industrial and commercial facilities. A typical response could include source investigation by OC San that begins with data review, accelerated sampling, laboratory analysis, and result in inspections and enforcement actions. CECs from suspected domestic and residential sources are typically addressed by way of educational outreach to the public. However, OC San’s Board of Directors have also authorized financial and in-kind services to support targeted research at academic institutions that investigate CECs from domestic and residential origins. CECs that are not removed through the treatment process can also be found in biosolids. At high concentrations, CECs may preclude beneficial reuse of biosolids as soil amendments for non-food crop and force OC San to dispose of biosolids in landfills or pursue costly means of destruction. Thus, responsible legislations and regulations that reduce the production and use of CECs, encourage substitution with less toxic materials, and promote adaptive source control programs are essential for sustaining OC San’s mission and commitments to the community. If source control, education and outreach, or legislative and regulatory efforts are not successful, OC San may be required to implement a technological or operational process change/investment to address a CEC. Future Policy Statement OC San shall align its resources to manage CECs throughout its service area and treatment process to comply with existing and anticipated regulatory requirements and sustain beneficial reuse of treated effluent and biosolids. OC San shall acquire and maintain a high level of subject matter expertise and engagement across the wastewater, water, water reuse, air quality, ocean monitoring, and biosolids sectors to monitor the environmental, operational, and financial threats posed by CECs. OC San shall continue to work with other agencies and professional organizations to develop robust analytical methods and routinely monitor its local limits to shape and comply with regulation to protect public health and the environment. OC San shall continue to implement and update the GWRS Response Plan to sustain effective water reuse and prepare for next-generation CECs and emerging regulatory obligations. STRATEGIC PLAN — 2023 | 65 Initiatives to Support Progress Toward the Policy Goal • OC San will continue to actively engage water and wastewater stakeholders to stay abreast of the scientific progress and any potential operational and financial impacts of CECs and provide timely briefings to OC San’s Executive Management Team and Board of Directors to facilitate informed decision making. • OC San will continue to develop capacity to identify, detect, quantify, and characterize CEC sources throughout the service area and treatment process to promote source reduction, treatment effectiveness, communication of credible risks, and responsible reuse and disposal. • OC San will proactively establish internal expertise and develop laboratory capability to research the potential impact of CECs on beneficial reuse of water and biosolids. OC San will use science- based knowledge to help shape CEC legislation and regulations to protect the public health and environment. • In the absence of promulgated regulatory limits for specific CECs, OC San will work with regulatory agencies to establish interim source control measures to safeguard its water and biosolids reuse initiatives and ocean discharge against potential adverse impacts. 66 | STRATEGIC PLAN — 2023 Workforce Environment STRATEGIC PLAN — 2023 | 67 68 | STRATEGIC PLAN — 2023 Resilient Staffing Policy Summary Policy Statement The Orange County Sanitation District (OC San) has comprehensive programs in place to attract, develop, and retain high-quality talent to support its mission of protecting public health and the environment. Some of these programs include training and development, employee recognition, diversity and inclusion, recruitment and selection, and competitive benefits and compensation, which help promote employee engagement and productivity and make OC San an employer of choice. Background At OC San, employees are the organization’s most valuable resource. OC San employs over 600 highly skilled and dedicated individuals committed to providing outstanding service to the community, and whose collective efforts make OC San an industry leader. OC San invests in its employees by providing targeted educational and training opportunities, resulting in a highly skilled and educated workforce tasked with carrying out our mission. OC San has a diverse workforce and a wide range of expertise with approximately 70 percent of positions requiring a degree, certification, and/or license. Occupations include scientists, engineers, environmental and regulatory specialists, operators, mechanics, construction inspectors, as well as professionals in public affairs, finance, contracts, IT, safety, and human resources. Effective strategic workforce planning allows management to project the loss of institutional knowledge and experience caused by employee turnover. OC San utilizes a variety of methods to ensure we have access to internal talent pools through effective performance management, talent assessments and training, development plans, and external talent pools by actively sourcing for passive candidates and leveraging social media outlets and career fairs. OC San has a competitive recruitment process that prioritizes hiring the best candidate for any given position based on qualifications and merit. Human