PROPOSITION ‘A’ FUND EXCHANGE AGREEMENT
This Fund Exchange Agreement (“Agreement”) is made and entered into this xxth day of month 2024 (“Effective Date”), by and between the City of Pasadena (“Pasadena”) and the City of San Marino (“San Marino”), with respect to the following facts:
A. Pasadena operates a local transit system and has a need for additional Proposition A Local Return funds (“Proposition A Funds”) to assist in the financing of its transit operations and to provide funds for acquisition of new transit related equipment (“Project”).
B. San Marino has an accumulation of uncommitted Proposition A Funds which could be made available to Pasadena.
C. San Marino is willing to transfer uncommitted Proposition A Funds to Pasadena to assist in the financing of the Project, in exchange for general funds from Pasadena.
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. The City of San Marino shall transfer One Million Dollars ($1,000,000) of its Fiscal Year 2024-2025 uncommitted Proposition A Local Return funds to the City of Pasadena.
In return, the City of Pasadena shall transfer Seven Hundred Fifty Thousand Dollars ($750,000) in general funds to the City of San Marino.
2. Consideration. The City of San Marino shall transfer the agreed upon Proposition A Local Return funds stated in Section 1 of this Agreement to the City of Pasadena in one (1) lump sum payment no later than November 1, 2024. The City of Pasadena shall transfer the agreed upon general funds stated in Section 1 of this Agreement to the City of San Marino in one (1) lump sum payment no later than November 1, 2024.
3. Term. The term of this Agreement shall begin on the Effective Date and terminate five (5) days after the transfers of funds have been completed pursuant to Section 2 of this Agreement.
4. Termination. Termination of this Agreement may be made by either party prior to the transfer of funds pursuant to Section 2 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 termination.
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:
To City of San Marino:
Proposition ‘A’ Fund Exchange Agreement
Philippe Eskandar, City Manager
City of San Marino
2200 Huntington Drive
San Marino, California 91108
To City of Pasadena:
Mr. Miguel Marquez, City Manager
c/o Ms. Valerie Gibson, Transit Manager
100 N. Garfield Avenue
Pasadena, California 91101
6. Assurances.
a. The City of Pasadena shall use the assigned Proposition A Local Return Funds only to assist in the financing of its transit operations and to provide funds for acquisition of new transit related equipment and within the time limits specified in Metropolitan Transportation Authority's Proposition A Local Return Program Guidelines. b. Concurrently with the Execution of this Agreement, the City of Pasadena shall provide the Metropolitan Transportation Authority 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. Entire Agreement. 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 written above.
CITY OF PASADENA CITY OF SAN MARINO
By:_______________________________ By:____________________________ City Manager City Manager
Attest: Attest:
__________________________________ __________________________________ Mark Jomsky, City Clerk Alison Walker, City Clerk
Proposition ‘A’ Fund Exchange Agreement
Approved as to Form:
__________________________________ ___________________________________ Amanda Cusick, Deputy City Attorney Joseph Montes, City Attorney