HomeMy WebLinkAbout1999-09-14 - AGENDA REPORTS - PROP A FUNDS DIAMOND BAR (2)AGENDA REPORT
City Manager Approval:
Item to be presented by: I Barbara Boswell
CONSENT CALENDAR
DATE: September 14, 1999
SUBJECT: PROPOSITION A LOCAL RETURN FUNDS EXCHANGE WITH
THE CITY OF DIAMOND BAR
RESOLUTION NO. 99-157
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
Adopt Resolution No. 99-157, 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.
BACKGROUND
The City of Diamond Bar is once again seeking cities interested in exchanging Unrestricted
General Funds for Proposition A Local Return funds. Diamond Bar has Proposition A Local
Return Funds in the amount of $370,000 they would like to exchange for $262,700 in
unrestricted General Funds.
ALTERNATIVE ACTION
Other action as determined by the City Council.
FISCAL IMPACT
General Funds are currently available in the following projects: $195,000 in the Jan Heidt
Newhall Metrolink Station and $175,000 in the Via Princessa Station Improvements
project. These projects are eligible uses of Proposition A Local Return Funds.
ATTACHMENT
Resolution No. 99-157, Authorizing the Execution of an Assignment Agreement with the
City of Diamond Bar for Exchange of Proposition A Funds for Unrestricted General Funds.
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Adopted: --L-,-+ -o Agendaem