CONTRACT 6890A OtherAgreement No. 6890A
FUND TRADE AGREEMENT
BETWEEN THE CITY OF EL SEGUNDO
AND THE CITY OF COMMERCE, CALIFORNIA
This Assignment Agreement is made and entered into this 12th day of March, 2024, by and
between the City of El Segundo, California ("Lomita") and the City of Commerce, California
("Commerce") with respect to the following facts:
A. EI Segundo has uncommitted funding authority for its Fiscal Years 2023-24 allocation of
Proposition "A" Local Return funds ("Prop A Funds") that can be made available to
Commerce to assist in providing the services discussed in Paragraph B below. El
Segundo is willing to assign its uncommitted Prop A Funds to Commerce for the
purpose(s) identified in Paragraph B, in exchange for the assignment by Commerce of the
amount of its general funds indicated in Section I below.
B. Commerce proposes to use El Segundo's uncommitted Prop A Funds to provide ongoing
transportation operation services (including fixed route, medi-ride, and recreation) to the
residents of Commerce, and to fund certain eligible capital improvement projects.
Adequate Prop A funding for such services is not currently available given the limited
amount of Commerce's Local Return allocation.
Now, therefore, in consideration of the mutual benefits to be derived by the parties and of the
premises herein contained, it is mutually agreed as follows:
Ec1�IT, El Segundo agrees to assign $740,992 of its Fiscal Year 2023-24 Proposition
"A" Local Return funding authority to Commerce. In return, Commerce agrees to assign
$555,744 of its General Fund monies to El Segundo.
2. Consideration. El Segundo shall provide the agreed upon Proposition "A" Local Return
funds to Commerce in one lump sum payment.. Commerce shall also provide the agreed -
upon general funds to El Segundo in one lump sum payment. The lump sum payment by
Commerce shall be due and payable upon approval by the Los Angeles Metropolitan
Transportation Authority ("LAMTA") of Lomita's project description FORM (Form A)
covering the services discussed in Paragraph B.
3. Term. This Agreement is effective on the date first above written, and shall continue for
such time as is necessary for both parties to complete their mutual obligations set forth
herein.
4. Termination. This Agreement may be terminated with or without cause by either party
upon five (5) days written notice to the other party.
Agreement No. 6890A
Notices. Notices shall be given pursuant to this Agreement by personal service on the
party to be notified or by written notice upon such party by certified mail deposited in the
custody of the United States Postal Service addressed as follows:
CITY OF EL SEGUNDO
350 Main Street
El Segundo, CA 90245
Attn: Paul Chung, Chief Financial Officer
CITY OF COMMERCE
2535 Commerce Way
Commerce, CA 90040
Attn: Vilko Domic, Acting City Manager
6. Assurances.
a. Commerce shall use the assigned Proposition "A" Local Return funds only for the
purpose of providing the services discussed in Paragraph B of this Agreement and
within the time limits specified in LAMTA's Proposition "A" Local Return
Program Guidelines.
b. Concurrently with the execution of this Agreement Commerce shall provide
LAMTA with the Standard Assurances and Understandings Regarding Receipt
and Use of Proposition "A" funds specified in the Guidelines regarding the use of
the assigned Proposition "A" Local Return Funds.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers, duly authorized, on the day and year above written.
CITY OF EL SEGUNDO
Darrell George
City Manager
CITY OF COMMERCE
By
Hugo Argu redo
Mayor
Page 2 of 3
Agreement No. 6890A
ATTEST:
Y I
jz-;-a-
Tracey Weaver
City Clerk
Approved as to Form:
Mark ensley
City orney
Lena Shumway
City Clerk
Approved as to Form:
Noel Tapia
City Attorney
Page 3 of 3