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HomeMy WebLinkAbout86-53 - C & S Ventures dba American Trolley LinesRESOLUTION No. 86 -53 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH AMENDING AN OPERATING AGREEMENT WITH C & S VENTURES INC., dba AMERICAN TROLLEY LINES, TO AUTHORIZE MONTHLY SUBSIDY PAYMENTS. WHEREAS, the City Council on March 24, 1986 approved • an Operating Agreement with C & S Ventures Inc., doing business as American Trolley Lines, to operate a trolley system within the City; and WHEREAS, Section 4 -D of the Operating Agreement provides that the City shall make subsidy payments to C & S Ventures Inc., on a quarterly basis; and WHEREAS, C & S Ventures has requested, and the City Council has concurred, to have such payments made monthly. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach that Section 4 -D of the Operating Agree- ment dated April 2, 1986 with C & S Ventures Inc., is hereby amended to authorize the City Manager at his discretion to approve monthly subsidy payments to C & S Ventures Inc. ADOPTED this