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Res89 11051
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Res89 11051
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Last modified
10/11/2019 1:51:42 PM
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10/11/2019 1:51:42 PM
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Template:
CC Index
CC Index - Document Type
Resolution
Date
6/5/1989
Description
RES 0 L UTI 0 N u, \\G N 2.11 051 JUN 5 \989 RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF AGREEMENT FOR DISTRIBUTION OF SAN MATEO COUNTY "MEASURE A" FUNDS FOR LOCAL TRANSPORTATION PURPOSES (SAN MATEO COUNTY TRANSPORTATION AUTHORITY) BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, AS FOLLOWS: That certain agreement entitled "Agreement for Distribution of San Mateo County Measure A Funds for Local Transportation Purposes" by and between the San Mateo County Transportation Authority and the City of Redwood City, a municipal corporation of the State of California, providing for the distribution to the
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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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