R-4849
RESOLUTION NO. 4849(CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA AMENDING SECTION
5 and 16(a) OF CONTRACT NO. 1688 (CCS)
WHEREAS, the balance in the reserve fund is equal to the maximum
amount of annual debt service on new revenue bonds; and
WHEREAS, Contract No. 1688 (CCS) provides for a reduction of the
rental paid by the City to the Parking Authority hereunder.
WHEREAS, The earthquake damage endorsement is considered to be
no longer required under this agreement.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES
RESOLVE AS FOLLOWS:
SECTION 1. Section 5 of Contract No. 1688 (CCS) is hereby amended
to read as follows:
"Section 5. Lease of parcels with completed structures. The
authority hereby leases to the City each of the several parcels
described in the recitals hereof together with the parking
structure constructed thereon. In the case of each parcel and
structure, the term of the lease shall commence on the date
the structure is substantially completed and is available for
use by the City for parking purposes and shall terminate on
January 31, 1994.
The City agrees to pay rent on parcels A through F with
completed structures thereon in the amount of Four Hundred
Sixty-Three Thousand Eight Hundred Sixty ($463,860.00) Dollars
per year commencing July 1, 1974. Rental shall be paid semi-
annually in advance on July 1st and January 1st of each fiscal
year except during the 1973-1974 and 1976-1977 fiscal year for
which necessary rental has been paid and is on deposit within the
Bond Service Fund. Nothwithstanding the above, during the
1977-1978 fiscal year, the City shall pay as and for rent on
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parcels A through F, with completed structures thereon,
the amount of Three Hundred Ninety-Six Thousand Eight
Hundred Sixty ($396,860.00) Dollars. The balance of the
necessary rental for the 1977-1978 fiscal year is currently
on deposit in the Bond Service Fund."
SECTION 2. Section 16(a) of Contract No. 1688 (CCS) is hereby
amended to read as follows:
"Section 16(a). Insurance against loss or damage by fire,
with extended coverage endorsement (including loss or damage
by explosion, lightning, and other risks and hazards commonly
covered by extended coverage endorsement)."
SECTlON 3. The City Clerk shall certify to the adoption of this
resolution, and henceforth and thereafter the same shall be in full force
and effect.
ADOPTED AND APPROVED thi s 22nd day of March
, 1977
)f~~J~
Mayor
ATTEST:
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I hereby certify that the foregoing resolution was duly adopted
by the City Council of the City of Santa Moni ca at a regul ar meeting thereof,
he 1 d on the 22nd day of March
, 1977 ,by the following vote of
the Council:
AYES: Councilmembers:
Cohen, Judson, McCloskey, Reed,
Swink, van den Steenhoven, Trives
NOES: Councilmembers:
None
ABSENT: Councilmembers:
None
APPROVED AS TO FORM:
City Attorney