SR-417-006 (7)
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Santa Monica, Callfornia, March 30, 1978
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To:
Mayor and City Counc11
APR 2 5 1978
From: Clty Staff
SubJect: ATTACHED RESOLUTION SETTING PARKING STRUCTURES RENTAL CHARGE FOR
FISCAL YEAR 1978-79
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Introduction
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This Resolutlon lS a legal requlrement and author1zed by Covenant 4 of Contract
1688 (CCS) between this Clty and the Parklng Authorlty.
Background - Parking Structures
Each year the City 1S requlred to pay the Parking Authority $463,860 for
the lease of the parking structures. These funds are used by the Parklng
Authority to pay the current year expense on the outstanding bonds issued to
construct the park1ng structures. The outstandlng Parking Authorlty Bonds at
present are $5,720,000. In past years when additional funds accumulated in the
bond serV1ce fund, the annual payment for leasing the parking structures
from the Parking Authority were reduced. In 1977-78 fiscal year the payment
was $396,860. This Resolutlon wlll reduce the amount to be pa1d from the
General Purpose Funds of the City by $67,000 for 1978-79. Funds are now
avallable 1n the Bond Service Fund 1n this amount and are avallable for
meeting current obl1gations rather than have them accumulate 1n the Bond
Service Fund, as it reduces the cost to the General Purpose Funds of the
City for the expense of operat1ng the parklng structures.
Recommendat1on
Staff recommends that the Clty Counc11 approve this resolution reducing
the annual rental charge for the parking structures.
Prepared by: Alan P. Melcher
Robert H. Nash
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APR 2 5 1978
CITY OF SANTA MONICA AMENDING SECTION
5 AND 16(A) OF CONTRACT NO. 1688 (CCS)
WHEREAS, the balance of the reserve fund is equal to the maXlmu~
amount of annual debt service on new revenue bonds; and
WHEREAS, Contract No. 1688 (CCS) provides for a reductlon of the
rental pald by the City to the Parking Authority hereunder.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA ODES
RESOLVE AS FOLLOWS:
SECTION 1. Section 5 of Contract No. 1688 (CCS) is hereby amended
to read as follows:
II Sect lOn 5. Lease of pa ree 1 s vn th camp 1 eted structures. The
authonty hereby leases to the City each of the several parcels
described in the rccltals hereof together with the parklng
structure cor.sLructed thereon. In the case of each parcel and
structuret the term of the lease shall commence on the date
the structure is substantially completed and is avallable for
use by the City for parklng purposes and shall terminate on
January 31, 1994.
The Clty agrees to pay rent on parcels A through F with
completed structures thereon 1n the amount of Four Hundred
Sixth-Three Thousand Elght Hundred Sixty (S463t860.00) Dollars'
per year cowmenclng July 1, 1974. Rental shall be paid semi-
annually in advance on July 1st and January 1st of each fiscal
year except durlng the 1973-74 and 1977-78 fiscal year for
which necessary rental has been pald and is on deposlt withln
the Bond Servlce Fund. Notwlthstandlng the above. during the
1973-79 fiscal year, the Clty shall pay as and for rent on
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SECTION 3.
The Clty Clerk shall certlfy to the adoptlon of
this resolutlont and henceforth a~d thereafter the same shall be full force
and effect.
ADOPTED AND APPROVED thlS
25th
day of
Aprll
1978 .
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I hereby eertlfy that the foregoing resolutlon was duly
adopted by the City Counell of the Clty of Santa Monica at a regular
meeting thereof, held on the
25th
day of Aprl1
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1978 .
by the followlng vote of the Counc1l:
AYES:
Bambrick, Cohen, Reed, Scott, Trlves,
Mayor Swink
,NOES:
None
ABSENT: van den Steenhoven
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C1 ty Attorney