R-7107
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CA:l{MM: ImdOB1 Santa Mon1.ca, Calltornlil
CJ ty CouncIl MpPtIng ]O-;>'!-8!>
R~;SOI.lJ'r [ON NLJMBto~R 7107 (CCS)
~CI ty GOlmel I SerIf'S'
A H.r~::lOI.U'l' ION OF' '['Hr. C 1 't'Y COllNC T L OF'
THE GI'rV OF :-iAN'I'A MaN I ell.. APPROV I NG AND
AlJ'I'HOR121NG El<\<:CIJTION Or' A GROUND LEASE)
L \<~ASE AI;H";}O;MIo:N'r, 'nHlS'I' At;HIo:Io,Mr:IIIT, AND O'I'Hr:H
Amn:EM\<:N'rS REI.A.'I''':O TO THr: SAN'fA MONICA
MIJNJ C I PAL. A I RPOR'!'
'I'M\<: CI'l'V COUNe 1 L 01<' '{'H to: C 11''1' Of SANTA MONICA DOES RESOLVE
AS FOLLOWS;
510:(;'1'10111 1 '{'he Ground Lease, dated as at Octobpr 1 ) 1985,
by and bptw...en the CIty, as LpsJ;or, and SeC"ur1.ty J.>aC"ltIc NatIonal
Rank ~ "SecurJ ty PaC1.flC"" as I.e!lsep, substantlalJy In thE' torm
prf>spntpd at th1.'l meetIng, 1 "I herpby ilpproVPd. '['he C1. ty Mal'~ger
and the CIty Clerk arE> author1zed and dIrected to t"xecute the
Ground 1....asE" on bphalt ot t_he City, SllbJf'c:t to SectIon b hel'f>ot.
S \<~C'l' ION 2. 'I'he Lease Agreemf'nt relat1ng to 11.1. rport
FaCl1JtJes Ithe "Least" Agreement"', dated ;;s ot Oc t_obE> r 1, lYBSj
by and between the CIty and SerurIty PaC1.tIc, substant.1ally 1.n
the torm prp3pnted at thIS rneE"tIng, 1 5 he>re>ny ilpprovpd. 'I'he 1:1 ty
MilnagE"r and thE" C1.ty Clerk arf' alJthorlzed and dIrected to
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complete and expcute thp Lease Agrepmpl1t on bphalf ot the Clty,
SllO]PC't to SPctlon h hprpot and 'WbJPct to thp to I 1 OWl ng:
A- '1'hp total <;um to be de>poslteod w1th the Trllstep
purSuilnt to Sectlon 301 of the I.Pillle Agrpempnt sha 1 I bp not lesh
than $.i,li411,OOO.
B 'I'hp amount to bE' dpposlted by thp Tru<;tee In the
Oellvpry Costs Account PIH-llUilnt to SPC'tlOI1 :iOt of t.he I.PilSl?
Agreement s 1'....11 1 not excped $12'>,O()()_
c. Lpase Payment" flS "PI' torth 1 n ~:Xhlblt H to thp
Leflse AgreE"mpnt shal l hI" calculated by thp Clt.y Managf'r at such
t1mp ilS the lntf'rest component therpof lo; c\ptprmlI1Pd; proVldecl
that Lpase Payments 1n any calendar ypar shall not exceed
$52h}OOO.
Si:';C'I' r ON l. Thp Tru<;t Agrepmpnt rplatlng to Alrport
r'ac111tles Ithe "'J'rust AgrppmpntHJ, ciatpd as at Octohe-r 1 } 1 '-'85,
by and among Bank at Amprlca Natlona\ 'I'rlls t and Sav1ngs
ASSoclatlon] as '\'rll<;tf'e, Securlty f'acltlc and thE" Cl ty,
substant1ally 1n thp form prpspntE'd at th1s mpetlng, 1'1 hereby
approved, 'l'he <:1 ty ManagE"r and U,p City Clf'rk flrf' authorized a 1"1 ci
d1rect:ed to compll"te and eXf'("'ute the Trust J\greement on behalt ot
thE" Clty} suh)Pct to KE"ct10n f> herpot and sllb)Pct to thp
tolJOWlng:
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A. '1'1'11> !Hlm tt'"J op pilH1 oy the CJ ty to thP 'T'ru~t.€'f.>
pursuilnt to Se<:tIon 40blbJ ot tnI'! Trust AgreE'ment sha II not
px<:epr\ $4~Oi()OO.
