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REG.ek 10/18/65 .~ ,,'J;)rtrli(}i ,it" 1':",t:,;.,f(..;1 ORDINANCE N o. ORDINANCE AMENDING SECTION 2.38 OF CODE OF CITY OF REDWOOD CITY AND APPROPRIATING SUM OF $10,000 FROM DEPRECIATION ACCOUNT IN MARINA REVENUE FUND FOR PURPOSE OF CONSTRUCTING HARBOR MASTER QUARTERS WHEREAS, pursuant to agreement with the Division of Small Craft Harbors, Department of Natural Resources, state of California, there has been established a depreciation account for the Redwood City Marine Harbori and, ~rHEREAS, the Division of Small Craft Harbors has consented to the disbursement of $10,000 from the depreciation account for the construction of harbor master quarters; NCM, THEREFORE; THE COUNCIL OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: SECTION 1. Section 2.38 of the Code of the City of Redwood City is hereby amended to read as follows: "A special fund designated Marina Revenue Fund is hereby created. The gross revenues of the small craft harbor facilities constructed in whole or in part from the proceeds of the loan provided in the preceding sec- tion, including all charges, income and receipts received by the city from the operation of such facility, shall be deposited in the Marina Revenue Fund and shall be expended solely for the following purposes in the order set forth: (a) For the payment of all installments of principal and interest on money owed the state pursuant to such loan as the installments become due. (b) For the payment of all expenses of operation, main- tenance, repairs, renewals and replacements necessary or convenient to the efficient operation of such facilities. (c) For establishment and maintenance of a depreciation account in the Marina Revenue Fund. Depreciation shall be taken into account on those components of such facilities subject to depreciation in accordance with the schedule set forth in the 'Redwood City Municipal Marina Financial Feasibility Review, I prepared by economists of, and on file with, the Division of Small Craft Harbors. Such depreciation account shall at all times contain liquid assets at least equal in value to the aggregate balance of the depreciation taken in accordance therewith; provided, however, that the balance of said depreciation account may be reduced by such amounts as are approved by the Divi- sion of Small Craft Harbors, in writing. ,;~.!:' {...\',{ "',,'1 4',t.A ~f;,~ Iii:">,.!