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Res89 11051
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Res89 11051
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Last modified
12/2/2008 9:13:21 AM
Creation date
12/6/2006 3:43:36 PM
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CC Index
CC Index - Document Type
Resolution
Date
6/5/1989
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<br />Exhibit A <br /> <br />, <br />, <br /> <br />AGREEMENT POR DIS'l'RIBUTION OP <br />SAN MATEO COUNTY MEASURE A PUNDS <br />POR LOCAL TRANSPORTATION PURPOSES <br /> <br />This Agreement is made this day of , 1989, <br />by and between the San Mateo County Transportation Authority, <br />hereinafter (Authority), a political subdivision, and the CITY <br />of ., hereinafter (City), a municipal <br />corporation, with reference to the following: <br /> <br />WHEREAS, at the General Election of June 7, 1988, the voters of <br />San Mateo County approved Measure A, WAn ordinance providing for the <br />Creation of the San Mateo County Transportation Authority, for the <br />Imposition of a One-Half of One Percent Transactions and Use Tax, for <br />the Issuance of Limited Tax Bonds, and for Other purposes;" and <br /> <br />WHEREAS, Measure A contained the San Mateo County Transportation <br />Expenditure Plan, authorizing the collection and distribution by the <br />Transportation Authority of a 1/2 cent transactions and use tax; and <br /> <br />WHEREAS, the State legislation which enabled Measure A to be <br />presented to the voters (Public Utilities Code Section 131100 et <br />seq.) was adopted with the intention that the funds generated by the <br />aforementioned 1/2 cent transactions and use tax shall not constitute <br />replacement by local entities of funds previously provided by <br />property tax revenues for transportation purposes; and <br /> <br />WHEREAS, the San Mateo County Transportation Expenditure Plan <br />enacted by Measure A includes an annual allocation of 20% of the <br />total revenue generated by the aforementioned 1/2 cent transactions <br />and use tax to the cities of San Mateo county and to the County of <br />San Mateo for the improvement of local transportation, including <br />streets and roads, in accordance with the formula attached hereto as <br />Exhibit A and incorporated herein by this reference; and <br /> <br />WHEREAS, pursuant to this Agreement the parties desire to <br />formalize the process and the terms and conditions governing the <br />allocation of transactions and use tax revenues for the <br />aforementioned purposes. <br /> <br />ROW, ~BREPORE, the parties agree as follows: <br /> <br />I <br /> <br />AUTHORITY agrees: <br /> <br />That it shall, within ten (10) days of receipt of the monthly <br />check from the State Board of Equalization evincing transactions and <br />use tax revenues for the previOUS month, remit, or instruct its <br />fiscal agent to remit, to the City the City's portion of the previous <br />month's revenue, calculated by the Authority according to the formula <br />set forth in Exhibit A. <br />
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