CONTRACT 4250 Other5 .
AGREEMENT FOR EXCHANGE OF
COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS
This Agreement for Exchange of Community Development Black Grant Funds
( "Agreement ") is made and entered into as of April , 2012, by and between the City of
El Segundo, a general law city and municipal corporation ( "El Segundo "), and the City
of San Fernando, a general law city and municipal corporation ( "San Fernando ") who
agrees as follows:
1. Recitals. El Segundo and San Fernando enter into this agreement based upon
the following understandings and objectives:
A. El Segundo has renewed its a three -year cooperation agreement with the County
of Los Angeles concerning Community Development Block Grant (CDBG) Funds
for Fiscal Years 2010 -2011, 2011 -2012, and 2012 -2013.
B. San Fernando has executed a three -year reimbursable agreement with the
County of Los Angeles concerning CDBG Funds for Fiscal Years 2010 -2011,
2011 -2012, and 2012 -2013.
C. El Segundo has unexpended CDBG Funds that could be made available to San
Fernando in exchange for the assignment by San Fernando of the amount of its
general funds indicated below, and El Segundo is willing to assign unexpended
CDBG funds to San Fernando.
D. The Cities now desire to enter into this Agreement to authorize San Fernando to
exchange $43,824.75 of its general funds for $61,725.00 of El Segundo's
unexpended entitlement of CDBG Funds for Fiscal Year 2012 -2013.
2. EXCHANGE. El Segundo agrees to assign $61,725.00 of its unexpended
CDBG Funds for Fiscal Years 2012 -2013 to San Fernando. In return, San Fernando
agrees to assign $43,824.75 of its general funds to El Segundo. The exchange rate is
$.71/100. The table below summarizes the amount to be exchanged and any public
service authority to be transferred to San Fernando.
...............
FY Amount Public Service Administrative
Authority Authority
Received Received
FY 2012 -2013 $61,725.00 $9,258.75 N/A
Total $61,725.00 -. -... $9,258.75 N/A
3. CONSIDERATION. El Segundo agrees to assign the agreed upon CDBG Funds
in one lump sum payment. San Fernando agrees to assign the agreed upon general
funds to the El Segundo in one lump sum payment. The lump sum payment is due and
payable on or before July 31, 2012.
4. GOOD FAITH EFFORTS. El Segundo agrees to use its good faith to obtain any
consent required of any other governmental or administrative agency to effectuate the
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assignment of $61,725.00 of its CDBG Funds to San Fernando. San Fernando agrees
to execute any and all additional documents which such agencies may request in
connection with the assignment and receipt of the grant.
5. TERM. The Agreement is effective on the date above written and for such time
as is necessary for both parties to complete their mutual obligations under this
Agreement.
6. TERMINATION. Termination of this Agreement may be made by either party so
long as written notice of intent to terminate is given to the other party at least five (5)
days prior to termination.
7. NOTICE. Notices must be given pursuant to this Agreement by personal service
on the party notified, or by written notice upon such party deposited in the custody of the
United States Postal Service addressed as follows:
City of El Segundo
350 Main Street
El Segundo, CA 90245
City of San Fernando
117 Macneil Street
San Fernando, CA 91340
8. INTERPRETATION. This Agreement was drafted in, and will be construed in
accordance with the laws of the State of California, and exclusive venue for any action
involving this agreement will be in Los Angeles County.
9. ENTIRE AGREEMENT. This Agreement sets forth the entire understanding of
the parties. There are no other understandings, terms or other agreements expressed
or implied, oral or written. This Agreement will bind and inure to the benefit of the parties
to this Agreement and any subsequent successors and assigns.
10. RULES OF CONSTRUCTION. Each Party had the opportunity to independently
review this Agreement with legal counsel. Accordingly, this Agreement will be
construed simply, as a whole, and in accordance with its fair meaning; it will not be
interpreted strictly for or against either Party.
11. SEVERABILITY. If any portion of this Agreement is declared by a court of
competent jurisdiction to be invalid or unenforceable, then such portion will be deemed
modified to the extent necessary in the opinion of the court to render such portion
enforceable and, as so modified, such portion and the balance of this Agreement will
continue in full force and effect.
12. AUTHORITY /MODIFICATION. The Parties represent and warrant that all
necessary action has been taken by the Parties to authorize the undersigned to execute
this Agreement and to engage in the actions described herein. This Agreement may be
modified by written amendment. El Segundo's city manager, or designee, may execute
any such amendment on behalf of El Segundo.
13. ACCEPTANCE OF FACSIMILE SIGNATURES. The Parties agree that this
Agreement, agreements ancillary to this Agreement, and related documents to be
entered into in connection with this Agreement will be considered signed when the
signature of a party is delivered by facsimile transmission. Such facsimile signature will
be treated in all respects as having the same effect as an original signature.
14. TIME IS OF ESSENCE. Time is of the essence for each and every provision of
this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement the
3rd day of April '2012
GRE CA ENTER, dim City Manager AL I� RNANDEZ, City
CIT OF EL SEGUNDO CITY OF SAN FERNA
ATTEST:
CII ESEN,a C' I r
(seal)
APPROVED AS TO FORM:
M
OTity A rney
ATTEST:
Elena G. Chavez, City berk
APPROVE AS TO FORM:
City Attorney
istrator