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HomeMy WebLinkAbout1980-12-16; City Council; 3481-23; Plaza Camino Real Bond SaleCITY OF CARLSBAD AGENDA BILL NO. 3qf/ c +*23 GATE : December 16, 1980 Initial: Dept Hd e c, Attp'rn C. Mgr. Subject: PLAZA CAMINO REAL BOND SALE Statement of the Matter Our office has been actively involved in recent weeks with a number of matters necessary to complete the acquisition of the public parking lot at Plaza Camino Real. One of the most important things which must be accomplished is the sale by the Parking Authority of $1,500,000 of parking revenue bonds. Attached is a tentative calendar of proceedings for the bond sale prepared by bond counsel. There is another closing list involving the City Parking Authority and May Company which contains 16 separate items, also documents which must be completed between May Company, Carlsbad and Oceanside. Although it is not certain we will be able to meet the February 6, 1981 bond sale date, we are committed to attempt- ing to do so. The first step in the process is the introduc- tion by the Council of an ordinance approving the lease agreement between the City and the Parking Authority. Exhibits Lease Agreement Ordinance No. /23 cf Recommendation That the City Council introduce Ordinance No. /937. Council Action 12-16-80: Council introduced Ordinance No. 1237 1-6-81 Couci 1 adopted Ordinance No. 1237. A LEASE AGREEMENT This Lease Agreement made as of the , by and between the Parking Carlsbad (hereinafter sometimes referred to the "Authority") , a public body corporate and politic organized and existing under the laws of the State of California, and the City of Carlsbad (hereinafter called the "City"), a municipal corporation organized and existing under the laws of the State of California. W I T N E S S E T H: WHEREAS, the Authority is a public corporation created under and exercising its powers pursuant to the Parking Law of 1949, Part 2 of Division 18, commencing at Section 32500 of the Streets and Highways Code of the State of California, and under said Law has the power to issue revenue bonds for the purpose of financing the acquisition of public parking facilities; and WHEREAS, the Authority proposes to acquire that certain land in the Cities of Carlsbad and Oceanside, California (hereinafter sometimes called the "Site") , which is described in Exhibit A attached hereto, and the off-street parking improvements thereon (the Site and off-street parking improvements thereon are sometimes collectively referred to herein as "Parking Facilities") ; WHEREAS, the estimated cost and expense of said acquisition is $1,500,000; and WHEREAS, the Authority proposes to issue revenue bonds in the principal amount of $1,500,000 for the purpose of financing the acquisition of said public Parking Facilities; and WHEREAS, under said Parking Law of 1949, and particularly Section 32957 thereof, the Authority has the power to lease said Parking Facilities to the City without the necessity of inviting bids; NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained, the parties hereto agree as follows : SECTION 1. ISSUANCE AND SALE OF BONDS The Authority agrees that, as promptly as feasible following the date of this Lease Agreement, it will use its best efforts to issue and sell revenue bonds in a principal amount which is estimated to be sufficient to finance the acquisition referred to in the recitals hereof and in Section 2 hereof; and to pay other costs and expenses in connection with such acquisition. Said bonds are hereinafter sometimes referred to as the "revenue bonds" of the Authority and shall be issued pursuant to that certain Resolution entitled "Resolution of the Parking Authority of the City of Carlsbad, California, Authorizing the Issuance of $1,500,000 Bonds of Said Authority and Providing for the Terms and Conditions for the Issuance of Said Bonds". SECTION 2. ACQUISITION OF PARKING FACILITIES The Authority agrees to acquire, with the proceeds of the revenue bonds, the Parking Facilities and perform all undertakings incidental or advantageous thereto so that the Parking Facilities are suitable for use for parking purposes. Such acquisition shall be made as promptly as feasible. The City shall be reimbursed for advances made, if any, for legal, financing consultant and engineering fees, title insurance and other costs incurred by the City in connection with said acquisition from the proceeds of the revenue bonds. SECTION 3. LEASE OF PARKING FACILITIES-BASE RENTAL The Authority hereby leases to the City the Parking Facilities. The term of the lease shall commence on April 1, 1981 or such earlier date as the Parking Facilities are conveyed to the Authority and shall terminate on the date the revenue bonds have been retired or provision for payment made. The City agrees to pay rental for such use at an annual rate of $ during each fiscal year of this Lease Agreement (hereinafter referred to as "Rental"). Said rentals shall be due in quarterly installments in advance on the first days of January, April, July and October and shall be payable without penalty on or before the