City Council

F.1.\nASSIGNMENT AGREEMENT BETWEEN THE CITY OF HERMOSA AND\nTHE CITY OF WEST HOLLYWOOD FOR THE EXCHANGE OF\nPROPOSITION A LOCAL RETURN FUNDS [L. BIERY, P. KESPRADIT,\nC. VASQUEZ]:\nSUBJECT: The City Council will consider a General Funds trade\nagreement with Proposition A Local Return Funds with the City of\nHermosa Beach.\nRECOMMENDATIONS: 1) Approve an Assignment Agreement for\nProposition A local return fund exchange with the City of Hermosa Beach\nfor $560,000 in City of West Hollywood General Fund dollars in exchange\nfor $800,000 in City of Hermosa Beach Proposition A funds and authorize\nthe City Manager to execute documents incident to the Agreement; and 2)\nAuthorize the Director of Finance and Technology Services to allocate\n$560,000 from General Fund reserves, including $250,000 from reserves\ncommitted for Proposition A purchases and $310,000 from unallocated\nreserves, to the Expenditure for Traded Funds account.