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II/ 41i <br /> GRANT AGREEMENT <br /> This Grant Agreement, dated as of May 1, 1986, is made <br /> by and between the City of Rancho Palos Verdes and the Rancho <br /> Palos Verdes Redevelopment Agency. For and in consideration of <br /> the mutual covenants and promises set forth herein, the Parties <br /> agree as follows: <br /> RECITALS <br /> This Grant Agreement is entered into with reference to <br /> the following facts: <br /> A. Pursuant to Chapter 1468 of the Statutes of 1985, <br /> the State Legislature has provided that of the amounts received <br /> from the settlement pursuant to Section 8(g) of the Outer <br /> Continental Shelf Lands Act as amended ( 43 U.S.C. S 1337(g) , <br /> two million dollars ($2,000,000) shall be second in allocation <br /> priority to the funds appropriated in Item 9675-101-890 of the <br /> Budget Act of 1985 (Chapter 111, Statutes of 1985) and shall be <br /> appropriated from the Federal Trust Fund to the Controller for <br /> transfer to the City of Rancho Palos Verdes, upon request of <br /> the City, for the purpose of aiding in the stabilization of the <br /> Portugese Bend Landside, for the expenditure categories <br /> provided below: <br />