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411 • et ell, <br /> PROPOSITION A ASSIGNMENT AGREEMENT <br /> This Assignment Agreement is made and entered into this 14th day of <br /> September, 2010, by and between the City of Rancho Palos Verdes and the City of <br /> Rolling Hills,with respect to the following facts: <br /> A. The City of Rancho Palos Verdes contracts with the Palos Verdes Transit <br /> Authority for fixed route transit services. The municipal transit operations serve <br /> residents on the Palos Verdes Peninsula and the Authority operates and maintains transit- <br /> related equipment. <br /> B. The City of Rolling Hills has an accumulation of uncommitted Proposition A <br /> Local Return funds which could be made available to the City of Rancho Palos Verdes to <br /> assist in providing the services described in Paragraph A of this Agreement. In exchange <br /> for the assignment of the amount of General Funds indicated in Section 1 below by the <br /> City of Rancho Palos Verdes, the City of Rolling Hills is willing to assign uncommitted <br /> Proposition A Local Return funds to the City of Rancho Palos Verdes for the purpose <br /> identified in Paragraph A. <br /> Now, therefore, in consideration of the mutual benefits to be derived by <br /> the parties and of the premises herein contained, it is mutually agreed as follows: <br /> 1. Exchange. The City of Rolling Hills agrees to assign $65,000 of its <br /> uncommitted Proposition A Local Return funds to the City of Rancho Palos Verdes in <br /> Fiscal Year 2010/11. In return,the City of Rancho Palos Verdes agrees to assign $48,750 <br /> in General Funds to the City of Rolling Hills in Fiscal Year 2010/11. <br /> 2. Consideration. The City of Rolling Hills shall assign the agreed upon <br /> Proposition A Local Return funds to the City of Rancho Palos Verdes in one payment no <br /> later than June 30, 2011. The City of Rancho Palos Verdes shall assign the agreed upon <br /> General Funds to the City of Rolling Hills in one payment no later than June 30, 2011. <br /> 3. Term. This Agreement is effective on the date above written and for <br /> such time as is necessary for both parties to complete their mutual obligations under this <br /> Agreement. <br /> 4. Termination. Termination of this Agreement may be made by either <br /> party before the date of approval of the project description covering the funds in question <br /> by the Metropolitan Transportation Authority, so long as written notice of intent to <br /> terminate is given to the other party at least five(5) days prior to the termination. <br /> 5. Notices. Notices shall be given pursuant to this Agreement by personal <br /> service on the party to be notified, or by written notice upon such party deposited in the <br /> custody of the United States Postal Service addressed as follows: <br /> -1- <br />