Res93 12006 - Laserfiche WebLink

Browse Search

DES:dft- 6/17/93 (022/33) 0 RIG I N A L 6/21/93 RES 0 L UTI 0 N N O. 12006 ---------- -- RESOLUTION ESTABLISHING LOAN AGREEMENT AND CONDITIONALLY TRANSFERRING THE SUM OF $1.3 MILLION FROM THE APPROPRIATION FOR CIVIC CENTER IMPROVEMENTS, CAPITAL IMPROVEMENTS PROGRAM, TO THE APPROPRIATION FOR DOWNTOWN PARKING STRUCTURE IMPROVEMENTS, PARKING DISTRICT NO.1 FUND WHEREAS, Parking District No.1 of the City of Redwood City was established pursuant to the Parking District Law of 1951 (Sts. & Hwy. Code §3500 et seq.); and WHEREAS, pursuant to Section 6 of Ordinance No. 785 entitled, "An Ordinance Relating to Proceeding Heretofore or Hereafter Taken Pursuant to the Parking District Law of 1951", adopted January 17, 1955, this Council may, at any time, transfer into the acquisition and construction fund (the "Parking District Fund") of said District, such sums out of available funds as this Council deems necessary to make acquisitions or improvements or both on behalf of the District and such sums so transferred shall be deemed a loan to such fund; and WHEREAS, the sum of One Million Three Hundred Thousand Dollars ($1,300,000) is required to augment the funds necessary for the acquisition and construction of the downtown parking structure located within Parking District No.1; and WHEREAS, this Council proposes to transfer said sum from the appropriation for Civic Center improvements, Civic Center Capital Improvement Fund, to the Parking District Fund for said purposes, subject to the terms and conditions hereinafter specified; NOW, THEREFORE;