San Marino : Sale of Mass Transit Funds
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The City Council voted 5 to 0 Wednesday to sell $500,000 in mass transit funds to another city for about $300,000.
City Manager Keith Till said money the city receives under 1980’s Proposition A, which established the additional half-cent sales tax, may be used only for mass transit projects. Because San Marino has few mass transit projects, the city has accumulated about $160,000 a year for four years, Till said. Unspent Proposition A funds may be claimed by the county after that time. San Marino has traded mass transit funds in past years.
A city that sells its mass transit funds may use the sale proceeds for general purposes.
Duarte has expressed interest in buying the funds. City Manager Jesse H. Duff confirmed that he will propose to the council Tuesday night that the city buy the funds.
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