Resources utilizes an objective multi- hurdle recruitment and selection process which includes assessment centers and skills testing, screening for minimum qualifications, secondary screening of applications by the hiring manager, panel interviews (for technical skills and fit), and a full background investigation and reference check of the selected candidate. OC San utilizes several strategies to attract, retain, and develop highly skilled staff for key positions. These include fostering a strong values-based culture, being intentional with our hiring practices, promoting employees’ growth and development, supporting a healthy work/life balance, rewarding and recognizing exemplary achievements, and maintaining a competitive benefits and compensation philosophy, in addition to the following: • Equal Opportunity Employer As an Equal Opportunity Employer, OC San advertises vacant positions to all segments of the public providing a fair opportunity to all. Jobs are generally advertised on the Internet, e-mailed to employees, and posted on social media and other internet sites, and in trade magazines or on trade-specific websites for hard-to-fill, specialized, or technical positions. Recruiters also utilize LinkedIn and other platforms to reach active and passive candidates in the market. • Vocational/Professional Student Internship Programs Vocational students from the Water Utility Science Program at Santiago Canyon College and Los Angeles Trade Technical College work 28 hours a week and rotate through five technical trades for 52 weeks in our Operations and Maintenance Department. OC San has experienced success through the program with 23 of the participants hiring on full-time since the program’s inception. STRATEGIC PLAN — 2023 | 69 OC San also offers a Professional Student Internship Program that allows students at local Universities an opportunity to work within the professional ranks while attending college full- time for a one-year maximum duration. OC San partners with Cal State Fullerton, Cal State Long Beach, Cal Poly Pomona, Chapman University, and UC Irvine, among others in Southern California. • Employee Training and Development Program In addition to providing all legally mandated training, OC San provides training and development opportunities to increase job knowledge and maximize skill sets in employees’ current positions, and to prepare them for future opportunities. Comprehensive training programs include legally mandated training, and technical training through industry-specific associations or groups, local schools, and professional associations, including informal on the job training. Employee development is profiled and tracked to ensure compliance with legally mandated training as well as requirements for licenses and certifications. Staff obtains targeted job-related training necessary to keep OC San current with industry best practices and developments in their respective fields of expertise and are eligible to receive Development Pay for job-related licenses and certifications. OC San also promotes professional development through its tuition and certification reimbursement programs for courses completed toward obtaining an associate’s, bachelor’s or master’s degree at accredited colleges, universities, or other institutions or industry-specific certifications. • Orange County Sanitation District University (OC San “U”) OC San has a comprehensive employee development program called OC San “U” that offers learning opportunities that increase knowledge, skills, abilities, and enhance organizational awareness. The elective training courses are focused on leadership, technology, communication, OC San business systems, and partnerships for the future. The program is designed to address knowledge transfer as attrition occurs and to develop employees from within the organization for succession management and business continuity. Human Resources oversees the program with volunteers from across the organization serving as program ambassadors. Under this program, employees may also apply to participate in the Cal State Fullerton 14-week Leadership Academy for Public Agencies. • Workforce Vulnerability Assessments OC San management conducts a systematic assessment of its workforce to forecast staffing requirements and identify key and vulnerable positions based on three criteria: criticality, retention, and difficulty to fill. Human Resources facilitates annual workforce vulnerability assessments and works closely with departments to identify potential gaps and develop action plans to respond to future staffing needs. • Talent Readiness Assessments OC San evaluates staff readiness for key positions on a regular basis and focuses its employee development efforts based on identified gaps. Key positions and feeder roles are also identified along with the knowledge, skills, and abilities needed to perform these jobs to create Individual Development Plans (IDP) for employees to prepare to compete for future job opportunities and ensure seamless movement of talent within the organization. Additionally, there are employees who are active members of various professional associations, serve on a Board, or volunteer in various capacities within the wastewater industry. OC San is regularly invited to present and teach others about resource recovery and succession management efforts. Recruiters attend job fairs, and work closely with universities, professional organizations, and serve on advisory committees for career planning, bringing awareness to the organization and reinforcing OC San’s image as an industry leader. 