HomeMy WebLinkAboutRES 2019-14RESOLUTION 2019-14
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DIAMOND
BAR AUTHORIZING AND APPROVING THE SALE OF $970,000 OF
PROPOSITION A FUNDS (LOCAL RETURN TRANSIT FUNDS) TO THE
CITY OF POMONA
WHEREAS, the City of Diamond Bar wishes to transfer $970,000 of its
uncommitted Proposition A Local Return Transit Funds to the City of Pomona to provide
ongoing operating funding and to improve the level, quality, safety, and/or accessibility
of transit services to the general public or to any group which requires special
transportation assistance;
WHEREAS, the City of Pomona has offered to assign $727,500 in funds to be
deposited into the City of Diamond Bar's General Fund for use for any unrestricted
purpose; and
WHEREAS, the City Council of the City of Diamond Bar has determined that the
transit needs of the City can be adequately met if this fund exchange is approved.
NOW, THEREFORE, the City Council of the City of Diamond Bar does hereby
resolve as follows:
SECTION 1. The City Council hereby approves the Prop A Local Return Fund
Exchange Agreement, attached hereto as Exhibit A, which provides for the exchange of
$970,000 of Diamond Bar Proposition A Local Return Funds in exchange for $727,500
in Pomona funds to be deposited into the Diamond Bar General Fund.
SECTION 2. The Mayor is hereby authorized to sign the Prop A Local Return
Fund Exchange Agreement, attached hereto as Exhibit A.
SECTION 3. The City Clerk shall certify to the adoption of this Resolution and
send certified copies to the City of Pomona.
PASSED, APPROVED AND ADOPTED this 7th day of May 2019.
Steve Tye, M yor Pro Tem
2019-14
I, TO,MMYE CRIBBINS, City Clerk of the City of Diamond Bar, do hereby certify
that the foregoing Resolution was passed, approved and adopted at a regular meeting
of the City Council of the City of Diamond Bar held on the 7th day of May 2019, by the
following vote:
AYES: COUNCIL MEMBERS: Low, Lyons, MPT/Tye
NOES: COUNCIL MEMBERS: Chou
ABSENT: COUNCIL MEMBERS: M/Herrera
ABSTAINED: COUNCIL MEMBERS: None
S
Tommye 9. Cribbins, City Clerk
City of Diamond Bar
Attachments:
Exhibit A — Prop A Local Return Fund Exchange Agreement
2
2019-14
PROP A LOCAL RETURN FUND EXCHANGE AGREEMENT
This Assignment Agreement ("Agreement") is made and entered into this 7th day of May,
2019, by and between the City of Diamond Bar, California, a municipal corporation,
("Diamond Bar") and the City of Pomona, California, a municipal corporation ("Pomona")
with respect to the following facts:
A. Pomona will be constructing capital improvements which have been approved by the
Los Angeles Metropolitan Transportation Authority ("Metro") for the use of Proposition A
Local Return monies. On August 7, 2018, Metro approved the use of $5,016,541 in Prop
A funds for CIP Projects. Pomona desires to use a portion of Diamond Bar's uncommitted
Prop A allocation for the above project and any other Metro approved project.
B. Diamond Bar's uncommitted Proposition A Local Return funds can be made available
to Pomona to assist in constructing the capital improvements discussed in Paragraph A
of this Agreement. Diamond Bar is willing to pay its uncommitted Proposition A Local
Return funds to Pomona for the purpose identified in Paragraph A in exchange for
unrestricted Pomona general funds which Diamond Bar may use for any municipal
purpose at a rate of $.75 in Pomona general funds for each $1.00 in Diamond Bar
Proposition A Local Return funds.
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. Diamond Bar agrees to pay $970,000 of its Fiscal Year 2018-2019,
Proposition A Local Return funds to Pomona. In exchange, Pomona agrees to pay
$727,500 of its general funds to Diamond Bar.
2. Payment, Diamond Bar shall pay the agreed upon Proposition A Local Return funds
to Pomona in one lump -sum payment from Proposition A funds currently on hand.
Pomona shall pay the agreed upon general funds to Diamond Bar in one lump -sum
payment. The payments of both parties shall be due and payable within 15 calendar days
of the last date of execution of this Agreement by both parties. Pomona shall be
responsible for obtaining any necessary approvals from the Los Angeles County
Metropolitan Transportation Authority ("LACMTA") for the use of the Proposition A Local
Return funds.
3. Assurances
Pomona shall use the assigned Proposition A Local Return funds only for the
purpose of constructing the capital improvements discussed in Paragraph A of this
Agreement or any other Metro approved project, and within the time limits specified in
LACMTA's Proposition A Local Return Program Guidelines. Pomona assumes all risks
of obtaining the necessary approvals for expenditure of the Proposition A Local Return
funds within the applicable time limits and any failure to timely obtain such approvals shall
not give rise to any claim by Pomona seeking reimbursement of any monies received by
Diamond Bar under this Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their respective duly authorized officers.
CITY OF DIAMOND BAR
BY t
Steve Tye, Mayor R Tem
Dated:4tit �d
i
ATTEST:
BY:41'XIL
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___-TGmp. e X trfb�in"itT,Clerk
992191.1 2
CITY OF POMONA
BY:
Tim Sandoval, Mayor
Dated: 2019
BY:
Rosalia A. Butler, City
Approved as to form:
Christi Hogin, City Attorney