R-4757
\, .
~~ !(,?g D/'r
llCy
C~ RLK:S~cam 6-9-76
RESOLUTION NO. 4757(CCS)
(Clty Counc11 Serles)
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA MONICA
AMENDING SECTION 5 OF CONTRACT
NO. 1688 (CCS)
WHEREAS, the balance ln the reserve fund 1S equal
to the maXlmum amount of annual debt serVlce on Dew revenue
bonds; and,
WHEREAS, contract no. 1688(CCS) provldes for a
reductlon of the rental pald by the Clty to the Parking
Author1ty hereunder.
NOW, THEREFORE, THE CITY
COUNCIL OF THE CITY OF
SANTA MONICA DOES RESOLVE AS FOLLOWS:
SECTION I. Sectlon 5 of Contract No. 1688 (CCS) is
hereby amended to read as follows:
"Sectlon 5. Lease of parcels with completed
structures. The authorlty hereby leases to
to the Clty each of the several parcels
descrlbed in the recltals 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 lS substantlally completed and
lS avallable for use by the Clty for parklng
purposes and shall terminate on January 31,
1994.
The Clty agrees to pay rent on parcels A thru
F wlth completed structures thereon ln the
-l-