HomeMy WebLinkAbout1999-07-13 - RESOLUTIONS - DIAMOND BAR FUND PROPOSITION (2)RESOLUTION NO. 99-137
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SANTA CLARITA, CALIFORNIA,
AUTHORIZING THE EXECUTION OF AN ASSIGNMENT
AGREEMENT WITH THE CITY OF DIAMOND BAR FOR EXCHANGE
OF PROPOSITION A FUNDS FOR GENERAL FUNDS
WHEREAS, the City of Diamond Bar wishes to exchange Proposition A Local Return Funds
for General Funds;
WHEREAS, the City of Santa Clarita has a project that is an eligible use of Proposition A
Local Return Funds;
WHEREAS, the City Council of the City of Santa Clarita states its intent and desire to
exchange its General Funds for Proposition A Local Return Funds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA does
resolve as follows:
SECTION 1: That the City Manager is hereby authorized to execute an Assignment
Agreement with the City of Diamond Bar for the exchange of General Funds for Proposition
A funds, said agreement being in the form attached hereto and made a part hereof by
reference as though the same were set forth in full herein.
SECTION 2: That the City Clerk shall certify to the adoption of this Resolution and shall
forward a certified copy thereof to the City of Diamond Bar.
PASSED, APPROVED AND ADOPTED THIS 13th day of,Ii,l y 1999.
YOR
ATTEST:
CITY CLERK
RESOLUTION NO. 99-137
Page 2
STATE OF CALIFORNIA)
COUNTY OF LOS ANGELES) ss
CITY OF SANTA CLARITA)
I, Sharon L. Dawson. City Clerk of the City of Santa Clarita, do hereby certify that the
foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita at a
regular meeting thereof, held on the 13th day of Ji.11y 19 99 , by the following vote of
the Council.
AYES: COUNCILMEMBERS: Heidt, Ferry, Weste, Klajic, Darcy
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
CITY CLERK
BB:hds
�\...e M
FUND TRADE AGREEMENT
PROPOSITION A ASSIGNMENT AGREEMENT
This Assignment Agreement is made and entered into this [qday of ,T„ t y , 1999
by and between the City of Diamond Bar, California, and the City of Santa Clarita, California,
with respect to the following facts:
A. The City of Santa Clarita has a need for additional Proposition A Local Return
Funds to assist in the financing of its new Metrolink Station, Jan Heidt Newhall
Metrolink Station.
B. The City of Diamond Bar has an accumulation of uncommitted Proposition A
Local Return funds which could be made available to the City of Santa Clarita to
assist in providing the project described in Paragraph A of this Agreement. In
exchange for the assignment by the City of Santa Clarita of the amount of its
general funds indicated in Section 1 below, the City of Diamond Bar is willing to
assign uncommitted Proposition A Local Return funds to the City of Santa Clarita
for the purpose identified in Paragraph A.
Now, therefore, in consideration of the mutual benefits to be derived by the parties and of the
premises herein contained, it is mutually agreed as follows:
1. Exchange. The City of Diamond Bar agrees to assign $300,000 of its
uncommitted Proposition A Local Return funds to the City of Santa Clarita in
Fiscal Year 1999-00. In return, the City of Santa Clarita agrees to assign
$213,000 in general funds to the City of Diamond Bar for Fiscal Year 1999-00.
2. Consideration. The City of Diamond Bar shall assign the agreed upon
Proposition A Local Return funds to the City of Santa Clarita in one payment no
later than August 30, 1999. The City of Santa Clarita shall assign the agreed upon
general funds to the City of Diamond Bar in one payment no later than August 30,
1999.
Term. This Agreement is effective on.the date above written and for such time as
is necessary for both parties to complete their mutual obligations under this
Agreement.
4. Termination. Termination of this Agreement may be made by either party before
the date of approval of the project description covering the funds in question by
the Metropolitan Transportation Authority, so long as written notice of intent to
terminate is given to the other party at least five (5) days prior to the termination.
5. Notices. Notices shall be given pursuant to this Agreement by personal service on
the party to be notified, or by written notice upon such party deposited in the
custody of the United States Postal Service addressed as follows:
a. Terrence L. Belanger, City Manager
City of Diamond Bar
21660 E. Copley Drive, Ste. 100
Diamond Bar, CA 91765
b. George Caravalho, City Manager
City of Santa Clarita
23920 Valencia Blvd., Ste. 300
Santa Clarita, CA 91355
6. Assurances.
a. The City of Santa Clarita shall use the assigned Proposition A Local
Return Funds only for the purpose of providing the project discussed in
Paragraph A of the Agreement and within the time limits specified in
Metropolitan Transportation Authority's Proposition A Local Return
Program Guidelines.
b. Concurrently with the Execution of this Agreement, the City of Santa
Clarita shall provide the Metropolitan Transportation Authority with the
Standard Assurances and Understandings Regarding Receipt of Use of
Proposition A Funds specified in the Guidelines regarding the use of the
assigned Proposition A Local Return Funds.
IN WITNESS WHEREOF, the parties hereto have caused this Assignment Agreement to
be executed by their respective officers, duly authorized, on the day and year above written.
CITY OF SANTA CLARITA
By
Mayor
Attest:
By
City Clerk
Approved as to Form:
By
By C.(o
Mayor
By
i
Oki