HomeMy WebLinkAbout4.5 Purchase FAU Funds City of Foster City boo-40
CITY OF DUBLIN
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: December 9, 1985
SUBJECT: Purchase of FAU Funds from City of Foster City
EXHIBITS ATTACHED: 1 ) Resolution approving a Joint Powers Agreement
for the Exchange of City of Foster City
Federal Aid Urban Funds for City of Dublin
General Funds .
2 ) Agenda Statement from City Council Meeting of
November 25 , 1985 regarding FAU Funds .
3 ) Draft Joint Powers Agreement with the City of
Foster City.
RECOMMENDATION: Adopt resolution approving Joint Powers Agreement
with the City of Foster City.
FINANCIAL STATEMENT: The City of Dublin will pay a total of $450 , 000 . 00
to the City of Foster City in exchange for
$600 , 000 . 00 in FAU funds . This will represent a
savings to the City of Dublin 'of $150 , 000 . 00 .
DESCRIPTION: On November 25 , 1985 , the City Council authorized
the City Engineer to negotiate for the purchase of FAU funds from the City
of Foster City. Foster ,City has agreed to accept $ . 75 for each dollar of
FAU funds . A formal agreement between the two cities is now necessary to
initiate the transaction. Foster City Staff is also placing this item on
their City Council Agenda for approval .
Under this agreement , Dublin will pay a total of $450 , 000 . 00 for
$600 , 000 . 00 of FAU funds . This will provide a savings of $150 , 000 . 00 to
Dublin ' s General Fund. FAU funds must be used on designated streets , and
they are administered by the State Department of Transportation . Some
cities have difficulty with the use of the funds due to requirements placed
on the projects .
The City of Dublin has been successful in the use of FAU monies and Staff
members are familiar with the design and reporting requirements . FAU funds
can only be used for construction and require a local match of 13 . 8 cents
for each FAU dollar used on a project .
These funds are planned to be used for the following projects :
1 ) San Ramon Road, Phase II
2 ) Amador Valley Blvd. median reconstruction and landscaping.
Staff recommends that the City Council adopt the Resolution approving the
Joint Powers Agreement .
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ITEM NO. COPIES TO:
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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APPROVING A JOINT POWERS AGREEMENT FOR THE EXCHANGE OF
CITY OF FOSTER CITY FEDERAL AID URBAN FUNDS
FOR DUBLIN GENERAL FUNDS
WHEREAS, the City of Foster City has agreed with the
City of Dublin to their exchange of Federal Aid Urban (FAU) funds
for City of Dublin General Funds; and
WHEREAS, the agreed exchange rate is seventy-five
cents ( $0 . 75 ) of general funds for every one dollar ( $1 . 00 ) of
FAU funds; and
WHEREAS, Dublin plans to use these FAU funds for the
Phase II project on San Ramon Road and on the Amador Valley Blvd.
median reconstruction landscaping; and
WHEREAS, this exchange of funds will provide a greater
amount of Federal Funds available for necessary roadway
improvements;
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Dublin does hereby approve the Joint Powers Agreement
between the City of Foster City and the City of Dublin for the
exchange of FAU funds .
BE IT FURTHER RESOLVED that the Mayor shall execute the
Agreement and the City Clerk shall forward copies to the
appr.opriate authorities .
PASSED, APPROVED, AND ADOPTED this day of
, 1985 .
AYES:
NOES:
ABSENT:
Mayor
ATTEST:
City Clerk
AGENDA STATEMENT
City Council Meeting Date: November 25 , 1985
SUBJECT: Purchase of FAU funds from the City of
Foster City.
EXHIBITS ATTACHED: None.
RECOMMENDATION: Authorize Staff to negotiate with the
Staff of the City of Foster City for
purchase of $600 , 000 of FAU monies at
. 75 on the dollar and to return to
Council with a draft resolution for
review and approval .
FINANCIAL STATEMENT: The City of Dublin would pay $450 , 000
for $600 , 000 in FAU monies for a net
gain to the City of Dublin of $150 , 000 .
DESCRIPTION:
Staff has been pursuing additional FAU funds to help finance
projects within Dublin that are eligible for FAU funds . The
Public Works Director of Foster City has expressed a desire to
sell his FAU funds to the City of Dublin and is going to his
Council for approval of this procedure .
The City of Dublin will pay to the City of Foster City FAU
monies after they have been received from the State. The
projects on which the City would use these monies would be San
Ramon Road, Phase II, and Amador Valley Blvd. median
reconstruction and landscaping. In order to fully utilize the
monies, it may be necessary to combine the median work and
. landscape work on Amador Valley Blvd. as one project .
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ITEM NO. COPIES TO:
JOINT POWERS AGREEMENT
THIS AGREEMENT made and entered into this day of , 198_, 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 $600,000
from FOSTER CITY'S FAU apportionments. FOSTER CITY further agrees to spend
$450,000 from the herein reimbursement on transportation related uses.
2. DUBLIN agrees to pay to FOSTER CITY the sum of $450,000 as
follows:
From FAU monies received through the Federal Government previously
assigned to FOSTER CITY, the CITY OF DUBLIN will pay within 21 days to FOSTER
CITY 75% (seventy-five percent) of those monies as they are actually paid to
DUBLIN.
The FAU projects which DUBLIN is presently processing are as
follows:
a) San Ramon Road Phase II -- Plans are complete and the
environmental process is nearing completion.
b) Amador Valley Blvd. improvement and landscape project -- Plans
are underway and the project has been approved environmentally as a
catagorical exclusion by CalTrans and FHWA.
These projects are scheduled to run from early Spring through
early Fall of 1986. If no monies have been paid to FOSTER CITY by May 31,
1986, FOSTER CITY reserves the right to use the $600,000 itself or transfer
it to another jurisdiction.
3. It is understood and agreed that this agreement is subject to
the approval of the Secretary of the U. S. Department of Transportation or his
designee.
IN WITNESS WHEREOF, the parties hereto have executed this Joint
Powers 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