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MEMORANDUM RANCHO PALOS VERDES <br /> TO: CHAIRPERSON AND MEMBERS OF THE COMMISSION <br /> FROM: CHIEF ADMINISTRATIVE OFFICER <br /> DATE: MAY 2, 2000 <br /> SUBJECT: AGREEMENT WITH THE ABALONE COVE <br /> LANDSLIDE ABATEMENT DISTRICT (ACLAD) FOR <br /> FUNDING A PORTION OF THE DISTRiCT'S <br /> MAINTENANCE COSTS <br /> RECOMMENDATION: <br /> Approve the Agreement between the Rancho Palos Verdes Improvement Authority and <br /> the Abalone Cove Landslide Abatement District for funding a portion of the District's <br /> Maintenance Costs. <br /> BACKGROUND: <br /> The 1987 Reimbursement and Settlement Agreement between the City of Rancho <br /> Palos Verdes, the Rancho Palos Verdes Redevelopment Agency and the County of Los <br /> Angeles directed the creation of a Joint Powers Maintenance Authority (JPMA) to <br /> oversee the on-going maintenance of capital improvements constructed by the <br /> Redevelopment Agency with the bond proceeds. The Agreement further stipulated that <br /> $1 million of the bond proceeds be set aside in a separate maintenance trust fund. The <br /> accrued interest on this fund can be used only for maintenance purposes. The original <br /> principal amount of$1 million cannot be expended. The interest earnings are to be <br /> used to maintain the landslide abatement improvements constructed by the RDA <br /> pursuant to the Reimbursement and Settlement Agreement, with the exception of sewer <br /> systems. Sewer systems were specifically excluded from the use of maintenance funds <br /> in the Agreement. In addition, the funds generated by the maintenance trust fund may <br /> also be used, to the extent not otherwise used for the maintenance of improvements <br /> constructed pursuant to the Settlement Agreement, to maintain public landslide <br /> abatement improvements that were not constructed with the proceeds of the <br /> assessment bonds. The relevant section of the Landslide Settlement Agreement is <br /> attached (Section 2. J). <br /> On September 19, 1996, the City Manager received the attached letter from Mr. David <br /> Whitmore, the chairman of the Abalone Cove Landslide Abatement District (ACLAD), <br /> requesting that the JPMA Board authorize the use of a portion of the investment <br />