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AGREEMENT NO. 3243 <br /> ]FUND TRADE AGREEMENT <br /> BETWEEN THE CITY OF RANCHO PALOS VERDES <br /> AND THE CITY OF MONTEBELLO, CALIFORNIA <br /> This Assignment Agreement is made and entered into this 25th day of January, 2017, by and <br /> between the City of Rancho Palos Verdes, California ("RPV") and the City of Montebello, <br /> California("Montebello")with respect to the following facts: <br /> A. Montebello has uncommitted funding authority for its Fiscal Year 2016-17 allocation of <br /> Proposition "A" Local Return funds ("Prop A Funds") that can be made available to RPV <br /> to assist in providing the services discussed in Paragraph B below. Montebello is willing <br /> to assign its uncommitted Prop A Funds to RPV for the purpose(s) identified in <br /> Paragraph B, in exchange for the assignment by RPV of the amount of its general funds <br /> indicated in Section 1 below. <br /> B. RPV proposes to use Montebello's uncommitted Prop A Funds to fund Silver Spur Road <br /> Project ("Project"), an eligible capital improvement project. The Project will improve the <br /> safety and/or access to public transit services along Silver Spur Road adjacent to <br /> Peninsula High School and Promenade on the Peninsula Mall. The Project will include <br /> construction of bus pads or concrete landings, construction of bus shelters, installation of <br /> bus benches, construction of ADA improvements including access ramps and sidewalks <br /> repair to remove hazards/vertical uplifts within 25' of a bus stop. Adequate Prop A <br /> funding for such services is not currently available given the limited amount of RPV's <br /> Local Return allocation. <br /> C. Upon execution of this Agreement, RPV will require no further discretionary approvals <br /> from the Los Angeles County Metropolitan Authority ("LACMTA") or any other <br /> regulatory agency and will be able to use the Prop A Funds for the projects described in <br /> Paragraph B above. <br /> Now, therefore, in consideration of the mutual benefits to be derived by the parties and of the <br /> premises herein contained, it is mutually agreed as follows: <br /> 1. Exchange. Montebello agrees to assign One Million Dollars ($1,000,000) of its Fiscal <br /> Year 2016-17 Prop A Funds funding authority to RPV. In return, RPV agrees to assign <br /> Seven Hundred and Fifty Thousand Dollars ($750,000) of its general funds to <br /> Montebello. <br /> 2. Consideration. Montebello shall provide the agreed upon Prop A Funds to RPV in one <br /> lump sum payment. RPV shall also provide the agreed upon general funds to Montebello <br /> in one lump sum payment. The payments of both parties shall be due and payable within <br /> 15 calendar days of the last date of execution of this Agreement by both parties, which <br /> 01203.0007/312443.1 <br />