City of Montebello AGREEMENT NO. 3243
]FUND TRADE AGREEMENT
BETWEEN THE CITY OF RANCHO PALOS VERDES
AND THE CITY OF MONTEBELLO, CALIFORNIA
This Assignment Agreement is made and entered into this 25th day of January, 2017, by and
between the City of Rancho Palos Verdes, California ("RPV") and the City of Montebello,
California("Montebello")with respect to the following facts:
A. Montebello has uncommitted funding authority for its Fiscal Year 2016-17 allocation of
Proposition "A" Local Return funds ("Prop A Funds") that can be made available to RPV
to assist in providing the services discussed in Paragraph B below. Montebello is willing
to assign its uncommitted Prop A Funds to RPV for the purpose(s) identified in
Paragraph B, in exchange for the assignment by RPV of the amount of its general funds
indicated in Section 1 below.
B. RPV proposes to use Montebello's uncommitted Prop A Funds to fund Silver Spur Road
Project ("Project"), an eligible capital improvement project. The Project will improve the
safety and/or access to public transit services along Silver Spur Road adjacent to
Peninsula High School and Promenade on the Peninsula Mall. The Project will include
construction of bus pads or concrete landings, construction of bus shelters, installation of
bus benches, construction of ADA improvements including access ramps and sidewalks
repair to remove hazards/vertical uplifts within 25' of a bus stop. Adequate Prop A
funding for such services is not currently available given the limited amount of RPV's
Local Return allocation.
C. Upon execution of this Agreement, RPV will require no further discretionary approvals
from the Los Angeles County Metropolitan Authority ("LACMTA") or any other
regulatory agency and will be able to use the Prop A Funds for the projects described in
Paragraph B above.
Now, therefore, in consideration of the mutual benefits to be derived by the parties and of the
premises herein contained, it is mutually agreed as follows:
1. Exchange. Montebello agrees to assign One Million Dollars ($1,000,000) of its Fiscal
Year 2016-17 Prop A Funds funding authority to RPV. In return, RPV agrees to assign
Seven Hundred and Fifty Thousand Dollars ($750,000) of its general funds to
Montebello.
2. Consideration. Montebello shall provide the agreed upon Prop A Funds to RPV in one
lump sum payment. RPV shall also provide the agreed upon general funds to Montebello
in one lump sum payment. The payments of both parties shall be due and payable within
15 calendar days of the last date of execution of this Agreement by both parties, which
01203.0007/312443.1
shall occur upon obtaining necessary approvals from the LACMTA or any other
regulatory agency from which RPV shall require discretionary approvals for the
construction of the projects set forth in Paragraph B above.
3. Term. This Agreement is effective on the date first above written, and shall continue for
such time as is necessary for both parties to complete their mutual obligations set forth
herein.
4. Termination. This Agreement may be terminated with or without cause by either party
upon five (5) days written notice to the other party.
5. Notices. Notices shall be given pursuant to this Agreement by personal service on the
party to be notified or by written notice upon such party by certified mail deposited in the
custody of the United States Postal Service addressed as follows:
CITY OF MONTEBELLO
1600 W. Beverly Boulevard
Montebello, CA. 90640
Attn: Francesca Tucker-Schuyler, City Manager
CITY OF RANCHO PALOS VERDES
30940 Hawthorne Blvd.,
Rancho Palos Verdes, CA 90275
Attn: Deborah Cullen
6. Assurances.
a. RPV shall use the assigned Prop A Funds only for the purpose of providing the
services discussed in Paragraph B of this Agreement and within the time limits
specified in LACMTA's Proposition "A" Local Return Program Guidelines.
b. Concurrently with the execution of this Agreement, RPV shall provide LACMTA
with the Standard Assurances and Understandings Regarding Receipt and Use of
Proposition "A" funds specified in the Guidelines regarding the use of the
assigned Proposition "A" Local Return Funds.
[SIGNATURES ON FOLLOWING PAGE]
01203.0007/312443.1 Page 2 of 3
IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed by their
respective officers, duly authorized, on the day and year above written.
CITY OF RACHO PALOS VERDES CITY OF MONTEBELLO
BY: Aff), -. , / BY: 4j , / ' _ ,r__' j
— ,(;(,,,
Ma o Franc/ca ucker-Schuyler, City Manager
Dated: , 2017 Dated: t , 2017
ATTEST: .'r'`''
BY: Cre:4,is•ue#1Avh.vticza
BY:
, City Clerk Irmaca ,,)_d
alas, lerk
APPROVED AS TO FORM: APP'OVED A TO F:RM:
' -r,tkrt4&it__ JIi4A I £4
Or ,
David J. Aleshire, City Attorney A old M. Alv. ez-Glasman, City Attorney
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