R-5002
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RESOLUTION NO. S002(CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA AMENDING SECTION
5 AND 16(A) OF CONTRACT NO. 1688 (ees)
WHEREAS, the balance of the reserve fund 15 equal to the maximum
amount of annual debt service on new revenue bonds; and
WHEREAS, Contract No. 1688 (CCS) provldes for a reduction of the
rental paid by the City to the Parklng Authority hereunder.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES
RESOLVE AS FOLLOWS:
SECTION 1. Section 5 of Co~tract No. 1688 (ceS) 1S hereby amended
to read as follows:
"Sectlon 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 wlth 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 termlnate on
January 31, 1994.
The City agrees to pay rent on parcels A through F with
completed structures thereon in the amount of Four Hundred
Sixth-Three Thousand Eight Hundred Sixty ($463,860.00) Dollars
per year commenClng July I, 1974. Rental shall be paid semi-
annually 1n advance on July 1st and January 1st of each flscal
year except during the 1973-74 and 1977-78 fiscal year for
Wh1Ch necessary rental has been paid and is on deposit wlthln
the Bond Service Fund. Notwithstanding the above, durlng the
1978-79 fiscal year, the Clty shall pay as and for rent on
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parcels A through F, wlth completed structures thereon,
the amount of Three Hundred Nlnety-Six Thousand Elght
Hundred Sixty ($396.860.00) Dollars. The balance of the
necessary rental for the 1977-78 fiscal year is currently
on deposlt 1n the Bond Service Fund."
SECTION 3.
The C1ty Clerk shall certify to the adoption of
and effect.
this resolut10n. and henceforth and thereafter the same shall be full force
ADOPTED AND APPROVED this
25th
day of,. April
1978 .
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Mayor
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I hereby certify that the foregoing reso1ution was duly
adopted by the City Council of the City of Santa Monica at a regular
meeting thereof, held on the 25th
by the following vote of the Counc,1:
day of April
1~7L,
AYES: Bambrick, Cohen, Reed, Scott, TrIves,
NayoT S\nnk
NOES: None
ABSENT: van den Steenhoven
(;)~OR!
V ,,~
City Attorney
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City crrJtlf -
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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 25th
day of
April
1978, by the following vote of the Council
AYES
Councilpersons' BambrIck, Cohen, Reed, Scott, Trives,
Mayor Swink
Councilpersons: None
NOES:
ABSENT
Councilpersons' van den Steenhoven
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