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02/26/2018 <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />REDWOOD CITY, AS FOLLOWS: <br />1. The above recitals are true and correct, and this City Council so finds, <br />determines, and represents. <br />2. The sum of One Million Seven Hundred Thousand and No/100 ($1,700,000) from <br />the Redwood City Parking District Fund is hereby ordered to be loaned to the <br />Redwood City Docktown Marina Enterprise Fund, as a loan for the above <br />described purpose in accordance with the following terms: <br />a. Said loan shall be for a term of ten (10) years, commencing January 1, <br />2018 and expiring December 31, 2027; <br />b. Interest shall be calculated annually on the outstanding balance of said <br />loan calculated on the most recent quarterly interest rate published by the <br />State of California Treasurer's Local Agency Investment Fund (LAIF) as of <br />December 31 of each year. Such interest shall be payable annually on <br />December 31 in accordance with the attached payment schedule; <br />C. Principal shall be payable annually on December 31 in accordance with <br />the attached payment schedule; <br />d. Notwithstanding the foregoing, said loan may be repaid fully or partially <br />without penalty at any time during the term thereof. At the time of such <br />payment, the interest due will include any interest accrued during the <br />calendar year in which the payment is made. Such interest shall be <br />calculated on the outstanding balance of said loan calculated on the most <br />recent quarterly interest rate published by the State of California <br />Treasurer's Local Agency Investment Fund (LAIF). <br />3. The loan shall be repaid with General Fund reserves from the net operating <br />proceeds of each fiscal year during the term of the loan. <br />4. Net operating proceeds of each fiscal year during the term of the loan shall be <br />budgeted in an amount at least equal to the total annual debt service for the <br />repayment of the loan until it is fully repaid. <br />5. In the event that a shortfall arises in the Docktown Marina Enterprise Fund, <br />another eligible source of revenue shall fully repay the loan. <br />6. The loan shall be immediately due and payable if required by the Parking District <br />Fund to fund any eligible project. <br />Page 2 of 3 <br />ATTY/RESO.0015/CC RESO INTER -FUND LOAN AGREEMENT (CITY PARKING DISTRICT FUND) RESOLUTION NO. 15649 <br />REV: 02-15-1815 MUFF NO. 501 <br />