City Council

13. Approval of an Assignment Agreement between the City of Hawthorne and the City of West Hollywood to exchange Prop A funds for General Fund Revenue. Staff recommends that the City Council: 1. Approve the Assignment Agreement between the City of Hawthorne (“Hawthorne”) and the City of West Hollywood (“West Hollywood”) for the Proposition A Local Return Fund Exchange; 2. Authorize the City Manager, or designee, to execute the Assignment Agreement, with any minor changes, and any related documents necessary to implement the transaction, subject to the City Attorney's approval as to form; 3. Appropriate $1,200,000 of restricted Proposition A Local Return Funds from Prop A Reserves; 4. Accept and appropriate funds in the amount of $840,000.00 in General Fund revenue received from the City of West Hollywood to Account 100-110-52099 Transfers in, in accordance with the terms of the Assignment Agreement; and 5. Authorize the Finance Director, or designee, to make any necessary budget adjustments and accounting entries to effectuate the transaction.