70 | STRATEGIC PLAN — 2023 To remain competitive in the labor market and ensure retention of top talent, OC San conducts Classification & Compensation studies to ensure job classifications accurately reflect the work being performed, set compensation levels accordingly, and stay abreast of market benefit and salary data. The process includes feedback from multiple stakeholders including employees, management, bargaining groups, legal counsel, and Human Resources. Current Situation Currently, 42 percent of OC San’s executives and managers are eligible for retirement. In the next five years, the number of eligible management increases to 68 percent. For trades and professional occupations, 26 percent are currently eligible to retire, and that increases to 44 percent by 2028. OC San has many long-term employees with vast knowledge in their respective areas of expertise. The average years of service is nine years with some employees having been a part of the OC San family for over 35 years. Looking at OC San’s total attrition over the last five years, we have lost 4,780 years of knowledge and experience by 292 individuals leaving the agency since July 2018. In 2010, OC San proactively implemented a second retirement benefit formula (“classic open plan”) ahead of the Public Employee Pension Reform Act, which offered candidates moving from other public sector agencies to OC San a retirement benefit of 2.43 percent at 65, with zero employer paid member contribution. Based on OC San’s classic open retirement plan, competing for experienced and highly skilled talent from surrounding municipalities, who offer a more attractive retirement benefit of 2.5 percent or 2.7 percent at 55 in addition to paying for a portion of the employees’ contribution, has been challenging. In the last five years, approximately 35 percent of new hires come from other public sector agencies which limits our ability to hire already trained and experienced staff which can be particularly difficult for technical, scientific, and management positions. OC San has had recent experience in competing with the private sector labor market, as well as with public sector candidates withdrawing from the process or declining job offers once they learn of the impact to their retirement benefit formula. Given the legal restrictions which bind OC San to the classic open retirement formula, it is critical that OC San focus its efforts on retaining current staff, attracting qualified and experienced candidates, and investing in developing and growing employees’ knowledge, skills, and abilities for the future, to address any potential talent shortages. Future Policy Statement OC San will continue to implement strategic workforce planning processes to ensure workforce capabilities match the work required to meet OC San’s current and future needs. OC San will continue to proactively monitor the changing work environment, labor market, and legal landscape to ensure human resources programs are compliant, relevant, competitive, and help facilitate the behaviors, culture and competencies needed to achieve organizational goals. Initiatives to Support Progress Toward the Policy Goal • OC San’s employee training programs and activities will be transitioned from individual departments and centralized in Human Resources department over a two-year period. The centralized approach will streamline processes, ensure legal compliance, and provide greater consistency, transparency, and access for all employees, while also being responsive to the needs of the organization. STRATEGIC PLAN — 2023 | 71 • Maintain and enhance workforce planning initiatives to efficiently and effectively identify, develop, and select the next generation of prepared, capable, and engaged employees through: o Vocational/Professional Student Internship Programs o Workforce Vulnerability Assessments o Talent Readiness Assessments o Orange County Sanitation District University (OC San “U”) • Continue to build the OC San “U” program and evaluate various options to partner with member agencies to share content and interactive development opportunities. 72 | STRATEGIC PLAN — 2023 STRATEGIC PLAN — 2023 | 73 Safety and Physical Security Summary Policy Statement The Orange County Sanitation District (OC San) will ensure the safety, health, and security of employees, contractors, and the public through industry best practices, policies, and procedures that support a safe and secure environment, provide an appropriate level of security, and safeguard OC San’s property and physical assets. Background Safety and Health In California, employers must furnish employees with a place of employment free from known or recognized hazards that cause serious physical harm or death, that is compliant with all legal requirements, and aligns with industry best practices. OC San is committed to identifying all hazards through regular inspection, with the goal of eliminating the hazard or providing an acceptable engineering control, implementing administrative controls such as safe work procedures and training, as well as provision of personal protective equipment. Our safety programs have proven effective in ensuring the safety of OC San’s workforce, contractors, and members of the public. Emergency Management OC San must be prepared to control risks to the organization, and routinely recognize, evaluate, and prepare for emergencies. An emergency can include an explosion, fire, verified bomb threat, civil