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RESOLUTION NO. 2003-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF Rancho palos verdes APPROVING A LETTER OF AGREEMENT BETWEEN THE CITY OF rancho palos verdes and the city of WEST HOLLYWOOD FOR THE EXCHANGE OF CDBG FUNDS FOR THE FISCAL YEAR 2003-2004.
WHEREAS, the City Council of the City of Rancho Palos Verdes conducted a public hearing, pursuant to applicable law, on December 3, 2002, to consider the allocation of CDBG funds for the Fiscal Year 2003-2004; and
WHEREAS, the use of CDBG funds is strictly limited by law; and
WHEREAS, on August 20, 2002, the City of Rancho Palos Verdes executed a three-year Cooperation Agreement with the County of Los Angeles concerning Community Development Block Grant (CDBG) Funds for Fiscal Years 2003-2004, 2004-2005, and 2005-2006; and
WHEREAS, the City of Rancho Palos Verdes is a recipient of Community Development Block Grant Funds and desires to exchange $400,000 of its FY 2003-2004 CDBG funds for $230,000 of West Hollywood General Funds; and
WHEREAS, the City Council of the City of Rancho Palos Verdes conducted a public hearing, pursuant to applicable law, on August 19, 2003, to consider the exchange of CDBG funds with the City of West Hollywood.
NOW, THEREFORE, BE IT RESOLVED by the City of Rancho Palos Verdes City Council as follows:
Section 1. The attached Letter of Agreement between the City of Rancho Palos Verdes and the City of West Hollywood is hereby approved; and in accordance with the Letter of Agreement, the City of Rancho Palos Verdes will exchange $400,000 of its 2003-2004 CDBG funds for $230,000 of City of West Hollywood General Funds.
Section 2. The City of West Hollywood shall assign the agreed upon general funds to the City of Rancho Palos Verdes in one lump sum payment. The lump sum payments shall be due and payable after receipt of agreed upon CDBG funds from the City of Rancho Palos Verdes.
Section 3. The City Manager is authorized and directed to execute any and all documents necessary to complete the exchange of funds on behalf of the City of Rancho Palos Verdes.
Section 4. This resolution shall take effect immediately.
Section 5. The City Clerk shall certify to the adoption of this resolution and thenceforth and thereafter the same shall be in full force and effect.
PASSED, APPROVED AND ADOPTED this 19th day of August, 2003.
State of California )
I, JO PURCELL, City Clerk of the City of Rancho Palos Verdes, hereby certify that the above Resolution No. 2003- was duly and regularly passed and adopted by the said City Council at a regular meeting thereof held on August 19, 2003.