HomeMy WebLinkAboutCC RESO 13,755Resolution No. 13, 75S
RESOLUTION OF THE C ITY COUNCIL OF THE CITY OF NATIONAL
CITY, CALIFORNIA AUTHORIZING AND APPROVING A REVISION
TO THE OPERATING AGREEMENT FOR THE PLAZA BONITA SHOPPING
CENTER PARKING FACILITIES
WHEREAS, the City Council of the City of National City, by
adoption of Resolution No. 13,737 on January 26, 1982 authorized
execution of an Operating Agreement for the Plaza Bonita Shopping
Center Parking Facilities; and
WHEREAS, subsequent to said City Council action Bond
Counsel for the Parking Authority has recommended a revision to said
Agreement and said revision is in the City's interest;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of National City, California that the following change of
language in Section 12 - "Fire and Extended Coverage Insurance and
Repair" in the Operating Agreement for the Plaza Bonita Shopping
Center Parking Facilities is hereby approved:
From:
"Operator shall provide or cause to be provided in full
force and effect at all times.during the term of this Agreement a
policy or policies of insurance against loss or damage to the improve-
ments of the Parking Facilities, resulting from fire, lightning,
vandalism, malicious mischief, and such other perils as are ordinarily
included in the standard "fire and extended coverage insurance",
providing coverage at one hundred percent (100%) of the replacement
value of said improvements, not including foundations or paving, and
flood damage insurance and written by a financially responsible
insurance company(s) authorized to do business in the State of California."
To:
"Operator shall provide or cause to be provided in full
force and effect at all times during the term of this Agreement a
policy or policies of insurance against loss or damage to the improve-
ments of the Parking Facilities, resulting from fire, lightning,
vandalism, malicious mischief, and such other perils as are ordinarily
included in the standard "fire and extended coverage insurance",
providing coverage at one hundred percent (100%) of the then current
replacement cost of the Parking Facility, excluding the then value of
the land as unimproved, and flood damage insurance, and written by a
financially responsible insurance company(s) authorized to do business
in the State of California."
PASSED AND ADOPTED this 23rd day of February, 1982.
Kile Morgan,/Flayor
ATTEST:
Ione Campbell, City Clerk