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ATTY/CHARTER AMENDMENTS/2018/2018 FINAL CHARTER AMENDMENTS REV: 07-18-18 VR Page 26 of 45 Section 48c. TAX LEVY FUNDS: The act of filing such budget, as provided for in the foregoing section, shall constitute an appropriation to the Board of the total amount so specified therein as necessary to be raised by tax levy, and such amount shall become a part of the annual budget of the Council, and shall be deemed included in the proceeds derived from any tax which the Council, in accordance with Sections 55 to 57 of the Charter, may levy. Provided, however, there is reserved to the Council the right to reduce the amount of such appropriation by adopting an ordinance therefor at any time prior to the introducing of its ordinance fixing the annual rate of taxation, stating specifically therein its reasons for making such reduction. Such amount so fixed by the Council shall thereupon be included in its annual budget and tax levy in lieu of the amount fixed by the Board. It shall be the duty of the cCity aAuditor to credit to the Board the amount so appropriated, and the City tTreasurer shall keep all such funds separate from other funds in his their possession. The City aAuditor shall draw and sign warrants upon such funds, when allowed by the Board, in accordance with Section 59 of the Charter, and all powers and duties therein conferred or imposed upon the City Council are, in relation to pPort funds, hereby conferred and imposed upon the Board. The Board shall have the exclusive management and disbursement of such funds. The cCouncil may also, from time to time, make further appropriations to the Board of such amounts as may, in its judgment, be necessary or proper. Section 48d. REPAYMENT OF FUNDS: All moneys once apportioned or appropriated to the Board, and all income from the operation of the pPort and its facilities, or all net income from leases or other sources, shall remain in its control until expended; provided, the Board shall annually pay over to the General Funds of the cCity 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 provided, that the cCouncil may annually, prior to July 1 of each year, require that the Board pay over to the cCity 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 10, 1984, certified by Secretary of State June 21, 1984) Section 48e. BOND INDEBTEDNESS: