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8.C. - Page 34 eCity profits from the operation of the pPort and any surplus funds which in its judgment may not be needed for pPort purposes. FURTHER PROVIDED Further movided, that the eCouncil may annually, prior to July 1 of each year, require that the Board pay over to the eCity tTreasurer sufficient funds to pay interest and principal payments falling due for the fiscal year succeeding such demand on any bonds issued specifically for the improvement of the Port of Redwood City. On receipt of such demand, it shall be mandatory on the Board that such payment be made. (As amended April 13, 1954, ratified by Legislature January 13, 1955, Stats. 1955, Chapter 27; as amended April lo, 1984, certified by Secretary of State June 21, 1984) Section 48e. BOND INDEBTEDNESS: The proceeds from the sale of bonds now authorized or which shall hereafter be authorized for pPort purposes, shall be under the control of and expended by the Board, and shall be expended for the objects and purposes for which the indebtedness was incurred. Whenever it is desired to incur additional bonded indebtedness for any object or purpose consistent with its general powers, the Board shall prepare tentative plans and estimates and submit its recommendations in writing to the City Council. Section 48f - deleted April 9, 1968, approved by Legislature April 29,1968, Stats.1968, Chapter 76. Section 48g. DUTIES OF TREASURER: All moneys under the control of the Board shall be immediately paid over to the Treasurer of the City of Redwood City, who shall have the care and custody of said funds, and shall keep separate accounts thereof, and pay out the same, as provided in this Charter. Section 49. BUILDING PERMITS No person or persons shall construct, extend, alter, improve, erect, remodel or repair any pier, slip, basin, wharf, dock or other harbor structure, or any building or structure within the "Port Area" without first applying for and securing from the Board a permit so to do, in accordance with the rules and regulations adopted by it. In approving or denying the right to said permit, the Board shall consider the application therefor, the character, nature and size and location of the proposed improvement, and exercise a reasonable and sound discretion in the premises. Such permit shall be in addition to any permit which may be required by law from the Building Inspector of the City of Redwood City. Page 27 of 45 ATTY/CHARTER AMENDMENTS/2017/2017 DRAFT CHARTER AMENDMENTS REV: 11-29-17 JS