City Council

2.H. ASSIGNMENT AGREEMENT BETWEEN THE CITY\nOF HERMOSA BEACH AND THE CITY OF WEST\nHOLLYWOOD FOR THE EXCHANGE OF\nPROPOSITION A LOCAL RETURN FUNDS [C.\nSCHROEDER, L. ISENBERG, F. GOMEZ]:\nThe City Council will consider a General Fund trade\nagreement for Proposition A Local Return Funds with\nthe City of Hermosa Beach.\nRECOMMENDATIONS: 1) Approve an Assignment\nAgreement for a Proposition A local return fund\nexchange with the City of Hermosa Beach for\n$490,000 in City of West Hollywood General Fund\ndollars in exchange for $700,000 in City of Hermosa\nBeach Proposition A Funds and authorize the City\nManager to execute documents incident to the\nAgreement; and 2) Authorize the Director of Finance\nand Technology Services to allocate $490,000 from\nreserves committed for Proposition A purchases in\nthe General Fund to the Expenditure for Traded\nFunds account (100-1-03-31-531016).\nSTAFF REPORT