Res77 7929 and P-825 Policies related to Transfer

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(e) Those certain funds heretofore deposited in the Marina Revenue Fund, as established by Redwood City Code Section 2.38, shall remain on deposit in said fund and shall be available to the Port of Redwood City for the purposes therein specified with respect to the payment of all expenses of operation, maintenance, repairs, renewals and replacements necessary or convenient to the efficient operation of the small craft harbor facilities therein described, notwithstanding that the loan therein referenced shall have been discharged. Similarly, the gross revenues derived from said small craft harbor facilities shall continue to be deposited in said Fund by the City Treasurer, and shall be paid therefrom to the Port from time to time for the aforementioned purposes. Said Fund shall be maintained and used for the aforementioned purposes for such period of time as may be necessary and convenient to maintain and operate said small craft harbor facilities. In accordance with the provisions of sub- paragraph (f) below, at such time as it mutually may be determined by the Council of Redwood City and the Board of Port Commissioners of said City that said Fund is no longer necessary for, or convenient to, the maintenance and operation of said small craft harbor facilities, said Council may abolish said Fund. (f) From time to time, at intervals mutually convenient to the Council of Redwood City and the Board of Port Commis- sioners of said City, said Board and Council shall review the operation of the small craft harbor facilities and such related commercial and/or recreational facilities as may be constructed henceforth under the jurisdiction and control of said Board, for the purpose of determining whether sufficient revenues have been generated by said operations reasonably to allow for the authorization of payment by said Board, and the acceptance thereof by said Council, of monies either compensatory for the benefits conferred upon the Port of Redwood City by the transfer of control and jurisdiction hereinabove referenced, or otherwise as a subvention of funds. 2. The Council of Redwood City and the Board of Port Commis- sioners of said City do hereby authorize, respectively, the City Manager and Port Manager to implement the above described policies, and take all actions, within their authority otherwise prescribed, necessary or convenient for such implementation. 3. The provisions of this resolution shall be construed and implemented in accordance with all governing provisions of the Charter of the City of Redwood City, ordinances, or other resolutions of both the Council of Redwood City and the Board of Port Commissioners of said City. -3-