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<br /> AND WHEREAS , the said General Improvement Fund (hereinafter called.
<br /> the Investment Fund) has sufficient money therein to lend to the General
<br /> Fund the amount hereinabove named , and the City Council to avoid the
<br /> necessity of levying a tax , during the fiscal year 1937-1938 , for the
<br /> purpose of recouping the said advances made by the General Fund ,
<br /> NOW, THEREFORE , BE IT RESOLVED that the Investment Fund lend to the
<br /> General Fund the amount hereinbefore specified with the distinct under-
<br /> standing and agreement by the City Council on behalf of the City that said
<br /> City will , through its Council , if and when it should ever be necessary,
<br /> levy a tax sufficient to repay to said Investment Fund the loan so made by
<br /> it to the General Fund ,
<br /> AND BE IT FURTHER RESOLVED that the Treasurer of the City of Redwood
<br /> City be , and he is hereby , authorized and directed , to transfer from the
<br /> Investment Fund to the General Fund the amount of $32 , 281 . 99 hereinbefore
<br /> mentioned , and also to set up and maintain a record of said loan , with
<br /> credits for future repayments shown thereon if and when made .
<br /> Councilman Eva , seconded by Councilman McNulty , proposed the adoption of the following
<br /> resolution authorizing the City Manager to include in his 1937-193g Budget a levy of
<br /> 10¢ to apply toward the required amount to service the General Improvement Fund bonds ,
<br /> with the understanding that the difference required would be taken from the General
<br /> Improvement Fund, ( the Investment Fund) to be paid back when and if necessary.
<br /> Carried.
<br /> WHEREAS , it is necessary to provide for the General Improvement Fund
<br /> Bond Redemption Fund , the sum of $31 , 936. 36 to meet interest and principal
<br /> payments due during the fiscal year , 1937--193g upon the $350 , 000 General Im-
<br /> provement Fund Bonds , and
<br /> WHEREAS said $ 350 , 000 General Improvement Fund ( hereinafter called
<br /> the Investment Fund) has been acquiring many thousand dollars worth of out-
<br /> standing 1915 Act Bonds , and
<br /> WHEREAS , many thousands of dollars have been paid into the various
<br /> 1915 Act Special Assessment District Bond Funds , and
<br /> WHEREAS , the City 0ouncil desires to avoid the levying of a high
<br /> tax during the fiscal year 1937-193g to service said $ 350 , 000 Bond Issue
<br /> while the same is acquiring the outstanding 1915 Act Bonds ,
<br /> NOW , THEREFORE , BE IT RESOLVED , that the City Manager be , and he is
<br /> hereby , authorized and directed to include in the 1937-193g Budget a tax
<br /> levy of 10¢ toward servicing said $350 , 000 bond issue during said fiscal
<br /> year , and that the difference necessary to service said funds fully during
<br /> said year be borrowed from said Investment Fund , with the understanding and
<br /> agreement that as said Investment Fund works itself out , if it should at any
<br /> time be necessary to levy a tax to repay said Investment Fund the loan made
<br /> by it to said General Improvement Fund Bond Redemption Fund , the City of
<br /> Redwood City , through its Council , pledges itself to levy said tax and to
<br /> repay to said Investment Fund , whatever may be loaned or advanced by it ;
<br /> AND BE IT FURTHER RESOLVED that the Treasurer of the City of Redwood
<br /> City be , and he is hereby , authorized and directed to transfer from the In-
<br /> vestment Fund to the General Improvement Fund Bond Redemption Fund for
<br /> servicing said $350 , 000 bond issue the amount necessary , in addition to the
<br /> 100 levy , to service said Bond Redemption Fund for the fiscal year 1937-1938 ,
<br /> and he is further authorized and directed to keep an account showing the
<br /> details of this transaction and any subsequent transfers.
<br /> The City Manager presented to the Council a Deed to a small water system serving a portion
<br /> of the Johnson Subdivision , and recommended that the Deed be accepted according to
<br /> resolution. The resolution was adopted unanimously , on motion of Councilman Fletcher ,
<br /> seconded by Councilman Eva , and the City Manager was authorized to send a letter to
<br /> Mr . E . R. Zion by which the City agreed to pay to Mr . Zion $10 . 00 for each new service
<br /> connection made directly from the existing pipe lines , said agreement to be in effect
<br /> May 1 , and to continue for a period of 5 years , or until $150 . 00 shall have been paid.
<br /> In connection with the taking over of this small water system , the City Manager submitted
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