disorder, active shooter, or uncontrolled hazardous materials release which interrupts OC San’s ability to provide safe and environmentally responsible wastewater treatment. OC San’s protocol to control and respond to emergencies is contained within the Integrated Emergency Response Plan (IERP). The IERP identifies and assesses hazards regarding emergency events which OC San may be confronted with. It contains policies, plans, and procedures for preparing and responding to emergencies. When OC San cannot effectively respond to an emergency under routine operations, the Emergency Operations Center (EOC) is activated. OC San’s EOC adheres to the National Incident Management System (NIMS) Incident Command System (ICS) framework, which is a standardized approach to command, control, and coordinate emergency response for incidents of any size. Once the immediate emergency has been controlled, then OC San must resume normal operations. In the event of a prolonged emergency state, the return to normal operations is guided by OC San’s Continuity of Operations Plan (COOP). In May 2018, a COOP was completed with all divisions contributing to its development. The IERP and COOP programs are updated annually at a minimum, or more frequently, based on emergency response exercises, or due to changes in plant processes or personnel. OC San collaborates, and has mutual aid agreements in place, with other Orange County agencies to ensure available resources are identified and engaged in the event of an emergency. OC San is a member and funding agency of the Water Emergency Response Organization of Orange County (WEROC), which is administered by the Municipal Water District of Orange County (MWDOC). WEROC supports and manages countywide emergency preparedness, planning, response, and recovery efforts among Orange County water and wastewater utilities. Physical Security The Department of Homeland Security (DHS) has designated 16 critical infrastructure sectors, which includes water and wastewater systems. Wastewater systems are vulnerable to a variety 74 | STRATEGIC PLAN — 2023 of attacks, including acts of terrorism, contamination with deadly agents, physical attacks, and cyberattacks. In addition, DHS indicates that the average time it takes for a critical incident to take place is up to 12 minutes while the average police response time can be up to 11 minutes, and that time could increase should there be a natural disaster. Additional security concerns include physical violence, vandalism, theft, and trespassers. With a footprint of approximately 100 acres at each plant, and over 600 employees, contractors, and members of the public onsite for tours and meetings, it is essential to maintain a security presence that can respond to security threats promptly. OC San contracts with a security firm that includes armed guards to provide round the clock security monitoring of plant access, doors, cameras, and patrolling the perimeter at both plants. Current Situation Risk Management identifies potential risks to the organization and provides solutions for mitigation or reduction of the risk to acceptable levels. Through this process, the Risk Management Division will create a safe, healthy, and secure environment for OC San employees, contractors, and members of the public. Risk Management partners with management and employees to take ownership of identifying risks and mitigating risks within their sphere of control. Risk Management, managers, and staff collaborate to develop written procedures (e.g., policies) that are used for eliminating and controlling hazards at OC San; thus, ensuring compliance with occupational health and safety standards and laws. Safety OC San strives to achieve safety excellence and continually advance our safety and health culture and associated programs. This is exemplified by our pursuit of the California Voluntary Protection Program (Cal/VPP) designation, which is recognized as a higher level of protection for the workplace. The Cal/VPP is a program created by Cal/OSHA to recognize organizations that have implemented safety and health programs that effectively prevent and control occupational hazards. A Cal/VPP workplace is expected to continually improve its safety program, which means a safe workplace for all. A reduction in injuries and illness has been documented at sites that have committed to the VPP approach. In June of 2020, OC San submitted its application to Cal/OSHA for the Cal/VPP program. In October of 2020, the Cal/VPP Manager confirmed through a preliminary site inspection that OC San’s Plant No. 1 was eligible, and a subsequent program audit was delayed because of the COVID-19 pandemic. On May 22, 2023, Cal/OSHA completed a weeklong audit of Plant No. 1’s safety and health management system, which included physical walkthroughs, employee interviews, as well as a review of our safety programs and procedures. OC San anticipates a decision regarding its Cal/ VPP application in the last quarter of 2023. OC San updated its Safety Incentive Program in December 2022 to a user friendly, virtual point- based platform that makes recognition more transparent, flexible, and meaningful to employees. OC San’s Safety Incentive Program recognizes and rewards employees for their improvement of safe work practices, resolving unsafe working conditions, and achieving safety excellence in job performance. The new program provides a broader selection of awards, ranging from OC San apparel to an assortment of sanctioned products. OC San continues to conduct third