9. SUBJECT: LOCAL RETURN PROPOSITION A AND PROPOSITION C CAPITAL RESERVE AND LAPSING EXTENSION AUTHORIZE the Chief Executive Officer to negotiate and execute all necessary agreements between Los Angeles County Metropolitan Transportation Authority (LACMTA) and the Cities for their Capital Reserve Accounts as approved; and: A. ESTABLISH Proposition A Local Return funded Capital Reserve Account for the Cities of Industry and Lynwood B. ESTABLISH Proposition C Local Return funded Capital Reserve Account for the Cities of Beverly Hills, Manhattan Beach, Pomona, Redondo Beach, San Marino, and Whittier C. AUTHORIZE a one-time, one year extension of Local Return funds allocated in FY20 or previously, as a result of the COVID-19 pandemic. - Metro Los Angeles

Meeting: Finance, Budget and Audit Committee on 2020-09-16 1:30 PM

Meeting Time: September 16, 2020 at 1:30pm PDT

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Agenda Item

9. SUBJECT: LOCAL RETURN PROPOSITION A AND PROPOSITION C CAPITAL RESERVE AND LAPSING EXTENSION AUTHORIZE the Chief Executive Officer to negotiate and execute all necessary agreements between Los Angeles County Metropolitan Transportation Authority (LACMTA) and the Cities for their Capital Reserve Accounts as approved; and: A. ESTABLISH Proposition A Local Return funded Capital Reserve Account for the Cities of Industry and Lynwood B. ESTABLISH Proposition C Local Return funded Capital Reserve Account for the Cities of Beverly Hills, Manhattan Beach, Pomona, Redondo Beach, San Marino, and Whittier C. AUTHORIZE a one-time, one year extension of Local Return funds allocated in FY20 or previously, as a result of the COVID-19 pandemic.