last days of January, April, July and October of each fiscal year, provided, however, the first rental payment shall be payable on February 1, 1981, or as soon thereafter as the rental term commences and shall be in an amount equal to the prorata rental due from the date of commencement of lease through March 31, 1981. SECTION 4. ADJUSTMENT OF RENT The Base Rental above set forth is based upon the schedule for adjustment of rental, marked Exhibit B and made a -2- part hereof. Such schedule is used for '. rental necessary for Authority to receive the principal of and interest on its bonds computing the yearly to enable it to pay so that they will be serviced and retired as set forth in the Resolution and furnish the Authority with the necessary reserves. When the interest rate or rates and the bond service schedule on the Authority's Bonds are known, the Authority and City shall recompute the rental in the same manner, based upon said figures, and shall adjust the rental upwards or downwards to the new figures so determined, as necessary. SECTION 5. TAXES, ASSESSMENT, INSURANCE, ETC. - ADDITIONAL RENTAL As rental in addition to and after the commencement of the rental under Section 3 (hereinafter referred to as "additional rental"), the City agrees to pay and discharge (1) all utilities, taxes, and assessments, if any, of any type or character levied at any time during the term of the lease hereunder upon the Parking Facilities or upon the City's or the Authority's interest therein or upon the operation of the property leased or upon income or other revenue derived from the City or by the Authority therefrom; (2) the insurance premiums on all insurance required or permitted on the property leased; (3) all costs and expenses which the Authority may incur including but not limited to fiscal agent's fees, costs and expenses of maintenance and operation as a result of any default by the City under this Agreement, including but not limited to fiscal agent's fees, costs and expenses of maintenance and operation as a result of any default by the City under this Agreement, including reasonable attorney's fees and the costs and expenses of any suit or action at law to enforce the terms and conditions of this Agreement; and (4) amounts necessary to maintain a working capital fund of $1,500 for the foregoing. The additional rental payable hereunder shall be paid by the City within ten (10) days after notice in writing from the Authority to the City stating the amount of additional rental then due and payable and the purpose thereof; provided, that the City's liability for additional rental shall be limited to the balance due after any credits under the Resolution pursuant to which the bonds of the Authority are issued. SECTION 6. MAINTENANCE, OPERATIONS, ENCUMBRANCES, ETC. The City shall, at its own expense, maintain during the term of the lease hereunder the Parking Facilities in good order, condition and repair and shall pay all costs and expenses of operating the same as a public parking facility, it being understood and agreed that the Authority is obligated to -3- ~ Ejrovide only the Parking Facilities as expressly provided I herein and has no obligation to pay any cost or expense of any kind or character in connection with or related to the management, operation or maintenance of the parking facilities during the term of the lease hereunder. The City agrees to keep the Parking Facilities free and clear of all liens, charges and encumbrances. The Authority agrees that, at the time the term of the lease hereunder commences, it will have fee title to the Parking Facilities, subject to such conditions, reservations, exceptions and rights of way of record as do not substantially interfere with the use of the Parking Facilities by the City for public parking purposes and as shall be disclosed in a title insurance policy acceptable to the Authority. SECTION 7. CONSIDERATION, SOURCE OF FUNDS FOR RENTALS (a) Based upon reports and other evidence submitted, the parties hereto have each determined and have agreed that the rentals payable by the City hereunder (including rentals payable under Sections 3, 4 and 5 hereof) represent fair rental values for the Parking Facilities leased hereunder. Said rentals shall be payable year by year as specified herein for and in consideration of the right of use and occupancy from year to year as granted by this Agreement and in consideration of the continued quiet use and enjoyment thereof during the term specified herein. (b) The City hereby covenants and agrees to take such actions as may be necessary to include and maintain in its budget for each fiscal year all rentals payable by the City during such fiscal year, to make the necessary appropriations for all such rentals and to provide the funds necessary to meet such appropriations, it being understood that the Authority will pledge the rentals due hereunder for the payment and security of the revenue bonds, and the interest thereon, issued as specified in Section 1 hereof. SECTION 8. ADDITIONS AND IMPROVEMENTS The City shall have the right during the term specified in this