1236 .pdf RESOLUTION NO. 1236
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROLLING HILLS, CALIFORNIA APPROVING AN AGREEMENT BY
AND BETWEEN THE CITY OF IZOLLING HILLS AND PALOS
VERDES PENINSULA TRANSIT AUTHORITY THAT AUTHORIZES
THE EXCHANGE OF PROPOSITION "A" TRANSPORTATION
LOCAL RETURN FUNDS FOR GENERAL FUNDS.
WHEREAS,the City of Rolling Hills has uncommitted Proposition"A"Funds within its
reserve allocation in the axnount of$75,000;and
WHEREAS, Proposition "A" Funds are dedicated to transit and majar arterial
improvements;and
WHEREAS,the roads within the City aze privately owned and maintained,and there are
no,and will be no,projects within the City that ate eligible for Proposition"A"Funds;and
WHEREAS,on November 7,2018,the City sent a letter to neighboring Peninsula cities
inquiring as to interest in an exchange of Proposition"A"Funds at the requested exchange rate of$�.75
in General Funds for$1.00 in Proposition"A"Funds;and
WHEREAS,the Palos Verdes Peninsula Transit Authority staff e�ressed interest in the
requested exchange to City of Rolling Hills staff as the Palos Verdes Peninsula Transit Authority has
transportation programs eligible to be funded by Pmposition"A"Funds;and
VJHEREAS, on January 28, 2019, the City Council voted to approve the requested
exchange of$75,000 in Proposition "A" Funds for $56,250 in General Funds with the Pa1os Verdes
Peninsula Transit Authority pending Palos Verdes Peninsula Transit Authority appzoval;and
WHEREAS, on April 18, 2019,the Pa1os Verdes Peninsula Transit Authority approved
the requested exchange rate of$0.75 in General Funds for$1.00 in Proposition"A"Funds;and
WHEREAS, both agencies agree that this exchange of funds would provide a benefit to
both agencies.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ROLLING HILLS,AS FOLLOWS:
Section 1. The City Council approves an Agreement for the acquisition of General
Funds from Palos Verdes Peninsula Transit Authority in exchange for Proposition"A"Funds from the
City of Rolling Hills. Said Agreement is hereto attached as Eachibit"A", and is made a part hereof by
reference.
Section 2. The Mayor or her representative is hereby authorized to affix her signature
to this Resolution,indicating its approval.
Section 3. The City Manager is hereby directed and authorized to execute any
necessary documents,including,but not lunited to agreements,amendments,forn�s,applications,etc.,to
follow through with the exchange of funds.
Section 4. The CiTy Clerk,or duly appointed deputy,is directed to attest thereto.
PASSED, APPROVED, AND ADOPTED BY THE CITY COUNCIL OF THE CITY
OF ROLLING HILLS ON THIS 22 DAY OF APRIL,2019.
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-� Leah Mirsch �
Mayor
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ATTES :
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City Clerk �
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STATE OF CALIF012NIA )
COUNTY OF LOS ANGELES ) §§
CITY OF ROLLING HILLS )
The foregoing Resolution No. 1236 entitled:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROLLING HILLS, CALIFORNIA APPROVING AN AGREEMENT BY
AND BETWEEN THE CITY OF ROLLING HILLS AND PALOS
VERDES PENINSULA TRANSIT AUTHORITY THAT AUTHORIZES
THE EXCHANGE OF PROPOSITION "A" TRANSPORTATION
LOCAL RETLTRN FUNDS FOR GENERAL FUNDS.
was approved and adopted at a regulaz meeting of the City Council on Apri122,2019 by the following
roll ca11 vote:
AYES: DIERINGER,PIEPER AND MAYOR MIRSCH.
NOES:
ABSENT: BLACK AND WILSON.
• ABSTAIIV:
C' Clerk
-2-
EXHIBIT A
PROPOSITION"A"FUNDS FOR GENERAL FUNDS ASSIGNMENT AGREEMENT
'This Agreement is made and entered into this 18 day of April,2019 by and between the City of
Rolling Hills and the Palos Verdes Peninsula Transit Authority,with respect to the following facts:
A. The City of Rolling Hills has accumulated$75,000 in Proposition"A"Funds,which aze
dedicated to transit and major arterial improvements;
_ B. Proposition"A"Funds are not eligible for use in the City of Rolling Hills due to the fact
that the roads are privately owned and maintained;and
C. The Palos Verdes Peninsula Transit Authority has expressed an interest in an exchange of
Proposition"A"Funds at the requested exchange rate of$0.75 in General Funds for$1.00 in Proposirion
"A"Funds.
Now,therefore,in consideration of the mutual benefits to be derived by the parties,it is mutually
agreed as follows:
1. Scoge of A�reement.
a. The City of Rolling Hills and the Pa1os Verdes Peninsula Transit Authority agree
that the City will assign$75,000 of its uncommitted Proposition"A"Funds(at the requested exchange
rate of$0.75 in General Funds for$1.00 in Proposition"A"Funds)to Pa1os Verdes Peninsula Transit
Authority in exchange for Palos Verdes Peninsula Transit Authority assigning$56,250 of its
uncommitted General Funds to the City of Rolling Hills.
b. The City of Rolling Hills and Palos Verdes Peninsula Transit Authority sha11
assign the agreed upon funds identified in this Section in one payment no later than June 30,2019.
2. 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.
3. Termination. '
Termination of this Agreement may be made by either pariy before the due date for payment
referenced in Section 1 of this Agreement so long as written notice of intent to terminate is given to the
other party at least five(5)days prior to the ternunation:
4. Notices.
Notices shall be given pursuant to this Agreement by personal service or written notice deposited
in the custody of the United States Postal Service as follows:
a. Elaine Jeng,City Manager
City of Rolling Hills
2 Poriuguese Bend Road
Rolling Hills,Califomia 90274
b. Martin Gombert,Administrator
- Palos Verdes Peninsula Transit Authority
P.O.BOX 2656
Pa1os Verdes Peninsula,CA 90274
5. Assurances. Pa1os Verdes Peninsula Transit Authority sha11 use the assigned
Proposition"A"funds only for the funds'irrtended purposes including but not limited to transit and
major arterial improvements.
IN WITNESS WHEREOF,the parties hereto ha�e caused this Assignment Agreement to be
executed by their respective offcers,duly authorized,on the day and year written above.
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PAL(?S VERDES 1'El�I�1�tJLA TRANSIT CIT'Y 0F i�OLLII�G HII,L�
AI3TH�R.ITY`
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