Proposition A Local Return Funds
Contracts and Agreements
Proposition A Local Return Funds
10/25/2017 9:44:04 AM
10/19/2016 2:32:18 PM
CONTRACTS and AGREEMENTS
City of Rolling Hills
Proposition A Assignment Agreement
10/24/2017 Contract is closed per Accounting Supervisor Ramos.
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PROPOSITION A ASSIGNMENT AGREEMENT <br /> This Assignment Agreement is made and entered into this 10111 day of <br /> October, 2016 by and between the City of Rolling Hills and the City of Rancho Palos <br /> Verdes,with respect to the following facts: <br /> A. The City of Rancho Palos Verdes in coordination with the Palos Verdes Peninsula <br /> Transit Authority and the City of Rolling Hills Estates, propose to expend the Proposition <br /> A Funds to improve the quality and safety of and/or access to public transit services <br /> along Silver Spur Road adjacent to Peninsula High School and Promenade on the <br /> Peninsula Mall. The proposed improvements will include the following amenities: <br /> • Construction of Bus Pads or concrete landings <br /> • Construction of Bus Shelters <br /> • Installation of Bus benches <br /> • Construction of ADA improvements <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. The City of <br /> Rolling Hills is willing to assign uncommitted Proposition A Local Return funds to the <br /> City of Rancho Palos Verdes for the purpose 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 $75,000 of its <br /> uncommitted Proposition A Local Return funds to the City of Rancho Palos Verdes in <br /> Fiscal Year 2016/17. In return, the City of Rancho Palos Verdes agrees to assign $56,250 <br /> (exchange rate: $1.00/$0.75) in General Funds to the City of Rolling Hills in Fiscal Year <br /> 2016/17. <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, 2017. 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, 2017. <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 />
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