party annual comprehensive surveys. The goal of the surveys is to identify regulatory gaps in safety, health, industrial hygiene, and emergency management. Opportunities for improvement that are identified as part of the survey process are tracked to completion. STRATEGIC PLAN — 2023 | 75 Emergency Management OC San partners with local agencies to ensure available resources are identified and engaged in the event of an emergency. In 2023, OC San conducted plant-wide building evacuations and a multi-agency tabletop exercise that included a shelter-in-place drill. These simulation exercises are an instrument to train for, assess, and evaluate OC San’s emergency response performance and test our employee notification capabilities. Security The designation of wastewater systems as critical infrastructure by the Department of Homeland Security requires OC San to be diligent in protecting people and property from security breaches. OC San seeks to continually improve the security program. On May 11, 2023, OC San partnered with the Cybersecurity & Infrastructure Security Agency (CISA) to complete a Cyber Tabletop Exercise to examine OC San’s ability to identify, protect against, detect, and respond to a significant cyber incident affecting plant processes. The exercise examined internal and external information sharing, notifications, incident response, analysis of procedures, roles and responsibilities, and the ability of plant operations to operate equipment without use of computer systems. OC San will issue a Request for Proposal (RFP) in late 2023 for Security Services, which will include the expansion of security services for OC San’s new Headquarters Complex. As part of the RFP evaluation, OC San will review procedural and technical enhancements and innovations that may improve the existing program. OC San’s Security Committee, which includes stakeholders from a cross-section of the organization, continues to meet quarterly to collect input and assess physical and cyber security concerns and suggestions. Responsibilities of the committee include, but are not limited to, reviewing security orders and policies, reviewing security incident reports, and planning drills. Future Policy Statement Risk Management will continue to implement strategic initiatives that will ensure the safety, health, and security of its workforce, and proactively plan for emergencies to ensure continuity of operations. Staff is dedicated to proactively monitoring the changing work environment and requirements to implement programs now that address future vulnerabilities. Assessments of changes in business needs, plant processes, and legal requirements are necessary to ensure a safe and secure work environment. The results of improvement will be measured using leading metric indicators and reported to the workforce to foster employee engagement. Initiatives to Support Progress Toward the Policy Goal Safety • Identify regulatory gaps and opportunities to continually improve OC San’s safety and health management system to participate in the Cal/OSHA Voluntary Protection Program (VPP). • Continue to foster a culture where employees are accountable for their safety, as well as the safety of others. 76 | STRATEGIC PLAN — 2023 Emergency Management • Support facility and countywide emergency preparedness, response, and recovery efforts by partnering with entities, such as, the Water Emergency Response Organization of Orange County (WEROC), Orange County Sherriff Department, and local fire departments to plan and conduct disaster preparedness exercises and drills. • Train new employees or retrain existing employees who staff OC San’s Emergency Operation Center (EOC) on the Incident Command System (ICS) and emergency disaster forms. Security • Identify and assess security vulnerabilities and improve physical security systems such as CCTV monitoring, access control systems, physical key management systems, and physical patrols of occupied buildings and plant facilities. STRATEGIC PLAN — 2023 | 77 Reclamation Plant No. 1 (Administration Offices) 10844 Ellis Avenue Fountain Valley, California 92708 714.962.2411 Treatment Plant No. 2 22212 Brookhurst Street Huntington Beach, California 92646 For more information Email: ForInformation@ocsan.gov Phone: 714.962.2411 www.ocsan.gov 10/2023 June 26, 2024 TO: Members of the Steering Committee FROM: Robert C. Thompson General Manager SUBJECT: General Manager’s FY 2024-2025 Work Plan I am pleased to present my Work Plan for Fiscal Year 2024-2025. The plan has been developed to support the Strategic Plan and is organized under four Strategic Planning categories: Business Principles, Environmental Stewardship, Wastewater Management, and Workplace Environment. The 21 goals for next year include two goals from the previous year as well as new goals that will ensure our operations are safe and efficient. In addition, we will continue leading the way in innovation, financial management, and work force while maintaining the level of service we have committed to. 1. Business Principles • Asset Management Plan – Implement a siphon cleaning program by June 30, 2025. • Progressive Design-Build – Select an Owner Advisor for Progressive Design- Build by March 31, 2025. Develop Progressive Design-Build contract templates by June 30, 2025. • Earned Value – Review Engineering’s earned value processes for project reporting and compare with industry best practices by June 30, 2025. • NPDES Permitting Legal Support – Secure legal and technical resources for 2026 NPDES permit renewal by March 31, 2025. • Permit Fees – Complete analysis of the current Capital Facilities Capacity Charge program to identify deficiencies for the member agencies and provide program improvement recommendation by December 31, 2024. Create a customer portal for online submission and payment of fees by June 30, 2025. • Headquarters Educational Display – (Carried over from FY 23/24) Develop a Board approved design for the hands-on educational display for the outdoor patio by June 30, 2025. General Manager’s FY 2024-2025 Work Plan June 26, 2024 Page 2 of 3 • Regional Sewer Spill Training – Conduct regional sanitary sewer spill training for the collections system by June 30, 2025. 