The City Council has approved an exchange of funds with Rolling Hills and South Gate that will give the city about $190,000 in Proposition A transportation money for less than $115,000 in general fund money.
Torrance will pay Rolling Hills $23,280 for $38,800, a rate of 60 cents to the dollar. Under a three year agreement with South Gate, Torrance will pay $91,126 for $151,877, at a rate of 60 cents to the dollar in fiscal year 1984-85 and 65 cents to the dollar for the next two years.
Torrance will use the money for transit system operating costs. The other cities agreed to the exchange because they do not operate transit systems and can better use general fund monies that can be used for any purpose.