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<br />28.6.
<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 1937-1939, 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 FURTIMR 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 432,291.99 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 j
<br />resolution authorizing the City Manager to include in his 1937-1939 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, 1937-1939 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 Council desires to avoid the levying of a high
<br />tax during the fiscal year 1937-1939 to service said $350,000 Bond Issue
<br />! while the same is acquiring the outstanding 1915 Act Bonds,
<br />NOW, TBEREFORE, BE IT RESOLVED, that the City Manager be, and he is
<br />I hereby, authorized and directed to include in the 1937-1938 Budget a tax
<br />fl 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 />i 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 advanded 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.Fancl to the General Improvement Fund Bond Redemption Fund for
<br />servicing said $350,000 bond issue the amount necessary, in addition to the
<br />10¢ levy, to service said Bond Redemption Fund for the fiscal year 1937-1939,
<br />and he is further authorized and directed to keep an account showing the
<br />details of this transaction and any subsequent transfers.
<br />V-te 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 $180.00 shall have been paid.
<br />In connection with the taking over of this small water system, the City Manager submitted
<br />Eli
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