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<br />Section 2. The sum of Twenty-seven Thousand Two Hundred <br /> <br />Seventy-four Dollars ($27,274) is hereby appropriated from the <br /> <br /> <br />unappropriated balance of the Special Deposit Fund for the purpose <br /> <br />of serving as reserves for anticipated cancellation of taxes <br /> <br />levied for the payment of principal and interest on Redwood City <br /> <br /> <br />General Improvement District No. 1-64 Reclamation Bonds, Series A, <br /> <br />B, C and D. Said sum shall be for expenditure during the fiscal <br /> <br /> <br />year July 1, 1973-June 30, 1974, and shall be in addition to all <br /> <br /> <br />sums appropriated for such purposes during said fiscal year. In <br /> <br />the event that an anticipated transaction by and between Mobil <br /> <br /> <br />Oil Estates (Redwood) Limited and the State of California providing <br /> <br /> <br />for the conveyance to the State of lands owned by said company and <br /> <br />located within Redwood city General Improvement District No. 1-64 <br /> <br /> <br />occurs during fiscal year July 1, 1973-June 30, 1974, which results <br /> <br /> <br />in exemption from taxes levied for the aforementioned purposes <br /> <br />upon such property, or any portion thereof, then the aforesaid <br /> <br /> <br />sum, or such portion thereof as may be necessary, shall be used <br /> <br />to offset the deficiency resulting from such exemption, if any, <br /> <br />between tax and all other revenues collected or received for such <br /> <br /> <br />purposes during said fiscal year and the amount of such revenues <br /> <br />required to pay the aforesaid bond principal and interest. In the <br /> <br /> <br />further event that said sum, or any portion thereof, is not required <br /> <br /> <br />for the aforesaid purpose, then the remaining balance (or the entire <br /> <br />amount of said sum, if no portion thereof is so used) shall be <br /> <br /> <br />refunded to Mobil Oil Estates (Redwood) Limited, payable on and <br /> <br /> <br />after July 1, 1974, and the City Controller is hereby authorized <br /> <br /> <br />and directed to make such refund. <br /> <br /> <br />Section 3. The sum of Twenty-nine Thousand Seven Hundred <br /> <br /> <br />Dollars ($29,700) is hereby appropriated from the unappropriated <br /> <br /> <br />balance of the Special Deposit Fund for the purpose of serving as <br /> <br />-2- <br />