File #: 19-1448    Version: 1 Name:
Type: Consent Calendar Status: Passed
File created: 5/9/2019 In control: City Council / Housing Authority / Successor Agency to the Redevelopment Agency
On agenda: 5/20/2019 Final action: 5/20/2019
Title: 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 CO...
Attachments: 1. Prop A Exchange Staff Report.pdf, 2. Attchament 1 - Prop A Resolution - Diamond Bar, 3. Attachment 2 - Prop A Resolution - Hidden Hills

title

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.