FUND EXCHANGE AGREEMENT
BETWEEN THE CITY OF POMONA AND FOOTHILL TRANSIT
PROPOSITION A LOCAL RETURN FUND EXCHANGE
The effective date (Effective Date) of this agreement, shall be the last date that this Assignment Agreement is executed either the City of Pomona or by Foothill Transit. This assignment agreement is entered into by the City of Pomona, California, and Foothill Transit with respect to the following facts:
A. Foothill Transit provides community oriented, environmentally friendly bus service throughout Southern California’s San Gabriel and Pomona Valleys. Proposition A Local Return funding is an eligible source of funding relating to providing transit services.
The City of Pomona, has uncommitted Proposition A Local Return funds totaling $4.2 million ($2,501,311 FY 21-22, $1,698,689 FY 22-23) which could be made available to Foothill Transit to assist in providing the services discussed in Paragraph A of this Agreement.
Foothill Transit is willing to exchange its general funds in the amount indicated in Section 1 below in exchange for City of Pomona’s uncommitted Proposition A Local Return funds.
The City of Pomona is willing to exchange its uncommitted Proposition A Local Return funding in the amount indicated in Section 1 below to Foothill Transit, for the purpose identified in Paragraph A above, for Foothill Transit’s general funds.
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. City of Pomona agrees to assign a total of $4,200,000 of its Proposition A Local Return Funds to Foothill Transit. In return, Foothill Transit shall transfer $3,150,000 of its General Use Funds to City of Pomona.
2. Consideration. City of Pomona shall assign the agreed-upon Proposition A Local Return funds to Foothill Transit in one lump sum payment. Foothill Transit shall assign the agreed upon general use funds to City of Pomona in one lump sum payment no longer than 30 days after (a) execution of this signed agreement and (b) approval by Los Angeles County Metropolitan Transportation Authority (LACMTA) of the Foothill Transit’s project description.
3. 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.
4. Termination. Termination of this Agreement may be made by either party before the date of approval of the project description covering the funds in question by the Metro so long as written notice of intent to terminate is given to the other party at least five (5) days prior to the termination date.
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 deposited in the custody of the United States Postal Service addressed as follows:
a. James Makshanoff, City Manager
City of Pomona
505 S. Garey Ave
Pomona, CA 91769
b. Doran Barnes, Chief Executive Officer
Foothill Transit
100 S. Vincent Ave.
West Covina, CA 91790
c. Michelle Caldwell, Director of Finance/Treasurer
Foothill Transit
100 S. Vincent Ave.
West Covina, CA 91790
6. Assurances
A. Foothill Transit shall use the assigned Proposition A Local Return funds only for the purpose of providing the services discussed in Paragraph A of this Agreement and within the time limits specified in Metro's Proposition A Local Return Program Guidelines.
B. Concurrently with the execution of this Agreement, Foothill Transit shall provide Metro 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.
7. This Agreement constitutes the entire understanding between the parties, with respect to the subject matter herein. This Agreement shall not be amended nor any provisions or breach hereof waived, except in writing signed by the parties hereto.
IN WITNESS WHEREOF, the parties hereto have caused this Fund Exchange Agreement to be executed by their respective officers, duly authorized, on the day and year above written.
CITY OF POMONA FOOTHILL TRANSIT
James Makshanoff Doran Barnes
City Manager Chief Executive Officer
_______________________________ _______________________________________ Michelle Caldwell
Director of Finance/Treasurer
_______________________________________
ATTEST:
_______________________________ _______________________________________ Rosalia Butler Christina Lopez
City Clerk Board Secretary
Approved as to Form: Approved as to Form:
Attachment No. 1