City Council

F.1.\nASSIGNMENT AGREEMENT BETWEEN THE CITY OF WALNUT AND\nTHE CITY OF WEST HOLLYWOOD FOR THE EXCHANGE OF\nPROPOSITION A LOCAL RETURN FUNDS [H. COLLINS, T. FUHRER,\nC. VASQUEZ]:\nSUBJECT: The City Council will consider approval of an Assignment\nAgreement with the City of Walnut for Proposition A Local Return Funds.\nRECOMMENDATIONS: 1) Approve an Assignment Agreement for\nProposition A local return fund exchange with the City of Walnut for\n$350,000 in City of West Hollywood General Fund dollars in exchange for\n$500,000 in City of Walnut Proposition A funds; 2) Authorize the City\nManager to execute documents incident to the Agreement; and 3)\nAuthorize the Director of Finance and Technology Services to allocate\n$350,000 from reserves committed for Proposition A purchases in the\nGeneral Fund to the Expenditure for Traded Funds account.