SR-417-006 (5)
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FI :NR~TEM:JW
12/29/81
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Santa Monica, California, January 12,
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tit ?-----006
1982
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TO: Parking Authority
FROM: Authority Staff
SUBJECT: Attached Resolution Setting Parking Structures
Rental Charge for Fiscal Year 1981-82
Introduction
This report transmits a resolution setting parking structures
rental charges for fiscal year 1981-82 as authorized by
Covenant 4 of Contract 1688 (CCS) between the Ci ty of Santa
Monica and the Parking Authority.
Background
Each year the City of Santa Monica IS requIred to pay the
~ parking Authority S463,8~0 for the lease of parking
structures.
These funds are utilized by the parking
Authority to pay the current year expense on the outstanding
bonds issued to construct the parking structures. The
outstanding Parking Authority Bonds at present are
$4,~55,OOO. In past years when additional funds accumulated
in the Parking Authority Fund, the annual payment for leasing
the parking structures from the Parking Authority was
reduced.
This resolution will reduce the amount to be paid
from the General Fund from $463,8nO to $396,8lS0 for FY
1981-82 and each following fiscal year. Funds are currently
available in the parking AuthorIty Fund to meet this
obligation.
In addition, <:;396,860 was approved in the FY
. 81-82 General Fund budget for thi s payment to the pa rk i ng
Authority.
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JAri l .. ~~c~
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To: Parking Au~ity
~anuary 12, 1982
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Recommendation
Staff recommends tha t the Pa rk i ng Autho r i ty approve th i s
resolution reducing the annual rental charge for the parking
structures from $463,860 to $3911 ,860 for FY 81-82 and each
following fiscal year.
prepared By: Nick Rives
Thomas Morton