SR-04-25-1978-6ETo: Mayor and City Council
From: City Staff
Santa Monica, California, March 30, 1978
APR 2 5 1978
Subject: ATTACHED RESOLUTION SETTING PARKING STRUCTURES RENTAL CHARGE FOR
FISCAL YEAR 1978 -79
Introduction
This Resolution is a legal requirement and authorized by Covenant 4 of Contract
1688 (CCS) between this City and the Parking Authority.
Background Parking Structures
Each year the City is required to pay the Parking Authority $463,860 for
the lease of the parking.structures. These funds are used 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 $5,720,000. In past years when additional funds accumulated in the
bond service 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 Resolution will reduce the amount to be paid from the
General Purpose Funds,of the City by $67,000 for 1978 -79. Funds are now
available in the Bond Service Fund in this amount and are available for
meeting current obligations rather than have them accumulate in the Bond
Service Fund, as it reduces the cost to the General Purpose Funds of the
City for the expense of operating the parking structures.
Recommendation
Staff recommends that the City Council approve this resolution reducing
the annual rental charge for the parking structures.
Prepared by; Alan P. Melcher
Robert H. Nash
APR 2 5 1978