CC RES 1992-087RESOLUTION NO. 92 -87
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF RANCHO PALOS VERDES AUTHORIZING THE EXCHANGE OF
PROPOSITION A LOCAL RETURN FUNDS FOR GENERAL FUNDS.
WHEREAS, the City of Rancho Palos Verdes will not be spending
$500,000 of its Proposition A Local Return funds; and
WHEREAS, the City of Rancho Palos Verdes is willing to sell
$500,,000 of Proposition A Local Return funds for general fund
monies which do not have the restrictions imposed by Proposition A
Local Return funds; and
WHEREAS, the City of Lancaster is willing to buy Proposition A
Local Return funds at a discounted rate in exchange for general
fund monies;
BE IT, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES:
That the City of Rancho Palos Verdes hereby assigns to the City of
Lancaster $500,000 in Proposition A Local Return funds in exchange
for $250,000 in general fund monies. The City Clerk shall certify
the adoption of this resolution and shall forward copies to the Los
Angeles County Transportation Commission, Los Angeles County
Department of Public Works, and the City of Lancaster.
PASSED, APPROVED, AND ADOPTED THE 18TH DAY OF AUGUST, 1992.
ATTEST:
n.
Cit# Clerk
Statte of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, JO PURCELL, City Clerk of The City of Rancho Palos Verdes,
hereby certify that the above Resolution No. 92 -87 was duly
and regularly passed and adopted by the said City Council at
a regular meeting thereof held on August 18, 1992.
CITY CLERK, CITY;: RANCHO PALOS VERD S