Laserfiche WebLink
PROP A LOCAL RETURN FUND EXCHANGE AGREEMENT <br /> This Assignment Agreement ("Agreement") is made and entered into this 16th day of <br /> August , 2016, by and between the City of Diamond Bar, California, a municipal <br /> corporation, ("Diamond Bar") and the City of Rancho Palos Verdes, California, a <br /> municipal corporation ("Rancho Palos Verdes") with respect to the following facts: <br /> A. Rancho Palos Verdes will be constructing capital improvements which have been <br /> approved by the Los Angeles Metropolitan Transportation Authority ("Metro") for the use <br /> of Proposition A Local Return monies. Rancho Palos Verdes desires to use a portion of <br /> Diamond Bar's uncommitted Prop A allocation for Metro approved projects. <br /> B. Diamond Bar's uncommitted Proposition A Local Return funds can be made <br /> available to Rancho Palos Verdes to assist in constructing the capital improvements <br /> discussed in Paragraph A of this Agreement. Diamond Bar is willing to pay its <br /> uncommitted Proposition A Local Return funds to Rancho Palos Verdes for the purpose <br /> identified in Paragraph A in exchange for unrestricted Rancho Palos Verdes general <br /> funds which Diamond Bar may use for any municipal purpose at a rate of $.75 in <br /> Rancho Palos Verdes general funds for each $1.00 in Diamond Bar Proposition A Local <br /> Return funds. • <br /> Now, therefore, in consideration of the mutual benefits to be derived by the parties and <br /> of the premises herein contained, it is mutually agreed as follows: <br /> 1. Exchange. Diamond Bar agrees to pay $600,000 of its Fiscal Year 2016-2017, <br /> Proposition A Local Return funds to Rancho Palos Verdes. In exchange, Rancho Palos <br /> Verdes agrees to pay $450,000 of its general funds to Diamond Bar. <br /> 2. Payment. Diamond Bar shall pay the agreed upon Proposition A Local Return funds <br /> to Rancho Palos Verdes in one lump-sum payment from Proposition A funds currently <br /> on hand. Rancho Palos Verdes shall pay the agreed upon general funds to Diamond <br /> Bar in one lump-sum payment. The payments of both parties shall be due and payable <br /> within 15 calendar days of the last date of execution of this Agreement by both parties, <br /> which shall occur upon obtaining any necessary approvals from the Los Angeles County <br /> Metropolitan Transportation Authority ("LACMTA"). Rancho Palos Verdes shall be <br /> responsible for obtaining such approvals from the LACMTA for the use of the <br /> Proposition A Local Return funds. <br /> 01203.0007/307057.1 992191.1 <br />