City Council

B.12. ASSIGNMENT AGREEMENT BETWEEN THE CITY OF LAKEWOOD\nAND THE CITY OF WEST HOLLYWOOD FOR THE EXCHANGE OF\nPROPOSITION A LOCAL RETURN FUNDS [L. BIERY, P. KESPRADIT]:\nSUBJECT: The City Council will consider a General Funds trade\nagreement with Proposition A Local Return Funds with the City of\nLakewood.\nRECOMMENDATIONS: 1) Approve an Assignment Agreement for\nProposition A local return fund exchange with the City of Lakewood for\n$1,400,000 in City of West Hollywood General Fund dollars in exchange for\n$2,000,000 in City of Lakewood Proposition A funds and authorize the City\nManager to execute documents incident to the Agreement; and 2) Authorize\nthe Director of Finance and Technology Services to allocate $1,400,000\nfrom reserves committed for Proposition A purchases in the General Fund,\nto the Expenditure for Traded Funds account.