R-5395
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RESOLUTION NO. 5395 (CCS)
A RESOLUTION OF THE CITY COUNCIL OF
CITY OF SANTA MONICA AMENDING SECTION 5
AND 16(A} OF CONTRACT NO. 1688 (ees)
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 (eCs) provides for a reduction of the
rental paid by the City to the Parking Authority hereunder.
NOW, THEREFORE, CITY COUNCIL DOES RESOVLE AS FOLLOWS:
SECTION 1. Section 5 of Contract No. 1688 (ees) is hereby amended
to read as follows:
"Section 5. Lease of parcels with completed structures.
The authority hereby leases to the C1ty 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 1S substantially completed and 1S
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 Four Hundred
Sixty-Three Thousand Eight Hundred Sixth (463,860.00)
Dollars 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 and 1979-80 fiscal
years for which necessary rental has been paid and 1S on
deposit w1thin the Bond Service Fund. Notwithstanding the
above, during the 1979-80 fiscal year, the City shall pay as
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and for rent on parcels A through F, with completed structures
thereon, the amount of Three Hundred Ninety-Six Thousand
EIGHT HUNDRED SIXTY ($396,860.00) Dollars. The balance
of the necessary rental for the 1979-80 fiscal year is
currently on depos1t 1n the Bond Service Fund.1I
SECTION 3. The C1ty Clerk shall certify to the adoption of this
resolution, and henceforth and thereafter the same shall be in full force and
effect.
ADOPTED and APPROVED thi s 11 th day of September ,l979
1
1 ~Y.prTORNEY
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ADOPTED AND APPROVED THIS
lIth
DAY
OF
September
, 1979.
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~1A YO R
I HEREBY CERTIFY THAT THE FOREGOING RESOLUTION~
No. 5395 ~ WAS DULY ADOPTED BY THE CITY CUUNCIL OF THE CITY
OF SANTA MONICA AT A REGULAR MEETING THEREOF HELD ON
September 11 ~ 1979 BY THE FOLLOWING COUNCIL VOTE:
AYES: COUNCILMEMBERS: BaTIbrick, Yannatta Goldway,
Jennings, Reed, Scott
NOES: COUNCILMEMBERS: ~one
ABSENT:
COUNCILMEMBERS: van den Steenhoven
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ABSTAIN:
COUNCILMEMBERS: None
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ATTEST:
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