City Council

2.K. ASSIGNMENT AGREEMENT BETWEEN THE CITY OF MALIBU AND\nTHE CITY OF WEST HOLLYWOOD FOR THE EXCHANGE OF\nPROPOSITION A LOCAL RETURN FUNDS [L. BIERY, T. COYNE, L.\nQUIJANO]:\nSUBJECT: The City Council will consider a General Funds trade\nagreement with Proposition A Local Return Funds with the City of Malibu.\nRECOMMENDATIONS: 1) Approve an Assignment Agreement for\nProposition A local return fund exchange with the City of Malibu for\n$328,500 in City of West Hollywood General Fund dollars in exchange for\n$450,000 in City of Malibu Proposition A funds and authorize the City\nManager to execute documents incident to the Agreement; and 2)\nAuthorize the Director of Finance and Technology Services to allocate\n$328,500 from reserves committed for Proposition A purchases in the\nGeneral Fund, to the Expenditure for Traded Funds account (100-1-03-31-\n531016).