2. Environmental Stewardship • Plant No. 2 Process Facilities Seismic Resilience – Select a consultant for the Plant No. 2 Process Facilities Seismic Resiliency Study by December 31, 2024. • Urban Runoff Optimization Study – Receive draft Urban Runoff Study identifying opportunities within Orange County Water District, County of Orange, and OC San’s services area for additional dry weather urban runoff by June 30, 2025. • Enforcement Response Plan – Update pretreatment/source control enforcement response plan in alignment with State of California’s 2024 water quality enforcement guidance document for legal review by June 30, 2025. • Pretreatment Management – Expand OC San’s Pretreatment Honor Roll program to include wastehaulers by June 30, 2025. • Food Waste – Finalize Memo of Understanding with Orange County Waste and Recycling by December 31, 2024. Agree on deal points for a cooperative agreement and make go/no-go decision to move forward by June 30, 2025. 3. Wastewater Management • Plant No. 1 Distributed Control System Human Machine Interface (HMI) – Complete the conversion of the Plant No. 1 HMI system from CRISP to ABB by June 30, 2025. • Deep Well Injection – Evaluate the initial feasibility of deep well injection of biosolids. Issue and evaluate Request for Information for potential deep well injection design-build-operate vendors and review permitting requirement by June 30, 2025. • Supercritical Water Oxidization – (Carried over from FY 23/24) Complete the commissioning and begin demonstration of the pilot project by March 31, 2025, subject to regulatory permitting. Publicize project status. General Manager’s FY 2024-2025 Work Plan June 26, 2024 Page 3 of 3 • Property Management – Complete a physical assessment of all current OC San easements and rights-of-way. Document the assessment in written and visual forms as part of the OC San easement management program. Complete the assessment and report by June 30, 2025. 4. Workplace Environment • Staff Training – Create development plans for each employee with associated training plans by June 30, 2025. • Scanning and Paper Reduction – Complete Scope of Work for Phase III, issue a Purchase Order Agreement Request for Proposal and award the contract for implementation of the trusted system, Phase III for Environmental Services. Complete Phase III by June 30, 2025. • Labor Agreements – Complete all labor agreements for all labor groups by June 30, 2025. • OSHA Voluntary Protection Program (VPP) certification for Plant No. 2 – Apply for VPP certification for Plant No. 2 by June 30, 2025. • Employee Engagement Survey – Conduct an employee engagement survey by June 30, 2025 to gather feedback on workplace environment satisfaction, communication effectiveness, recognition programs, and professional development opportunities. Utilize survey results to identify areas for improvement and develop action plans aimed at enhancing employee engagement and satisfaction levels. RCT:clr 4/30/2025 1 Administration Committee May 14, 2025 OC San’s Core Values Laura Maravilla Director of Human Resources 2 Core Values Integrity, Inclusion, Honesty, and Respect Leadership, Teamwork, and Problem Solving Customer Service, Transparency, and Accountability Resiliency, Innovation, and Learning Safety 1 2 4/30/2025 2 3 We aspire to the highest degree of integrity, inclusion,honesty, and respect in our interaction with each other, oursuppliers, our customers, and our community. We strive todemonstrate these values in our actions, commitments, and service. Integrity, Inclusion, Honesty, & Respect 4 We lead by example, acknowledging the value of our resources and using them wisely to achieve our mission. We strive to reach OC San goals through cooperative efforts and collaboration with each other and our constituencies. We work to solve problems in a creative, cost-effective, and safe manner, and we acknowledge team and individual efforts. Leadership, Teamwork, and Problem Solving 3 4 4/30/2025 3 5 We are committed to acting in a timely, accurate, accessible,and transparent manner through excellent customer service. We are committed to act in the best interest of our internal and external stakeholders. Customer Service, Transparency & Accountability 6 We continuously develop ourselves, enhancing our talents, skills, and abilities. We recognize that only through personal growth and development will we progress as an agency and as individuals. Resiliency, Innovation, & Learning 5 6 4/30/2025 4 7 We are committed to providing a safe work environment. Wewill demonstrate leadership, promote individual accountability, and participate actively in the advancement of our health and safety practices. Safety 8 June •Level of Service July •Risk Register Committee Meetings 7 8 4/30/2025 5 Questions? 