Agreement, at its own expense, to make any additions to or improvements of the Parking Facilities leased hereunder which do not impair the utility thereof as parking places, to attach fixtures, structures or signs thereto, and to affix any personal property to the improvements on the Site. Title to all property so affixed shall remain in the City. -4- .. SECTION 9. INSURANCE Authority shall, during the term of this Lease Agreement, keep or cause to be kept a policy or policies of insurance against loss or damage to the City and the improvements thereon resulting from fire, lightning, vandalism, malicious mischief, riot and civil commotion and such perils ordinarily defined as "extended coverage" and other perils as Authority and City may agree should be insured against on forms and in amounts satisfactory to each. During the term of this Agreement, Authority shall keep or cause to be kept public liability and property damage policies protecting both Authority and City on forms and in amounts satisfactory to each. The Authority may also carry or cause to be carried such other insurance as is required by the resolution providing for the issuance of the revenue bonds. All premiums and charges paid by Authority for all of the aforesaid insurance shall be paid to the Authority in accordance with the provisions of Section 5. Any such premium for a period partly within such period shall be prorated. At the option of the City any insurance required by Authority hereunder may be provided by the City. Notwithstanding the generality of the foregoing, the Authority shall not be required to maintain or cause to be maintained any insurance which is not available from reputable insurers on the open market or more insurance than is specifically referred to above. To the extent that there are any excess proceeds from insurance remaining after compliance with any provision for compliance with all of the terms of this Lease Agreement and after payment or provision for payment of all outstanding revenue bonds of the Authority, then, such excess proceeds shall be distributed to the Authority and City as their interest; may appear. SECION 10. ABATEMENT OF RENTAL The rentals hereunder shall abate during any period in which by reason of any damage or destruction there is a substantial interference with the use and occupancy by the City. If only a portion of the Parking Facilities is rendered so untenantable, the rental shall abate in the propottion which the parking capacity of such portion bears to the total parking capacity of the facilities immediately prior to such damage or destruction. Such abatement shall continue for the period commencing with such destruction or damage and ending with the -5- substantial completion by the Authority of the work or repair or r econs tr uction. In the event of any such damage or destruction, this Agreement shall continue in full force and effect and the City waives any right to terminate this Agreement by reason of any such damage or destruction. SECTION 11. CITY'S OBLIGATION TO OPERATE The City shall be obligated to so use and operate the parking facilities leased so as to afford to the public the benefits contemplated by this Lease Agreement and to permit the Authority to carry out its covenants to its bondholders. SECTION 12. ASSIGNMENT AND SUBLEASE Neither this Lease Agreement nor any interest of the City herein shall, at any time after the date hereof, without the prior written consent of the Authority, be mortgaged, pledged, assigned or transferred by the City by voluntary act or by operation of law, or otherwise, except as specifically provided herein. The City shall at all times remain liable for the performance of the covenants and conditions on its part to be performed, notwithstanding any assigning, transferring or subletting which may be made. The City shall have the right to sublease or permit the use by others of all or any part of the facilities leased, but nothing herein contained shall be construed to relieve the City from its obligation to pay rentals as provided in this Agreement or relieve the City from any other obligations contained herein. The Authority may issue its revenue bonds as contemplated by Section 1 hereof, may pledge to the payment of said bonds and the interest thereon the rentals to be received hereunder, and may make all necessary covenants for the protection and security of the bondholders. SECTION 13. EMINENT DOMAIN If the whole of the Site together with any improvements thereon, or so much thereof as to render the remainder unusable for parking purposes, shall be taken under the power of eminent domain, then this Agreement shall terminate. In such event the rent provided herein shall abate. If less than the whole of the Site, together with any improvements thereon, shall be taken under the power of eminent domain, and the remainder is usable for parking purposes, then this Agreement shall continue in full force and effect as to such remainder and the parties waive the benefit of any law to the contrary. In such event there shall be a partial abatement of the rent hereunder in an amount equivalent