RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COMMERCE, CALIFORNIA, APPROVING AN EXCHANGE AGREEMENT AND ASSIGNMENT OF FEDERAL SURFACE TRANSPORTATION PROGRAM-LOCAL AND HIGHWAY INFRASTRUCTURE PROGRAM FUNDS WITH LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY (METRO) WHEREAS, City of Commerce is eligible for and has available Federal Surface Transportation Program-Local ("STP-L Funds") and Highway Infrastructure Program Funds ("HIP Funds"); and WHEREAS, in order to avoid lapsing of said funds, Metro has agreed to exchange $193,526 of the City’s Federal STP-L Funds and $60,414 of the City’s HIP Funds for a like total amount of $253,940 of Metro’s Local Transportation Funds ("LACMTA Funds") subject to execution of the attached Agreement and 2% administrative and processing fees; and WHEREAS, according to the Agreement, the City will have three (3) years from the date of the Agreement to use the exchange funds and staff recommends the usage of the funds for the City’s 2022/2023 Pavement Rehabilitation Project and approval of said Exchange Agreement and Assignment of funds.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COMMERCE DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The City Council of the City of Commerce hereby finds and declares that the foregoing recitals are true and correct, and incorporates them herein as findings and as a substantive part of this Resolution.
Section 2. Approves the Exchange Agreement and Assignment of Federal Surface Transportation Program-Local and Highway Infrastructure Programs Funds with Los Angeles County Metropolitan Transportation Authority (Metro).
Section 3. The Mayor is authorized to execute the Exchange Agreement and Assignment of Federal Surface Transportation Program-Local and Highway Infrastructure Programs Funds (Exhibit A) for and on behalf of the City of Commerce and furthermore, authorize City Manager to execute amendment(s) to the agreement for related and additional professional services should it become necessary. The Mayor is also authorized to execute the Resolution for and on behalf of the City of Commerce.
Section 4. This Resolution shall take full force and effect immediately upon adoption by the City Council.
PASSED, APPROVED and ADOPTED, this 28th day of March 2023 Oralia Y. Rebollo, Mayor
ATTEST:
Lena Shumway, City Clerk