HomeMy WebLinkAbout1999-07-13 - AGENDA REPORTS - PROP A FUNDS CITY DIAMOND BAR (2)AGENDA REPORT
City Manager Approval:
Item to be presented by: /; Barbara Boswell
CONSENT CALENDAR
DATE: July 13, 1999
SUBJECT: PROPOSITION A LOCAL RETURN FUNDS EXCHANGE WITH
THE CITY OF DIAMOND BAR
RESOLUTION NO. 99-137
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
Adopt Resolution No. 99-137, authorizing the execution of an assignment agreement with
the City of Diamond Bar for exchange of Proposition A Funds for General Funds, and
authorize the City Manager to sign all necessary documents, subject to the approval of the
City Attorney.
The City of Diamond Bar is seeking cities interested in exchanging Unrestricted General
Funds for Proposition A Local Return funds in the amount of $300,000. The City of Santa
Clarita would exchange $.71 of unrestricted General Funds for each $1.00 of Proposition A
Funds, resulting in a net gain of $87,000.
ALTERNATIVE ACTION
Other action as determined by the City Council.
FISCAL IMPACT
General Funds are currently available in the Jan Heidt Newhall Metrolink Station project
to be utilized for this exchange. These funds would be replaced by the Proposition A Local
Return Funds received from the City of Diamond Bar.
ATTACHMENT
Resolution No. 99-137, Authorizing the Execution of an Assignment Agreement with the
City of Diamond Bar for Exchange of Proposition A Funds for General Funds.
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