9 9 ADMINISTRATION COMMITTEE Agenda Report Headquarters 18480 Bandilier Circle Fountain Valley, CA 92708 (714) 593-7433 File #:2025-4279 Agenda Date:5/14/2025 Agenda Item No:CS-1 FROM:Robert Thompson, General Manager SUBJECT: CONFERENCE WITH REAL PROPERTY NEGOTIATORS - GOVERNMENT CODE SECTION 54956.8 RECOMMENDATION: Convene in Closed Session: Property: 10700 Spencer Street, Fountain Valley, CA - APN No.156-154-07 and 156-163-16. Agency negotiators:General Manager Rob Thompson;Assistant General Manager Lorenzo Tyner; and Director of Finance Wally Ritchie. Negotiating parties: Shabtai Itzhak Tr Ins Tr Under negotiation: Price and terms of payment BACKGROUND During the course of conducting the business set forth on this agenda as a regular meeting of the Board,the Chairperson may convene the Board in closed session to consider matters of pending real estate negotiations, pending or potential litigation, or personnel matters. Reports relating to (a)purchase and sale of real property;(b)matters of pending or potential litigation;(c)employment actions or negotiations with employee representatives;or which are exempt from public disclosure under the California Public Records Act,may be reviewed by the Board during a permitted closed session and are not available for public inspection.At such time the Board takes final action on any of these subjects, the minutes will reflect all required disclosures of information. RELEVANT STANDARDS ·Government Code Sections 54956.8, 54956.9, 54957, or 54957.6, as noted ATTACHMENT The following attachment(s)are included in hard copy and may also be viewed on-line at the OCSD website (www.ocsd.com) with the complete agenda package: ·Memorandum from General Counsel Orange County Sanitation District Printed on 5/5/2025Page 1 of 1 powered by Legistar™ Scott C. Smith (949) 263-6561 scott.smith@bbklaw.com 18101 Von Karman Avenue.Suite 1000.Irvine, CA 92612 Phone: (949) 263-2600 | Fax: (949) 260-0972 bbklaw.com Memorandum To: Honorable Chair and Members of the Orange County Sanitation District Administration Committee From: General Counsel Date: May 14, 2025 Re: Closed Session Item The Administration Committee will hold a closed session on May 14, 2025 for the purpose of holding a conference with its real property negotiators regarding terms for the potential acquisition of real property located at 10700 Spencer Street, Fountain Valley, California. The closed session will be held pursuant to the authority of California Government Code section 54956.8. Respectfully submitted, SCOTT C. SMITH ORANGE COUNTY SANITATION DISTRICT COMMON ACRONYMS ACWA Association of California Water Agencies LOS Level Of Service RFP Request For Proposal APWA American Public Works Association MGD Million Gallons Per Day RWQCB Regional Water Quality Control Board AQMD Air Quality Management District MOU Memorandum of Understanding SARFPA Santa Ana River Flood Protection Agency ASCE American Society of Civil Engineers NACWA National Association of Clean Water Agencies SARI Santa Ana River Interceptor BOD Biochemical Oxygen Demand NEPA National Environmental Policy Act SARWQCB Santa Ana Regional Water Quality Control Board CARB California Air Resources Board NGOs Non-Governmental Organizations SAWPA Santa Ana Watershed Project Authority CASA California Association of Sanitation Agencies NPDES National Pollutant Discharge Elimination System SCADA Supervisory Control And Data Acquisition CCTV Closed Circuit Television NWRI National Water Research Institute SCAP Southern California Alliance of Publicly Owned Treatment Works CEQA California Environmental Quality Act O & M Operations & Maintenance SCAQMD South Coast Air Quality Management District CIP Capital Improvement Program OCCOG Orange County Council of Governments SOCWA South Orange County Wastewater Authority CRWQCB California Regional Water Quality Control Board OCHCA Orange County Health Care Agency SRF Clean Water State Revolving Fund CWA Clean Water Act OCSD Orange County Sanitation District SSMP Sewer System Management Plan CWEA California Water Environment Association OCWD Orange County Water District SSO Sanitary Sewer Overflow EIR Environmental Impact Report OOBS Ocean Outfall Booster Station SWRCB State Water Resources Control Board EMT Executive Management Team OSHA Occupational Safety and Health Administration TDS Total Dissolved Solids EPA US Environmental Protection Agency PCSA Professional Consultant/Construction Services Agreement TMDL Total Maximum Daily Load FOG Fats, Oils, and Grease PDSA Professional Design Services Agreement TSS Total Suspended Solids gpd gallons per day PFAS Per- and Polyfluoroalkyl Substances WDR Waste Discharge Requirements GWRS Groundwater Replenishment System PFOA Perfluorooctanoic Acid WEF Water Environment Federation ICS Incident Command System PFOS Perfluorooctanesulfonic Acid WERF Water Environment & Reuse Foundation IERP Integrated Emergency Response Plan POTW Publicly Owned Treatment Works WIFIA Water Infrastructure Finance and Innovation Act JPA Joint Powers Authority ppm parts per million WIIN Water Infrastructure Improvements for the Nation Act LAFCO Local Agency Formation Commission PSA Professional Services Agreement WRDA Water Resources Development Act ORANGE COUNTY SANITATION DISTRICT GLOSSARY OF TERMS ACTIVATED SLUDGE PROCESS – A secondary biological wastewater treatment process where bacteria reproduce at a high rate with the introduction of excess air or oxygen and consume dissolved nutrients in the wastewater. BENTHOS – The community of organisms, such as sea stars, worms, and shrimp, which live on, in, or near the seabed, also