H. 'rhe aggregilte pr"tnc1pal amOUnt ot Certlf1catps as
set torth "to SectIon &01 of the Trust Agrf>f>mpnt ShRIJ bf> not I as>,
thiln $ .~ , 98 (J ; (J 0 II _
C Thp prJ nCl pa l amount~ <;pt forth 1n HectJon 604 at
the 'I'rust AgrppmE'nt <;hall pgual thp prlnCJpi'll componpnts of the
(,ease Paympnts a'l 'lnown ]r\ ~;'lC h 1 b J t B to thp I.ea.,e Agreement.
D, 'I'he lntprest ratE''l 'lpt torth "tn SpctJon bll4 01
t hp Tn.l'lt Agreement shall not e'lCC'eE'd 11't. ppr annum 1n any ypar.
S~~CT ION 4, 'J'he Agpncy AgrePRlPnt] datF>c1 as ot Octoher 1 ,
198h, by and betwPpn SpC'llr1ty PacIfJc and th... Clty, SUbstantIally
]0 the form presE'oted at th1S meE't.l ng] 1<; hprPfly approvPd. Thli'
C1ty Manager ann the CIty Clerl< are B'lthor1Zli'd and d1rected to
e'lCPcute t hp Agli'nry Agrepmpnt on nphaJt ot thp C1tYJ sUbJect to
Spct,10n & hereot.
~!o:C'I' ION 5. Thp Ground Len"le, Lease Agreement, Tru'lt
Agrepmpnt, and Agpncy Agreempnt milY be monlt1pd) pr10r to t hel r
expcutlon and del1v('>ry, by thp C1 ty Manager WIth the adV1CE' at
the CIty Attorney] provIded that such modltIcat10n IS conSl<;tent
w1th the eS'lenLla 1 terms thpreot and WIth thf> I1mltat1OnS spt
forth he..-Pl0. The CIty Manager's ilpproval ot stich modlt1catlonfi
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s ha 11 be cOroC-1US1Vl"ly l"stabll'lhpd hy hl'> P-XP-C-IItlOro ot t tlP- Grouno
l..e<l,>e, Lp-a,>e Agrel"rnerot, 'l'rust Agreement and Agency Agreement.
St~C'I' j ON 6. The Ground I.e<lse, l.pitSl" Agreprnent; 'J' r II s t
Agl'eement, and Agency Agrl"ement sh<l I L oot. be executed by the C1ty
Man<lger and C1ty CLerk IIntl! l a I th!" Clty COllnr:l I shn j I havl"
approved a prPllm1nary Ot11c1al Stat.ement tor use 1n markl"tlng
the certItlcates, [b 1 the Cl ty COlloe-11 shall have approvl"d an
agreement wlth Palne Webher Incorporated, Underwr1ter, tor the
purchasE" ot thp Cprt1tlcatps opscrlopd 111 thp 'j'rll<;t Agreement- and
l C 1 thf' Mayor tal i ow 1 ng a publlC hl"arlog on Oct-obpr 24) 14H~)
!lhall have approv€'d the lSSllance ot th€' CE"rtlt1catf>S as rpqlll. re(l
hy SectIon 103(kl at t,he internal Revenue CodE' at 19~4, as
amended.
St:C'i'ION "J. 'l'hp Clty Clerk sha 11 certlty to the adoptlon ot
thIS Hesolutlon and thencetorth <lnd therE"atter the 5<1me shall be
ln tu II torce and ettect.
APPHOVEU AS TO I'OHM;
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HCHl!o:R'I' M. MYERS
City Attornl"Y
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Adopted and approved this 22nd day of October, 1985.
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/ . Mayor
I hereby certify that the foregolng Resolutlon No. 7107(CCS)
was duly adopted by the City CounCll of the Clty of Santa Monica
at a meeting thereof held on October 22, 1985 by the followlng
Council vote:
Ayes: Councilmembers: Conn, Epstein, Jennings, A. Katz,
H. Katz, Zane and Reed
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: None >' .
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