HomeMy WebLinkAbout1999-07-13 - AGENDA REPORTS - PROP A FUNDS CITY LAVERNE (2)City Manager Approval:
Item to be presented by:
CONSENT CALENDAR
DATE: July 13, 1999
SUBJECT: PROPOSITION A LOCAL
THE CITY OF LA VERNE
RESOLUTION NO. 99-136
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
Barbara Boswell
RETURN FUNDS EXCHANGE WITH
Adopt Resolution No. 99-136, authorizing the execution of an assignment agreement with
the City of La Verne 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 La Verne is seeking cities interested in exchanging Unrestricted General Funds
for Proposition A Local Return funds in the amount of $250,000. 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 $72,500.
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 La Verne.
ATTACHMENT
Resolution No. 99-136, Authorizing the Execution of an Assignment Agreement with the
City of La Verne for Exchange of Proposition A Funds for General Funds.
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Adopted: ._:=