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Authorize the Exchange of Series AW Taxable Bond Proceeds for Proposition A Funds with the City of Diamond Bar and the City of Hidden Hills and Amend the FY 2018-19 Operating and CIP Budgets
It is recommended that the City Council take the following actions:
1) Adopt the following resolution:
RESOLUTION NO. 2019-60 - A RESOUTION OF THE CITY COUNCIL OF THE CITY OF POMONA, CALIFORNIA, AUTHORIZING THE EXCHANGE OF SERIES AW TAXABLE BOND PROCEEDS IN THE AMOUNT OF $727,500 FOR PROPOSITION A FUNDS IN THE AMOUNT OF $970,000 WITH THE CITY OF DIAMOND BAR AND TO RECEIVE AND APPROPRIATE $970,000 OF PROPOSITION A FUNDS IN THE FY 2018-19 OPERATING BUDGET; AMENDING THE FY 2018-19 CIP BUDGET BY UN-APPROPRIATING $970,000 IN SERIES AW TAXABLE BOND PROCEEDS FROM “POMONA TRANSIT BRIDGE IMPROVEMENTS AND BEAUTIFICATION,” PROJECT #428-2590-XXXXX-67927 AND APPROPRIATING $970,000 FROM PROPOSITION A FUNDS TO THE PROJECT
2) Adopt the following resolution:
RESOLUTION NO. 2019-61 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POMONA, CALIFORNIA, AUTHORIZING THE EXCHANGE OF SERIES AW TAXABLE BOND PROCEEDS IN THE AMOUNT OF $84,000 FOR PROPOSITION A FUNDS IN THE AMOUNT OF $120,000 WITH THE CITY OF HIDDEN HILLS AND TO RECEIVE AND APPROPRIATE $120,000 OF PROPOSITION A FUNDS IN THE FY 2018-19 OPERATING BUDGET; AMENDING THE FY 2018-19 CIP BUDGET BY UN-APPROPRIATING $120,000 IN SERIES AW TAXABLE BOND PROCEEDS FROM “POMONA TRANSIT BRIDGE IMPROVEMENTS AND BEAUTIFICATION,” PROJECT #428-2590-XXXXX-67927 AND APPROPRIATING $120,000 FROM PROPOSITION A FUNDS TO THE PROJECT
3) Authorize the City Manager to execute necessary contracts with the City of Diamond Bar and City of Hidden Hills to complete the exchange.