known as the benthic zone. BIOCHEMICAL OXYGEN DEMAND (BOD) – The amount of oxygen used when organic matter undergoes decomposition by microorganisms. Testing for BOD is done to assess the amount of organic matter in water. BIOGAS – A gas that is produced by the action of anaerobic bacteria on organic waste matter in a digester tank that can be used as a fuel. BIOSOLIDS – Biosolids are nutrient rich organic and highly treated solid materials produced by the wastewater treatment process. This high-quality product can be recycled as a soil amendment on farmland or further processed as an earth-like product for commercial and home gardens to improve and maintain fertile soil and stimulate plant growth. CAPITAL IMPROVEMENT PROGRAM (CIP) – Projects for repair, rehabilitation, and replacement of assets. Also includes treatment improvements, additional capacity, and projects for the support facilities. COLIFORM BACTERIA – A group of bacteria found in the intestines of humans and other animals, but also occasionally found elsewhere, used as indicators of sewage pollution. E. coli are the most common bacteria in wastewater. COLLECTIONS SYSTEM – In wastewater, it is the system of typically underground pipes that receive and convey sanitary wastewater or storm water. CERTIFICATE OF PARTICIPATION (COP) – A type of financing where an investor purchases a share of the lease revenues of a program rather than the bond being secured by those revenues. CONTAMINANTS OF POTENTIAL CONCERN (CPC) – Pharmaceuticals, hormones, and other organic wastewater contaminants. DILUTION TO THRESHOLD (D/T) – The dilution at which the majority of people detect the odor becomes the D/T for that air sample. GREENHOUSE GASES (GHG) – In the order of relative abundance water vapor, carbon dioxide, methane, nitrous oxide, and ozone gases that are considered the cause of global warming (“greenhouse effect”). GROUNDWATER REPLENISHMENT SYSTEM (GWRS) – A joint water reclamation project that proactively responds to Southern California’s current and future water needs. This joint project between the Orange County Water District and OCSD provides 70 million gallons per day of drinking quality water to replenish the local groundwater supply. LEVEL OF SERVICE (LOS) – Goals to support environmental and public expectations for performance. N-NITROSODIMETHYLAMINE (NDMA) – A N-nitrosamine suspected cancer-causing agent. It has been found in the GWRS process and is eliminated using hydrogen peroxide with extra ultra-violet treatment. NATIONAL BIOSOLIDS PARTNERSHIP (NBP) – An alliance of the NACWA and WEF, with advisory support from the EPA. NBP is committed to developing and advancing environmentally sound and sustainable biosolids management practices that go beyond regulatory compliance and promote public participation to enhance the credibility of local agency biosolids programs and improved communications that lead to public acceptance. PER- AND POLYFLUOROALKYL SUBSTANCES (PFAS) – A large group (over 6,000) of human-made compounds that are resistant to heat, water, and oil and used for a variety of applications including firefighting foam, stain and water-resistant clothing, cosmetics, and food packaging. Two PFAS compounds, perfluorooctanesulfonic acid (PFOS) and perfluorooctanoic acid (PFOA) have been the focus of increasing regulatory scrutiny in drinking water and may result in adverse health effects including developmental effects to fetuses during pregnancy, cancer, liver damage, immunosuppression, thyroid effects, and other effects. PERFLUOROOCTANOIC ACID (PFOA) – An ingredient for several industrial applications including carpeting, upholstery, apparel, floor wax, textiles, sealants, food packaging, and cookware (Teflon). PERFLUOROOCTANESULFONIC ACID (PFOS) – A key ingredient in Scotchgard, a fabric protector made by 3M, and used in numerous stain repellents. PLUME – A visible or measurable concentration of discharge from a stationary source or fixed facility. PUBLICLY OWNED TREATMENT WORKS (POTW) – A municipal wastewater treatment plant. SANTA ANA RIVER INTERCEPTOR (SARI) LINE – A regional brine line designed to convey 30 million gallons per day of non-reclaimable wastewater from the upper Santa Ana River basin to the ocean for disposal, after treatment. SANITARY SEWER – Separate sewer systems specifically for the carrying of domestic and industrial wastewater. SOUTH COAST AIR QUALITY MANAGEMENT DISTRICT (SCAQMD) – Regional regulatory agency that develops plans and regulations designed to achieve public health standards by reducing emissions from business and industry. SECONDARY TREATMENT – Biological wastewater treatment, particularly the activated sludge process, where bacteria and other microorganisms consume dissolved nutrients in wastewater. SLUDGE – Untreated solid material created by the treatment of wastewater. TOTAL SUSPENDED SOLIDS (TSS) – The amount of solids floating and in suspension in wastewater. ORANGE COUNTY SANITATION DISTRICT GLOSSARY OF TERMS TRICKLING FILTER – A biological secondary treatment process in which bacteria and other microorganisms, growing as slime on the surface of rocks or plastic media, consume nutrients in wastewater as it trickles over them. URBAN RUNOFF – Water from city streets and domestic properties that carry pollutants into the storm drains, rivers, lakes, and oceans. WASTEWATER – Any water that enters the sanitary sewer. WATERSHED – A land area from which water drains to a particular water body. OCSD’s service area is in the Santa Ana River Watershed.