to that portion of the rent hereunder for the -6- ~ portion taken which the parking capacity of the portion taken % bears to the total previous parking capacity of the Site and the improvements thereon. Any award made in eminent domain proceedings for the taking or damaging of the Site or the improvements thereon in whole or in part shall be paid to the Authority for the benefit of the holders of the outstanding revenue bonds of the Authority and shall be used as provided in the resolution under which the revenue bonds are issued subject to such reversionary or other rights to share in any such award as may be contained in any document of record relating to the site. The City shall have no interest in or thereto and shall not be entitled to any part of such award. SECTION 14. SURRENDER OF LEASED PREMISES Upon the expiration of this Lease Agreement the City agrees that it shall surrender to the Authority all property then under lease hereunder, together with any improvements thereon, in good order and condition and in a state of repair that is consistent with prudent use and conscientious maintenance except for reasonable wear and tear. SECTION 15. RIGHT OF ENTRY The Authority and its designated representatives shall have the right to enter upon the leased property during reasonable business hours (and in emergencies at all times), (i) to inspect the same, (ii) for any purpose connected with the City's rights or obligations under this Agreement, and (iii) for all other lawful purposes. SECTION 16. LIENS The City agrees to pay, when due, all sums of money that may become due for, or purporting to be for, any labor, services, materials, supplies or equipment alleged to have been furnished or to be furnished to or for the City in, upon or about the leased property and which may be secured by any mechanics', materialmen's or other lien against the leased property, and/or the Authority's interest therein, and will cause each such lien to be fully discharged and released at the time the performance of any obligation secured by any such lien matures and/or becomes due; provided, however, that if the City desires to contest any such lien, it may do so, but notwithstanding any such contest, if any such lien shall be reduced to final judgment and such judgment or such process as may be issued for the enforcement thereof is not promptly -7- stayed, or if so stayed and said stay thereafter expires, then and in any such event the City shall forthwith pay and discharge said judgment. SECTION 17. TAXES The parties understand that the leased property constitutes public property free and exempt from all taxation; however, the Authority agrees to take whatever steps may be necessary, upon written request by the City, to contest any proposed tax or assessment, or to take steps necessary to recover any tax or assessment paid. The City agrees to reimburse the Authority for any and a11 costs and expenses thus incurred by the Authority. SECTION 18. QUIET ENJOYMENT The paties hereto mutually covenant and agree that the City, by keeping and performing the covenants and agreements herein contained, shall at all times during the several terms, peaceably and quietly have, hold, and enjoy the leased property, without suit, trouble or hindrance from the Authority. SECTION 19. LAW GOVERNING This Agreement shall be governed exclusively by the provisions hereof and by the laws of the State of California, subject to the waivers, exclusions and provisions herein contained. SECTION 20. NOTICES All notices, statements, demands, requests, consents, approvals, authorizations, offers, agreements, appointments or designations hereunder by either party to the other shall be in writing and shall be sufficiently given and served upon the other party, if sent by United States registered mail, return receipt requested, postage prepaid and addressed as follows: City--City Clerk, City Hall, 1200 Elm Avenue, Carlsbad, California, 92008. Authority--Clerk of the Authority--At such address as Authority shall designate for such purpose. -8- "ECTION 21. WAIVER The waiver of the Authority of any breach by the City of any term, covenant or condition hereof shall not operate as a waiver of any subsequent breach of the same or any other term, covenant or condition hereof. SECTION 22. DEFAULT BY CITY If (a) the City shall fail to pay any rental payable hereunder within fifteen days from the date such rental is payable, or (b) the City shall fail to keep any such other terms, covenants or conditions contained herein for a period of twenty-five days after written notice thereof from the Authority to the City, or (c) the City shall abandon or vacate the premises, or (d) the City's interest in this Lease Agreement or any part thereof shall be assigned or transferred without the written consent of the Authority, either voluntarily or by operation of law, or (e) the City shall file any petition or institute any proceedings where or whereby the City asks or seeks or prays to be adjudicated a bankrupt, or to be discharged from any or all of its debts or obligations, or offers to the City's creditors to effect