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HomeMy WebLinkAboutRES 2021-03RESOLUTION 2021-03 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DIAMOND BAR AUTHORIZING AND APPROVING THE SALE OF $800,000 OF PROPOSITION A FUNDS (LOCAL RETURN TRANSIT FUNDS) TO FOOTHILL TRANSIT AUTHORITY WHEREAS, the City of Diamond Bar wishes to transfer $800,000 of its uncommitted Proposition A Local Return Transit Funds to Foothill Transit Authority 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, Foothill Transit Authority has offered to assign $600,000 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 $800,000 of Diamond Bar Proposition A Local Return Funds in exchange for $600,000 in Foothill Transit Authority 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 Foothill Transit Authority. PASSED, APPROVED AND ADOPTED this 5th day of January 2021. ;a�ncy s, Mayo Resolution No. 2021-03 ATTEST: I, Kristina Santana, 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 5t" day of January 2021, by the following vote: AYES: COUNCIL MEMBERS: NOES: COUNCIL MEMBERS: ABSENT: COUNCIL MEMBERS: ABSTAINED: COUNCIL MEMBERS: Attachments: Tye, MPT/Low, M/Lyons Chou, Liu None None Kristina Santana, City Clerk Exhibit A — Prop A Local Return Fund Exchange Agreement 2 AGREEMENT BETWEEN THE CITY OF DIAMOND BAR AND FOOTHILL TRANSIT, CALIFORNIA PROP A LOCAL RETURN FUND EXCHANGE The effective date of this Agreement is January 5, 2021 ("Agreement") is entered into by the City of Diamond Bar, California ("City") and Foothill Transit with respect to the following facts: A. Foothill Transit provides community -oriented, environmentally friendly bus service throughout Southern California's San Gabriel and Pomona Valleys, including express bus routes to Pasadena and Downtown Los Angeles. B. The City has uncommitted Proposition A Local Return funds which could be made available to Foothill Transit to assist in providing the services discussed in Paragraph A of this Agreement. In exchange for the payment by Foothill Transit of the amount for its general use funds (non -formula allocation funds) indicated in Section 1 below, the City of Diamond Bar is willing to pay uncommitted Proposition A Local Return funds to Foothill Transit 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 agrees to assign a total of $800,000 of its Proposition A Local Return funding authority to Foothill Transit from the Fiscal Year 2020-2021 allocation. In return, Foothill Transit agrees to assign $600,000 of its general use funds (non -formula allocation funds) to the City. 2. Consideration. The City shall pay the agreed upon Proposition A Local Return funds to Foothill Transit in one lump -sum payment. Foothill Transit shall pay the agreed upon general use funds to the City in one lump -sum payment. Each payment shall be due within 30 days of the first date that both of the following have occurred: (a) execution of this Agreement by both parties, and (b) approval by Los Angeles County Metropolitan Transportation Authority (LACMTA) of the Foothill Transit's project description. 3. 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 parry so long as both of the following are correct: (a) written notice of intent to terminate is given to the other parry at least five (5) days prior to the termination and transfer of any funds by a parry and (b) the effective date of the termination is before the date LACMTA approves the Foothill Transit project description. 5. Notice 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. Daniel Fox City Manager City of Diamond Bar 21810 Copley Drive Diamond Bar, CA 91765 Executive Director Foothill Transit Administrative Office, 2nd Floor 100 South Vincent Avenue West Covina, CA 91790 If notice is provided via personal service, it is deemed "given" on the date of personal service. If notice is provided via U.S. mail, then the notice is deemed "given" two days after the notice is properly addressed and placed in the U.S. mail. 6. Assurances A. Foothill Transit shall use the assigned Proposition A Local Return funds only for the purpose of providing the services discussed in Paragraph A of this Agreement, and within the time limits specified in LAC Metro's Proposition A Local Return Program Guidelines. B. Concurrently with the execution of this Agreement, Foothill Transit shall provide LAC Metro with the Standard Assurances and Understandings Regarding Receipt and 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 Agreement to be executed by their respective officers, duly authorized, by Foothill Transit on January 29, 2021 and by the City on January 5, 2021. CITY OF DIAMOND BAR IC ancy A. Lyc�, Mayor Approved as to Form: BY: David DeBerry, City A ATTEST: BY: Kristiria Santana, City Clerk FOOTHILL TRANSIT BY: Michelle Caldwell, Director of Finance and Treasurer BY: Doran J. Barnes, Executive Director ATTEST: BY: Christina Lopez, Board Secretary