Resolution - 8964•
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RESOLUTION 8964
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA, CALIFORNIA, AUTHORIZING AND
APPROVING THE EXCHANGE OF PROPOSITION 'A' LOCAL
RETURN TRANSIT FUNDS FOR UNRESTRICTED FUNDS OF
THE CITY OF INDUSTRY
WHEREAS, The City of Industry has offered to transfer
$377,000 of its General Funds to the City of West Covina in return for
Prop. A Funds; and
WHEREAS, The City of West Covina offered to transfer
$580,000 of its uncommitted Proposition A Local Return Transit Funds
to the City of Industry in exchange for unrestricted funds; and
WHEREAS, the City Council of the City of West Covina has
determined that the City's capabilities in meeting the general
public's needs and other expenses can be adequately met if this
exchange of funds is approved; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of West Covina as follows:
SECTION 1. The transfer of $580,000 of uncommitted
Proposition A Local Return Transit Funds in exchange for $377,000 in
unrestricted funds from the City of Industry is authorized and
approved.
SECTION 2. The City Manager is authorized to execute, on
behalf of the City, any required documents to effectuate this exchange
of funds.
SECTION 3. The City Clerk shall certify to the adoption of
this Resolution and send certified copies to the City of Industry.
ADOPTED by the r4tilar meeting of the City
Council on the 4th_ day of May , 1993, by the following
vote:
AYES: Jennings, Wong, Manners, McFadden
NOES: None
ABSENT: Herfert
ABSTAIN: None
ATTEST:
Janet Berry
City Clerk
APPROVED AS TO FORM:
�P,� ke o� . �Laj—i
Elizabeth L. Hanna
City Attorney
INDUSTRY