Adoption of a Resolution Approving the Form of and Authorizing the Execution and Delivery of a Purchase and Sale Agreement and Related Documents with Respect to the Sale Of Culver City s Proposition 1A Receivable from the State of California and Directing and Authorizing Certain Other Actions in Connection Therewith. City of Culver City California Agenda Item Report Meeting Date: 10/26/2009 CITY COUNCIL AGENDA ITEM: Adoption of a Resolution Approving the Form of and Authorizing the Execution and Delivery of a Purchase and Sale Agreement and Related Documents with Respect to the Sale Of Culver City s Proposition 1A Receivable from the State of California and Directing and Authorizing Certain Other Actions in Connection Therewith. Contact Person/Dept.: Jeff Muir CFO Phone Number: 310 253 6016 Item Number: C 4 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Action Item: Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: (Email) Meetings and Agendas City Council (10/21/09); (Email) Fiscal and Budget Issues (10/21/09) Department Approval: Jeff Muir (10/01/09) Chief Financial Officer Approval: Jeff Muir (10/21/09) City Attorney Approval: Carol Schwab (by H. Baker) (10/21/09) City Manager Approval: Mark Scott (10/21/09) RECOMMENDATION: Staff recommends that the City Council adopt a resolution authorizing the execution and delivery of a purchase and sale agreement and related documents with respect to the sale of the City s Proposition 1A receivable from the State to California Statewide Communities Development Authority ( California Communities ). BACKGROUND: Proposition 1A was passed by California voters in 2004 to ensure local property tax and sales tax revenues remain with local government thereby safeguarding funding for many local programs including: public safety health libraries and parks. Provisions can only be suspended if the Governor declares a fiscal necessity and two thirds of the Legislature concurs. ...
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