SR-417-006 (8)
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Santa Monica, califorllt, August 22, 1979
tj/?--006
689
SEP 1 1 1979
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TO:
Mayor and City Council
FROM: C1ty Staff
SUBJECT: PARKING STRUCTURES RENTAL CHARGE FOR FISCAL YEAR 1979-80
Introduction
Th1S Resolution 1S a legal requ1rement and authorized by Covenant 4 of
Contract 1688 (CCS) between this C1ty and the Parking Authority.
Background
Each year the C1ty is requ1red to pay the Parking Authority S463,860 for the
lease of the parking structures. These funds are used by the Parklng Author1ty
to pay the current year expense on the outstanding bonds 1ssued to construct the
parklng structures. The outstanding Parking Authority Bonds at present are
55,470,000. In past years, when add1tional funds accumulated in the Bond Service
Fund, the annual payment for leasing the parklng structures from the Parking
Authority was reduced. In 1978-79 fiscal year the payment was $396,860.
Addltional funds are now available in the Bond Service Fund for meeting cur-
rent bond payments. This resolution will reduce the amount to be paid from the
General Purpose Funds of the City by $67,000 to $396,860 for the f1scal year
1979-80.
ThlS action will reduce the cost to the General Purpose Funds of the C1ty
for the expense of operating the parking structures.
Recommendation
Staff recommends that the City (ouncll approve this Resolution reducing
the annual rental charge for the parking structures.
Prepared by: Robert H. Nash
Director of Finance
'731
SEP 1 1 1979
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RESOLUTION NO. 5395 (ees)
A RESOLUTION OF THE CITY COUNCIL OF
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 maX1mum
amount of annual debt serV1ce 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.
NOW, THEREFORE, CITY COUNCIL DOES RESOVLE AS FOLLOWS:
SECTION 1. Section 5 of Contract No. 1688 (CCS) 1S hereby amended
to read as follows:
"Sectlon 5. Lease of parcels w1th completed structures.
The authority hereby leases to the City each of the several
parcels descr1bed in the recltals hereof together wlth the
parklng 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 Clty for park1ng purposes and shall
terminate on January 31~ 1994.
The C1ty agrees to pay rent on parcels A through F with
completed structures thereon in the amount of Four Hundred
Slxty-Three Thousand Eight Hundred Sixth (463,860.00)
Dollars per year commencing July 1, 1974. Rental shall be
pa1d semlannually 1n advance on July 1st and January 1st of
each flscal year except durlng the 1973-74 and 1979-80 fiscal
years for which necessary rental has been paid and 15 on
deposlt w1thln the Bond Service Fund. Notwithstanding the
above, during the 1979-80 fiscal year, the Clty shall pay as
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and for rent on parcels A through F, with completed structures
thereon, the amount of Three Hundred Nlnety-Six Thousand
EIGHT HUNDRED SIXTY ($396,860.00) Dollars. The balance
of the necessary rental for the 1979-80 flscal year is
currently on deposit in the Bond Service Fund."
SECTION 3. The Clty Clerk shall certlfy to the adoption of thlS
resolution, and henceforth and thereafter the same shall be in full force and
effect.
ADOPTED and APPROVED thi s 11 th day of Sep teI'lber ,1979
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ADOPTED AND APPROVED THIS
11th
DAY
OF
SeptePlber
~ 1979.
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~ti~ (!t@J!ztttl~f;ft( An/V
r~lA YO R
I HEREBY CERTIFY THAT THE FOREGOING RESOLUTION)
No, 5395 ) WAS DULY ADOPTED BY THE CITY COUNCIL OF THE CITY
OF SANTA MONICA AT A REGULAR MEETING THEREOF HELD ON
September 11
I 1979 BY THE FOllOWING COUNCIL VOTE:
AYES:
(OUNCILMEMBERS: Bambrlck, Yannatta Goldway,
Jennings, Reed, Scott
NOES:
COUNCILMEMBERS: ~one
ABSENT:
COUNCILMEMBERS: van den Steenhoven
ABSTAIN:
COUNCILMEMBERS: None
ATTEST:
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2JY CL~K