a composition or extension of time to pay the City's debts, or asks, seeks or prays for a reorganization or to effect a plan of reorganization, or for a readjustment of the City's debts, or for any other similar relief, or (f) any such petition or any such proceedings of the same or similar kind or character shall be filed, instituted or taken against the City, then and in any of such event the City shall be deemed to be in default hereunder. If the City should, after notice of such default, fail to remedy any default with all reasonable dispatch, in no event exceeding thirty days, then the Authority shall have the right, at its option, without any further demand or notice (1) to terminate this Agreement, if such termination is then permitted under the provisions of the resolution under which the revenue bonds are issued and to re-enter the leased property and eject all parties in possession thereof therefrom, using all permissible force so to do, or (ii) to re-enter the leased property and eject all parties therefrom, using all permissible force so to do, and, without terminating this Agreement, re-let the leased property, or any part thereof, as the agent and for the account of the City upon such terms and conditions as the Authority may deem advisable, in which event the rent received on such re-letting shall be applied first to the expenses of re-letting and collection, including necessary renovation and alteration of the leased property, a reasonable attorney's fee, and any real estate commission actually paid, and thereafter toward payment of all sums due or to become due to the -9- Authority hereunder, and if a sufficient sum shall not be thus ~ ' realized to any such sums and other charges, the City shall pay the Authority semi-annually any cumulative net deficiency existing on the date when rentals are due hereunder. The foregoing remedies of Authority are in addition to and not exclusive of any other remedy of Authority. Any such reentry shall be allowed by the City without let or hindrance and the Authority shall not be liable in damages for any such reentry or be guilty of trespass. SECTION 23. NET LEASE This Agreement shall be deemed and construed to be a "net-net-net lease" and the City hereby agrees that the rentals provided for therein shall be an absolute net return to the Authority, free and clear of any expenses, charges or setoffs whatsoever. SECTION 24. EXECUTION This Agreement may be simultaneously executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all together shall constitute but one and the same Agreement, and it is also understood and agreed that separate counterparts of this Agreement may be separately executed by the Authority and the City, all with the same full force and effect as though the same counterpart had been executed simulaneously by both the Authority and the City. SECTION 24. VALIDITY If any one or more of the terms, provisions, promises, covenants or conditions of this Agreement shall to any extent be adjudged invalid, unenforceable, void or voidable for any reason whatsoever by a court of competent jurisdiction, each and all of the remaining terms, provisions, promises, covenants and conditions of this Agreement shall not be affected thereby and shall be valid and enforceable to the fullest extent permitted by law. If for any reason this Agreement shall be held by a court of competent jurisdiction void, voidable or unenforceable by the Authority or by the City, or if for any reason it is held by such a court that the covenants and conditions of the City hereunder, including the covenants to pay rents hereunder, is unenforceable for the full terms hereunder, then and in such event for and in consideration of the right of the City to possess, occupy and use the leased property, which right in such event is hereby granted, this Agreement shall thereupon -10- ~ become, and shall be deemed to be, a lease from year to year under which the annual rentals herein specified will be paid by the City. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by their proper officers thereunto duly authorized, and their official seals to be hereto affixed, as of the day and year first above written. CITY OF CARLSBAD At. t e s t : PARKING AUTHORITY OF THE City Clerk (SEAL) Attest: Clerk (SEAL) I HEREBY PPROVE the form and legality of the foregoing Agreement this 2 f44 day of Authority of the City of Car lsbad -11- STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) . ) ss. On this 29th day of December , in the year 1980, before mernita Dack Murphy , a Notary Public, State of California, dul commissioned and sworn, personally appeared Ronald c. Packarz , known to be to be the Mayor, and Aletha L. Rautenkranz , known to me to be the City Clerk, respectively, of the CITY OF CARLSBAD, a municipal corporation that executed the within instrument, and known to me to be the persons who executed the within instrument, and known to me to be the persons who executed the within instrument on behalf of said municipal corporation therein named, and acknowledged to me that such municipal corporation executed the within instrument