SR-06-14-1976- 203-001-09r
TO:
FROM:
SUBJECT:
Introduction
Honorable Parking Authority
City Staff
Santa Monica, C ,ornia, June 14, 1976
Attached Resolution Setting Parking Structures Rental Charge for
Fiscal Year 1976 -77
This resolution is a legal requirement and authorized by Covenant 4 of Contract
1688 (CCS) between this City and the Parking Authority.
Background
In the past when sufficient funds have accumulated in the Bond Services Fund
the annual rental payment for parking structures has been reduced. This situation
last occurred in June 1973 (Res. No. 4374) affecting the 1973-74 fiscal year.
The annual payment for leasing the parking structures from the Parking Authority
is $463,860.00. These funds are used by the Parking Authority to pay the current
year expense on the outstanding bonds issued to contruct the parking structures.
This resolution will reduce the amount to be paid from the General Purpose Funds
of the City by $167,000.00. Funds are now available in the Bond Service Fund in
this amount and are available for meeting the current years obligations. It is
best to use these funds to meet 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: Robert Nash
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RESOLUTION NO.
(Parking Authority Series)
A RESOLUTION OF THE PARKING
AUTHORITY OF THE CITY OF SANTA
MONICA AMENDING SECTION 5 OF
CONTRACT NO. 1688 (CCS)
WHEREAS, the balance in the reserve fund is equal to
the maximum amount of annual debt service 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 THE PARKING AUTHORITY OF THE CITY OF
SAINTA MONICA DOES RESOLVE AS FOLLOWL -:
SECTION 1. Section 5 of Contract No. 1688(CCS) is
hereby amended to read as follows:
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"Section 5. Lease of parcels with completed
structures. The authority hereby leases to
the City each of the several parcels described
in the recitals hereof together with the
parking 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 City for parking
purposes and shall terminate on January 31, 1994.
The City agrees to pay rent on
parcels A thru F with completed structures thereon
in the amount of Four Hundred Sixty -Three Thousand
Eight Hundred Sixty ($463,860.00) Dollars per year
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commencing July 1, 1974. Rental shall be
paid semi - annually in advance on July lst
and January 1st of each fiscal year except
during the 1973 -1974 fiscal year for which
necessary rental has been paid and is on
deposit within the Bond Service Fund.
Notwithstanding the above, during the
1976 -1977 fiscal year, the City shall pay
as and for rent on parcels A thru F, with
completed structures thereon, the amount of
Two Hundred Ninety -Six Thousand Eight Hundred
Sixty ($296,860.00) Dollars. The balance of
the necessary rental for the 1976 -1977 fiscal
year is currently on deposit in the Bond
Service Fund."
SECTION 2. The Secretary of the Parking Authority shall
certify to the adoption of this resolution, and henceforth and
thereafter the same shall be in full force and effect.
ADOPTED and APPROVED this day of ,
1976.
ATTEST:
Chairman
Secretary of the Parking Authority
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I hereby certify that the foregoing resolution was
duly adopted by the Parking Authority of the City of Santa
Monica at a regular meeting thereof, held on the day of
1976, by the following vote of the Parking Authority:
AYES: Parking Authority Member:
NOES: Parking Authority Member:
ABSENT: Parking Authority Member:
APPROVED AS TO FORM:
City Attorney
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Secretary of the Parking Authority
RESOLUTION NO. 4374
(CITY COUNCIL SERIES)
CONTRACT NO. 1688 -ir (CC!
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA AMENDING SECTION 5 OF CONTRACT NO. 1688 (CITY
COUNCIL SERIES).
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS:
SECTION 1. Section 5 of Contract No. 1688 (City Council Series) is hereby
amended to read as follows:
11Section 5. Lease of Parcels with Completed Structures.
The Authority hereby leases to the City each of the several parcels
described in the recitals hereof together with the parking structure
constructed thereon. In the case of each parcel and structure, the
term of the lease shall commence on the date the structure is sub-
stantially completed and is available for use by the City for parking
purposes and shall terminate on January 31, 1994.
"The City agrees to pay rent on parcels A through F with completed
structures thereon in the amount of $463, 860 per year commencing
July. 1, 1974. Rental shall be paid semiannually in advance on July
1st and January 1st of each fiscal year except during the 1973 -74
fiscal year for which necessary rental has been paid and is on
deposit in the Bond Service Fund."
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.
ADOPTED and APPROVED this 12th day of June 1973.
ATTEST:
Ci Clerk
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I hereby certify that the foregoing resolution was duly adopted by the City Council
of the City of Santa Monica at a regular meeting thereof held on the 12th day of
June 1973 by the following vote:
AYES: Councilmen: Dituri, Judson, McCloskey, Swink,
Trives, van den Steenhoven, Hoover
NOES: Councilmen: None
'ABSENT: Councilmen: Norte
APPROVED AS TO FORM:
City Attorney
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L C erk
Cit 1