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HomeMy Public PortalAboutResolution 05-43351 1 1 RESOLUTION NO. 05 -4335 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMPLE CITY, CALIFORNIA, APPROVING THE AGREEMENT BETWEEN THE CITY OF SAN FERNANDO, CALIFORNIA AND THE CITY OF TEMPLE CITY, REGARDING THE EXCHANGE OF COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) FUNDS FOR GENERAL FUNDS FOR THE FISCAL YEAR 2004 -2005 THE CITY COUNCIL OF THE CITY OF TEMPLE CITY DOES HEREBY RESOLVE AS FOLLOWS: WHEREAS, the City Council of the City of Temple City considered on April 19, 2005 the exchange of FY 2004 -2005 Community Development Block Grant (CDBG) Funds for General Fund monies with the City of San Fernando; and WHEREAS, the use the CDBG Funds is strictly limited by law; and WHEREAS, on July 1, 2.003, the Temple City City Council authorized staff to execute a three - year Cooperation Agreement with the County of Los Angeles concerning CDBG Funds for FYs 2003 -04, 2004 -05, 2005 -06; and WHEREAS, the City of Temple City desires to exchange General Funds for CDBG Funds with the City of San Fernando at a rate of $.65 on the dollar; and WHEREAS, the City of San Fernando is a recipient of CDBG Funds and desires to exchange $136,500 of General Fund Monies for approximately $210,000 of Temple City CDBG Funds. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TEMPLE CITY DOES FIND, DETERMINE AND DECLARE AS FOLLOWS: SECTION 1. The attached Agreement between the City of San Fernando and the City of Temple City is hereby accepted. SECTION 2. In accordance with the attached Agreement, the City of San Fernando will exchange General Fund Monies for CDBG Funds with the City of Temple City at a rate of no less than $.65 on the dollar. SECTION 3. In accordance with the attached Agreement, the City of San Fernando will exchange approximately $136,500 of its General Fund Monies for approximately $210,000 of Temple City CDBG Funds. SECTION 4. The City Manager is authorized and directed to execute any and all documents necessary to complete the exchange of FY 2004 -2005 CDBG Funds on behalf of the City of Temple City upon receipt of the final allocation amount from the Department of Housing and Urban Development (HUD). SECTION 5. This resolution shall take effect immediately. SECTION 6. The City Clerk shall certify to the adoption of this resolution. PASSED, APPROVED and ADOPTED on this 19th day of April, 2005. ATTEST: City Clerk ti MAYOR Resolution No. 04 -4335 Page 2 I hereby certify that the foregoing resolution, Resolution No. 05 -4335, was duly passed, approved and adopted at a regular meeting of the City Council held on the 19th day of April, 2005 by the following vote: AYES: Councilmember - Gillanders, Wilson, Wong, Capra, Arrighi NOES: Councilmember -None ABSENT: Councilmember -None ABSTAIN: Councilmember -None nil City Clerk R 1 1 1 AGREEMENT The Agreement is made on this 19th day of April, 2005, by and between the City of Temple City, a municipal corporation, and the City of San Fernando, a municipal corporation. RECITALS A. The City of Temple City has executed a three -year cooperation agreement with the County of Los Angeles concerning CDBG Funds for Fiscal Years 2003 -2004, 2004- 2005, and 2005 -2006; B. The City of San Fernando has executed a three -year cooperation agreement with the County of Los Angeles concerning CDBG Funds for Fiscal Years 2003 -2004, 2004- 2005, and 2005 -2006; C. The City of Temple City has unexpended CDBG Funds which could be made available to the City of San Fernando in exchange for the assignment of the amount of its general funds indicated in Section 1 below and, the City of Temple City is willing to assign unexpended CDBG funds to the City San Fernando; D. The Cities now desire to enter into an agreement under which the City of San Fernando would exchange $136,500 of its general funds for $210,000 of unexpended Fiscal Year 2004 -05 CDBG Funds from the City of Temple City. NOW, THEREFORE, the cities agree as follows: 1. EXCHANGE. The City of Temple City agrees to assign $210,000 of its unexpended CDBG funds for Fiscal Year 2004 -2005 to the City of San Fernando. In return, the City of San Fernando agrees to assign $136,500 of its general funds to the City of Temple City. The exchange rate is $ .65/$1.00. 2. CONSIDERATION. The City of Temple City shall assign the agreed upon CDBG Funds in one lump sum payment. The City of San Fernando shall assign the agreed upon general funds to the City of Temple City in one lump sum payment. The City of San Fernando's lump sum payment shall be due and payable 15 day after the Community Development Commission of the County of Los Angeles notifies the City of San Fernando in writing and on its letterhead that the funds have been transferred to the City of San Fernando's unallocated funds account. 3. BEST EFFORTS. The City of Temple City shall use its best efforts to obtain any consent required of any other governmental or administrative agency to effectuate the assignment of $210,000 of its CDBG Funds to the City of San Fernando. The City of Temple City agrees to execute any and all additional documents which such agencies may request in connection with the assignment and receipt of the grant. 4. TERM. The 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. Page 2 5. TERMINATION. Termination of this Agreement may be made by either party, so long as written notice of intent to terminate is given to the other party at least five (5) days prior to termination. 6. NOTICE. Notices shall be given pursuant to this Agreement by personal service on the party notified, or by written notice upon such party deposited in the custody of the United States Postal Service addressed as follows: City of Temple City 9701 Las Tunas Drive Temple City, CA 91780 City of San Fernando 117 Macneil Street San Fernando, CA 91340 7. GOVERNING LAW. This Agreement shall be governed by the laws of the State of California. IN WITNESS WHEREOF, the parties have executed this Agreement the day of , 2005. CITY OF TEMPLE CITY CITY OF SAN FERNANDO Interim City Manager City Administrator ATTEST: ATTEST: City Clerk City Clerk 1 1