City Council

B.11. 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,\nC. VASQUEZ]:\nSUBJECT: The City Council will consider approval of an Assignment\nAgreement with the City of Lakewood for Proposition A Local Return\nFunds.\nRECOMMENDATIONS:\n1) 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\nfor $2,000,000 in City of Lakewood Proposition A funds and authorize the\nCity Manager to execute documents incident to the Agreement; and 2)\nAuthorize the Director of Finance and Technology Services to allocate\n$1,400,000 from reserves committed for Proposition A purchases in the\nGeneral Fund to the Expenditure for Traded Funds account.