HomeMy WebLinkAbout4.10 Exchange FAU Funds with Foster City CITY OF DUBLIN
AGENDA STATEMENT
City Council. Meeting Date: October 8, 1990
SUBJECT: Agreement with City of Foster City for
Purchase of Federal. Aid Urban Funds
(Report by Public Works Director Lee Thompson)
EXHIBITS ATTACHED: 1) Resolution approving agreement
2) Draft agreement for purchase of Federal. Aid Urban
funds
RECOMMENDATION: //�� Adopt resol.ution and authorize Mayor to execute
�.b kS agreement
FINANCIAL STATEMENT: The City of Dubl.in proposes to pay a total_ of $972,800
in General. Fund monies to the City of Foster City in
exchange for $1,216,000 in Federal. Aid Urban funds.
This represents a savings to the City of Dublin in the
amount of $243,200.
DESCRIPTION: Under this agreement, Dub]-in would pay a total. of
$972,800 to the City of Foster City for $1,216,000 in FAU funds. This item
has been simul.taneousl.y scheduled for consideration by Foster City's Council..
These funds are pl.anned to be used for the San Ramon Road Phase IV project.
The monies repaid to Foster City will. come from FAU monies as they are paid to
Dublin (after Dubl.in's $500,000 Tri-Valley allocation has been received) .
If, after the bids have been opened, the ].ow bid for the San Ramon Road
project is significantly less than the Engineer's Estimate, excess FAU funds
may be turned back to Foster City with no penalty or may be used on other
projects at Dublin's option.
Once the agreement has been signed by both cities, a copy wil.]. be forwarded to
Cal.trans for review and processing through FHWA.
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ITEM N0. COPIES TO: David Va]_kenaar, City of
Foster City
RESOLUTION NO. —90
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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APPROVING AN AGREEMENT FOR THE EXCHANGE OF CITY OF FOSTER CITY
FEDERAL AID URBAN FUNDS FOR CITY OF DUBLIN GENERAL FUNDS
WHEREAS, the City of Foster City has agreed with the City of
Dublin to exchange Foster City Federal. Aid Urban (FAU) funds for City of
Dublin General. Funds; and
WHEREAS, the agreed exchange rate is eighty cents ($.080) of
General Funds for every one dollar ($1.00) of FAU funds; and
WHEREAS, the City of Dublin plans to use these funds for the San
Ramon Road Phase IV project; and
WHEREAS, this exchange of funds wil.1. provide a greater amount of
Federal_ funds for necessary roadway improvements;
NOW, THEREFORE, BE IT RESOLVED that the City Council. of the City
of Dubl.in does hereby approve the Agreement between the City of Foster City
and the City of Dublin for the exchange of funds.
BE IT FURTHER RESOLVED that the Mayor shal-l_ execute this agreement
and that the City Clerk shall forward copies to the appropriate authorities.
PASSED, APPROVED, AND ADOPTED this 8th day of October, 1990.
AYES:
NOES:
ABSENT:
Mayor
ATTEST:
City Clerk
_ 1
AGREEMENT BETWEEN DUBLIN AND FOSTER CITY
FOR TRANSFER OF FAU FUNDS
THIS AGREEMENT made and entered into this day of 199_, by
and between the CITY OF FOSTER CITY, a Municipal Corporation of the State of
California, hereinafter referred to as "FOSTER CITY" and the CITY OF DUBLIN, a
Municipal Corporation of the State of California, hereinafter referred to as
"DUBLIN. "
WITNESSETH:
WHEREAS, a procedure has been established, acceptable to Federal and
State Departments of Transportation, whereby local agencies may jointly agree
to exchange Federal Aid Urban (FAU) apportionments for other funds as jointly
agreed upon; and
WHEREAS, it is mutually agreeable between FOSTER CITY and DUBLIN to
transfer general funds apportionments for FAU apportionments to the mutual
benefit of both parties hereto;
NOW THEREFORE, for and in consideration of the mutual covenants herein
contained, the parties agree as follows:
1. FOSTER CITY agrees to transfer to DUBLIN, upon execution of this
agreement, or as promptly as possible thereafter, the sum of $1,216,000 from
FOSTER CITY' s FAU apportionments.
2. DUBLIN agrees to pay to FOSTER CITY the sum of $972,800 as follows:
Within 10 days of the following dates:
February 15, 1991 $ 121,600
March 15, 1990 121,600
April 15, 1991 121,600
May 15, 1991 121,600
June 15, 1991 121,600
July 15, 1991 121,600
August 15, 1991 121,600
September 15, 1991 121,600
For a total of $ 972,800
DUBLIN agrees to include interest with each late payment at the rate
of twelve percent (12%) per year for each day such payment is late.
FOSTER CITY agrees to use said monies only on transportation-related
uses.
3. DUBLIN proposes to expend FOSTER CITY' s $1,216,000 in FAU monies on
DUBLIN's San Ramon Road Phase IV project. Should DUBLIN' s costs for the
project be below the ability to utilize all of FOSTER CITY's $1,216,000,
DUBLIN will have the option of utilizing the remainder of the monies on other
FAU projects or receiving less than the full $1,216,000 apportionment from
FOSTER CITY. In the latter event, DUBLIN shall pay to FOSTER CITY 80% of
whatever amount of FOSTER CITY's FAU apportionment is transferred to and
accepted by DUBLIN, on the dates and in the manner set forth in Paragraph 2.
4. Notification by DUBLIN to FOSTER CITY of reduction in the amount of
exchange shall be made by November 14, 1990, or DUBLIN shall make full payment
to FOSTER CITY of the $972,800.
5. It is understood and agreed that this agreement is subject to the
prior written approval of the Secretary of the U. S. Department of
Transportation or his designee.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the day and year first above written.
CITY OF FOSTER CITY, a Municipal
Corporation of the State of California
By:
Mayor
ATTEST:
City Clerk
CITY OF DUBLIN, a Municipal Corporation
of the State of California
By:
Mayor
ATTEST:
City Clerk