HomeMy WebLinkAboutRES 2024-34RESOLUTION 2024=34
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DIAMOND
BAR AUTHORIZING AND APPROVING THE SALE OF $1,333,333 OF
PROPOSITION A FUNDS (LOCAL RETURN TRANSIT FUNDS) TO
CITY OF COMMERCE.
WHEREAS, the City of Diamond Bar wishes to transfer $1,333,333 of its
uncommitted Proposition A Local Return Transit Funds to City of Commerce 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, City of Commerce has offered to assign $170001000 in funds to be
deposited to the City of Diamond Bar 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 Funds Exchange
Agreement, attached hereto as Exhibit A, which provides for the exchange of
$1,333,333 of Diamond Bar Proposition A Local Return Funds in exchange for
$1,000,000 in City of Commerce funds, and further approves the funds to be deposited
to the Diamond Bar Park & Facility Development Fund (262).
Section 2. The City Manager is hereby authorized to sign the Prop A Funds
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 Commerce.
PASSED, APPROVED AND ADOPTED this 6th day of August 2024.
CITY OF DI MOND BAR
l
St iu, Mayor
Resolution No, 2024-34
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 6th day of August 2024, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAINED
Attachments:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Chou, Low, Tye, MPT/Teng, M/Liu
None
None
None
Kristina Santana, City Clerk
Exhibit A — Prop A Funds Exchange Agreement
2
FUND TRADE AGREEMENT
BETWEEN THE CITY OF DIAMOND BAR
AND THE CITY OF COMMERCE, CALIFORNIA
This Assignment Agreement is made and entered into this 23I day of July, 2024, by
and between the City of Diamond Bar, California ("Diamond Bar") and the City of
Commerce, California ("Commerce") with respect to the following facts:
A. Diamond Bar has uncommitted funding authority for its Fiscal Years 2024-25
allocation of Proposition "A" Local Return funds ("Prop A Funds") that can be
made available to Commerce to assist in providing the services discussed in
Paragraph B below. Diamond Bar is willing to assign its uncommitted Prop A
Funds to Commerce for the purpose(s) identified in Paragraph B, in exchange
for the assignment by Commerce of the amount of its general funds indicated in
Section I below.
B. Commerce proposes to use Diamond Bar's uncommitted Prop A Funds to
provide ongoing transportation operation services (including fixed route, medk
ride, and recreation) to the residents of Commerce, and to fund certain eligible
capital improvement projects. Adequate Prop A funding for such services is not
currently available given the limited amount of Commerce's Local Return
allocation.
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 assign $1,333,333 of its Fiscal Year 2024-25
Proposition A Local Return funding authority to Commerce. In return,
Commerce agrees to assign $1,000,000 of its General Fund monies to Diamond
Bar.
2. Consideration. Diamond Bar shall provide the agreed upon Proposition "A" Local
Return funds to Commerce in one lump sum payment.. Commerce shall also
provide the agreed -upon general funds to Diamond Bar in one lump sum
payment. The lump sum payment by Commerce shall be due and payable upon
approval by the Los Angeles Metropolitan Transportation Authority ("LAMTA") of
Lomita's project description FORM (Form A) covering the services discussed in
Paragraph B.
3. Term. This Agreement is effective on the date first above written, and shall
continue for such time as is necessary for both parties to complete their mutual
obligations set forth herein.
4. Termination. This Agreement may be terminated with or without cause by either
party upon five (5) days written notice to the other party.
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 by certified mail
deposited in the custody of the United States Postal Service addressed as
follows:
CITY OF DIAMOND BAR
21810 Copley Drive
Diamond Bar CA 91765
Attn: Jason Jacobsen, Finance Director
CITY OF COMMERCE
2535 Commerce Way
Commerce, CA 90040
Attn: Vilko Domic, Assistant City Manager
6. Assurances.
a. Commerce shall use the assigned Proposition "A" Local Return funds only
for the purpose of providing the services discussed in Paragraph B of this
Agreement and within the time limits specified in LAMTA's Proposition "A"
Local Return Program Guidelines.
b. Concurrently with the execution of this Agreement Commerce shall
provide LAMTA 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
executed by their respective officers,
written.
CITY OF DIAMOND BAR
C
Dan Fox
ity Manager
hereto have caused this Agreement to be
duly authorized, on the day and year above
CITY OF COMMERCE
By
Hugo Argumedo
Mayor
Page 2 of 3
Kristina Santana
City Clerk
Approved as to Form:
Omar Sandoval
City Attorney
Lena Shumway
City Clerk
Approved as to Form:
Noel Tapia
City Attorney
Page 3 of 3