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<br />reserves for anticipated cancellation of taxes levied for the pay- <br /> <br /> <br />ment of principal and interest on Redwood City General Improvement <br /> <br />District No. 1-64 Facilities Bonds, Series A, B, C and D. Said <br /> <br /> <br />sum shall be for expenditure during the fiscal year July 1, 1973- <br /> <br />June 30, 1974, and shall be in addition to all sums appropriated <br /> <br /> <br />for such purposes during said fiscal year. In the event that an <br /> <br />anticipated transaction by and between Mobil Oil Estates (Redwood) <br /> <br /> <br />Limited and the State of California providing for the conveyance <br /> <br /> <br />to the State of lands owned by said company and located within <br /> <br /> <br />Redwood City General Improvement District No. 1-64 occurs during <br /> <br />fiscal year July 1, 1973-June 30, 1974, which results in exemption <br /> <br /> <br />from taxes levied for the aforementioned purposes upon such property, <br /> <br />or any portion thereof, then the aforesaid sum, or such portion <br /> <br />thereof as may be necessary, shall be used to offset the deficiency <br /> <br /> <br />resulting from such exemption, if any, between tax and all other <br /> <br />revenues collected or received for such purposes during said fiscal <br /> <br />year and the amount of such revenues required to pay the aforesaid <br /> <br /> <br />bond principal and interest. In the further event that the entire <br /> <br /> <br />amount of said sum is not required for the aforesaid purpose, then <br /> <br />the remaining balance (or the entire amount of said sum, if no <br /> <br /> <br />portion thereof is so used) shall be refunded to Mobil Oil Estates <br /> <br /> <br />(Redwood) Limited, payable on and after July 1, 1974, and the city <br /> <br /> <br />Controller is hereby authorized and directed to make such refund. <br /> <br />Section 4. This ordinance shall be effective 30 days after <br /> <br /> <br />its adoption. <br /> <br />* <br /> <br />* <br /> <br />* <br /> <br />-3- <br />