RES 87337 - Laserfiche WebLink

AGFR~MENT FOR DISTRIBUTION CF "MEASURE B" FUlq)S This AGPR~4ENT is made this __ day of , 1987, by and between the Alameda County Transportation Authority, hereinafter (Authority), a political subdivision, and the CITY of , hereinafter (City), a manicipal corporation, with reference to the following: W~EREAS, at the General Election of November 4, 1986, the voters of Alameda County approved Measure B, "An ordinance providing for the Creation of the Alameda County Transportation Authority, for the Imposition of a One-Half of One Percent Transactions and Use Tax, for the Issuance of Limited Tax Bonds, and for Other Purposes; and WHEREAS, Measure B contained the Alameda County Transportation Expenditure Plan, authorizing the collection and distribution by the Transportation Authority of a 1/2 cent transactions and use tax; and WHEREAS, both Measure B and the State legislation which enabled it to be presented to the voters {Public Utilities Code Section 131100 et seq.) were aaopted with the intention that the funds generated by the aforementioned 1/'2 cent transactions and use tax shall not constitute replacement by local entities of funds previously provided by property tax revenues for transportation purposes; and Wf~REAS, Measure B authorized the distribution of the aforementioned use and transactions tax revenues according to the formula attached hereto as Exhibit A and by this reference maae a part of this agreement as if fully set forth herein. T~E PARTIFa therefore agree as follows: I The Transportation Author ity agrees: 1. That it shall, within ten (10) days of receipt of the monthly check from the State Board of Eq,al ization evincing sales tax revenues for the previous month, remit to the City the City's portion of the previous month's revenue, calculated by the Authority according to the formula set forth at Exhibit A hereto. 2. Beginning on June 17, 1987, and thereafter continuing on a quarterly basis, calculate the period of time for which the aforementioned funds received monthly from the State Board of Equalization were held by the Authority before remittance to the City, and remit to the city the interest derived during such temporary monthly holding.