RESOLUTION 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 $1,000,000 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 6
th day of August 2024.
CITY OF DIAMOND BAR
________________________
Stan Liu, Mayor
Resolution No. 2024-34
2 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 6
th day of August 2024, by the
following vote:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
ABSTAINED: COUNCIL MEMBERS:
______________________________
Kristina Santana, City Clerk
Attachments:
Exhibit A – Prop A Funds Exchange Agreement