DISTRIBUTION OF MEASURE B FUNDS - Laserfiche WebLink

and between the .~a~_ Co~ty ~a~spurtation Aathurity, h~r. e~inefter f thurity), a political s ivi lon, the of hereinafter (City), a municipal corporation, with reference to the following: W~m~%S, at the General Election of November 4, 1986, the voters of Alameda County approved Measure B, "An ordinance p~oviding for the Creation of the Alameda County T~ansportation Authority, for the Imposition:of a O~e-Baif One Percent Tz~nsactions and Use Tax, for the Issuance of Limited Tax Bonds, for Other Purposes; and W~m~EAS, Measure B contained the Alameda County T~ansportation Expenditure Pier1, authorizing the collection and distribution by the ~sportation Authority of a 1/2 ~ent trzalsactions and use tax; and WI~I~%~, both Measure B and the State legislation which enabled it to be presented to the voters (Public Utilities Code Section 131100 et seq.) were adopted with the inte~tion that .the fu~s ~enerated by the afor~entioned 1/2 cent tr~sac~ions and use tax shall not constitut~ replacm~ent by local entities of fur~s previously provided by property tax revenues for tr~sportation purposes; aed Wti~, Measure B authorized the distribution of the afor~entioned use and tra~lsections tax revenues ~ccording to the formula attached hereto as Exhibit A ar~ by this referenoe made a part of this agre~m-nt as if fully set forth herein. ~ PAI~i',,-~ therefore agree as follows: I The Transportation Authority agrees: 1. ~'nat it shall, within ten (10) days of receipt of the monthly check from the State Board of Eq,~l tzation evincing sales tax revenues for the previous month, re~it to the City the City's portion of the previous month's revenue, calculated by the Authority ao~ording to the formula set forth aC Exhibit A hereto. 2. Beginning On June 17, 1987, and thereafter oontinuing on a quarterly basis, calculate the period of time for which the afor~ntioned funds received monthly from the State Board of F~lizatio~ .were held by the Authority before r~ittance to the City, and romit to the city the interest derived during such t~...'uoraz¥ monthly holding.