Ord65 1222 - Laserfiche WebLink

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\I (d) The balance of such revenues, after provision is made for the purposes specified in subsections (a) through (c) hereof, shall be invested and reinvested in reasonably liquid assets, or repaid to state for reduction of the principal of the loan provided in the preceding section without penalty for prepayment; provided, however, that expenditures other than or in addition to those set forth herein may be made when directed by resolution of the city council and approved by the state of California, Division of Small craft Harbors, Department of Natural Resources. For the purpose of complying with the obligations set forth in the loan agreement provided in this section, the city shall periodically fix and prescribe fees, rentals and other charges for the services and use of the marina facilities constructed in whole or in part from the pro- ceeds of such loan, sufficient to produce gross revenues adequate for the following purposes in the order set forth: (i) Payment of all installments of principal and interest on money owed the state as they become due. (ii) Payment of all expenses of operation, maintenance and repair of such facility. (iii) An amount which is equal to the sum taken into account for depreciation in accordance with subsection (c), of this section. \I SECTION 2. The sum of ten thousand dollars ($lO,OOa is hereby appropriated from the balance of the depreciation account of the Marina Revenue Fund for the purpose of providing funds for the construction of harbor master quarters. Said sum shall be for expenditure during the fiscal year July 1, 1965-June 30, 1966, and shall be in addition to all sums appropriated for such purpose during the fiscal year July 1, 1965-June 30, 1966. SECTION 3. This ordinance shall be effective 30 days after its adoption. * * *