pursuant to an ordinance of the City Council of said City of Carlsbad. IN WITNESS WHEREOF and affixed my official certificate first above wr Notary PuWc - Calif Principal Otfice In SAN DIEGO COUNTY , I ha seal *itten. ve hereunto subscribed my name on the day p”F1 yea3 in this I? STATE OF CALIFORNIA 1 COUNTY OF SAN DIEGO 1 ) ss. day of December , in the year 9 , a Notary Public, State 1980, before me, nita Dack Nurphy of California, duly commissioned and sworn, personally appeared Lyle R. Richardson , known to me to be the Chairman and Aletha L. Rautenkranzknown to me to be the Clerk, respectively of the Parking Authority of the City of Carlsbad, a public corporation that executed the within instrument, and known to me to be the persons who executed the within instrument on behalf of said public corporation therein named, and acknowledged to me that such public corporation executed the within instrument pursuant to an ordinance of said Author i ty . On this -12- IN WITNESS WHEREOF, I have hereunder subscribed my name and affixed by official seal on certificate first above written. (NOTARIAL SEAL) ANITA DACK MURPHY Notary Public . Wit Principal Office In SAN DIEGO COUNT\ -13- PARCEL 1: Lots 21 and 27 of Carlsbad Tract 76-18 according to Map No. 8956 filed in the office of the County Recorder of said County on August 11, 1978. PARCEL 2: A PARCEL OF LAND SITUATE IN THE CITY OF OCEANSIDE, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, BEING A PORTION OF SECTION 31, TOWNSHIP 11 SOUTH, RANGE 4 OFFICIAL PLAT THEREIN BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: WEST, SAN BERNARDINO MERIDIAN; ACCORDING TO BEGINNING AT THE SOUTHEAST CORNER OF THE NORTH HALF OF THE NORTHEAST QUARTER OF SECTION 31, TOWNSHIP 11 SOUTH, RANGE 4 WEST PER CARLSBAD TRACT NO. 76-18; THENCE NORTH 69'30'00" EAST, 252.00 FEET, ALONG THE NORTHERLY LINE OF CARLSBAD TRACT NO. 76-18; THENCE LEAVING SAID NORTHERLY LINE NORTH 71'38'56" WST, 70.14 FEET TO A LINE PARALLEL WITH AND DISTANT NORTHWESTERLY 44.00 FEET MEASURED AT RIGHT ANGLES FROM THAT CERTAIN COURSE HEREINBEFORE DESCRIBED AS HAVING A BEARING AND A DISTANCE OF "NORTH 69'30'00" EAST, 252.00 FEET"; THENCE SOUTH 69°30'00" WEST, 313.24 FEET TO A POINT IN THE NORTHERLY LINE OF SAID CARLSBAD TRACT NO. 76-18; THENCE SOUTH 89'42'19" EAST, 123.94 FEET ALONG SAID NORTHERLY LINE TO THE TRUE POINT OF BEGINNING. EXHIBIT "A" -14- I . EXHIBIT "B" PARKING AUTHORITY OF THE CITY OF CARLSBAD Schedule for Adjustment of Rental Total Project cost Estimated Reserve Fund Sub - To ta 1 Required Bond Issue Year Pr i nc i pa 1 Ending Maturing Feb. 1 Feb. 1 $1,500,000 156,000 $1,344,000 $1,500,000 Interest Total Estimated Es t ima tea at 8% Bond Service 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 $ -- -- 30,000 40,000 50,000 50,000 60,000 60,000 75,000 75,000 100,000 100,000 100,000 100,000 125,000 125,000 125,000 60,000 75,000 150,000 $1,500,000 $ 120,000 120,000 120,000 117,600 114,400 110,4011 106,400 101,600 92,000 86,000 74,000 66,000 58,000 50,000 42,000 32,000 22,000 96,800 80,000 12,000 $1,621,200 $ 120,000 120,000 150,000 157,600 164,400 160,400 166,400 161,600 156,800 167,000 161,000 155,000 174,000 158,000 167,000 147,000 166,000 150,000 157,000 162,000 $3,121,200 (EXHIBIT A ATTACHED TO ORIGINAL ONLY) -15- 1 2 3 4 5 6 'I a 9 10 11 12 8 19 2Q 21 22 23 24 25 26 27 28 - ORDINANCE NO. 1237 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF.CAKLSBAD, CALIFORNIA, APPROVING TIIE FORP.3nL ACT OF EN'I'ERTNG INTO A LEASE WITH TXE PARKXNG A'JTHORITY OF THE CITY OF' CARLSR.TiD The City Council of the City of C2rlsbad does ordain as f0l.lows: SECTION - 1. The lease by and between the City of Carlsbad and the Perking Authority of the City of Carlsbad, which agreement is a "puhlic lease-back" as that term is defined by Government Code Section 54240(b), is approved. Three copies of the lease, entitled "Lease Agreement" (hereinafter "Agreement") , are on file with the City Clerk of the City. SECTION 2: , The Mayor' is hereby authorized to execute, and -..-.- I the Clerk to attest, said Agreement, provided, however, that the "base rent" required by Secticln 3 of the Agreement does not exceed the amou.nt specified in Paragraph 3 hereof, SECTION 3: The "base rent" required by Section 3 of the ---I__.- Agreement shall not exceed $200,000. SECTION 4: This Ordinance shall be subject to referendum pursuant to the provisions of the Election Code of the State of Califcrnia as the same relate to referenda, EFFECTIVE DATE: This ordinance shall be effective thirty days after its adoption, and the City Clerk shall certify to the adoption of this ordinance and cause it to be published at least once in the Carlsbad Journal within fifteen days after its adoption. 'INTRODUCED AND FIRST REAT) at a meeting of the Carlsbad City Council hell! on the day of December , 1980 and there after - PASSED AND ADOPTED at a meeting of said City Council held on the --- 6th clay of &nyary , 1981, by the following vote, to wit: AYES: Coanc?l Members Casler, Anear, Lewis and Kulchin NOES : None ABSENT : Counci 1 Member hckard MARY He CASLER, Vice-Mayor ATTEST E (SEX)