R-7235
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RESOLUTION NO. 7235(CCS)
(City CouncIl Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA
AMENDING SECTION 5 OF CONTRACT NO. 1688 (CCS)
WHEREAS, the balance of the reserve fund is equal to the
maXImum amount of annual debt service on revenue bonds; and
WHEREAS, Contract Number 1688 (CCS) provides for a
revIsion of the rental paid by the City to the Park1ng AuthorIty
hereunder; and
WHEREAS, the CIty and ParkIng Authority desires to
adJust the rental rate;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. The Amendment to Lease Agreement attached
hereto 15 hereby approved and the City Manager IS authorized to
execute the same on behalf of the CIty of Santa Monica.
SECTION 2. The City Clerk shall certify to the adoptIon
of this ResolutIon, and thenceforth and thereafter the same shall
be in full force and effect.
APPROVED AS TO FORM:
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Robert Myers
City Attorney
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Adopted and approved thlS 24th day of June, 1986.
GL~~ l ~
/.. . - Mayor -
I hereby certlfy that the foregoing ResolutIon No. 7235(CCS)
was duly adopted by the CIty Council of the C1ty of Santa Mon1ca
at a meeting thereof held on June 17, 1986 by the follow1ng
Council vote:
Ayes: Councllmembers: Conn, Epstein, Jennlngs, A. Katz,
H. Katz, and Mayor Reed
Noes: Councllmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: Zane
ATTEST:
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Ci"ty_ C1.~Pk.-. :...-:-.:._-
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RECORDING REQUESTED BY CITY OF SANTA MONICA · .
WITHOUT CHARGE PURSUANT TO GOVERNMENT CODE
SECTION 6103
WHEN RECORDED RETURN TO
CITY CLERK
City Hall
1685 Main Street
Santa Monica, CA 90401
tMENDMENT TO LEASE AGREEMENT
This Amendment to Lease Agreement, Contract Number 1688
(CCS), entered into this
day of
, 198__, by and
between the CITY OF SANTA MONICA, a municipal corporation
(hereinafter "CITY"), and the PARKING AUTHORITY OF THE CITY OF
SANTA HONICA, a public body (hereinafter "AUTHORITY"), is made
with reference to the following:
R Eel TAL s:
A. The CITY and AUTHORITY entered into a Lease Agreement,
Contract Number 1688 (CCS), on February 15, 1966.
B. The CITY and AUTHORITY desire to amend the Lease
Agreement to adjust the rental rate provided for therein.
C. The amendment hereby agreed to will not impair or reduce
the secur~ty of the holders of the bonds of the AUTHORITY issued
pursuant to Resolution Number 110 (PAS) of the AUTHORITY.
NOW, THEREFORE, it is mutually agreed by and between CITY
and AUTHORITY as follows:
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1. Section 5 of the Lease Agreement, Contract Number 1688
(GGS) 1s hereby amended as follows:
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Section 5. Lease of Parcels with Completed Structu~es~
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 Dollars ($463,860.00)
per year commencing on July 1, 1974. Rental shall be paid
semi-annually 1n advance on July 1st and January 1st of each
year.
Notwithstanding the above, during fiscal year 1981-82 and
each following fiscal year, the City shall pay as and for rent on
parcels A through F, with completed structures thereon, the
amount of Three Hundred, Ninety-Six Thousand, Eight Hundred Sixty
Dollars ($396,860.0Q) per year payable semi-annually in advance
on July 1st and January 1st of each year.
Notwithstanding the above, during fiscal year 1985-86 the
City shall pay as and for rent on parcels A through F, with
completed structures thereon, the amount of Four Hundred,
Eighty-Three Thousand, Eight Hundred Twenty-Five Dollars
($483,825.00) payable on June 30, 1986.
2. Except as expressly modified herein, all other terms and
covenants set forth 1n the Lease Agreement, Contract Number 1688
(eCS), shall remain the same and shall be in full force and
effect.
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IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to Lease Agreement to be executed on the day and year
first above written.
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CITY OF SANTA MONICA,
a municipal corporation
By ..
John Jalili
City Manager
ATTEST:
City Clerk
PARKING AUTHORITY OF THE CITY
OF SANTA MONICA,
a pUblic body
By . "
Chairperson
ATTEST:
City Clerk
APPROVED AS TO FORM:
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Robert M. Myers
City Attorney
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