P-277_FY20 Budget Ordinance - Laserfiche WebLink

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SECTION 3. OPERATING EXPENSES - ADMINISTRATION. The sums hereinafter specified are hereby appropriated from general Port funds for the payment of operating expenses in connection with the administration of the Port of Redwood City during Fiscal Year July 1, 2019 — June 30, 2020, and the expenditure of said sums for the purposes stated herein is hereby authorized: Line Item 1. Admin Salaries, Taxes & Benefits $1,015,956 Line Item 2. Office & Administrative Expenses $ 151,496 Line Item 3. Professional Services $ 311,804 Line Item 4. Promotion & Marketing $ 296,650 Line Item 5. Depreciation (Admin only) $ 7,251 Total -Administration 1 7 SECTION 4. SUBVENTION. The sum of Five Hundred Sixty Eight Thousand and Seven Hundred Eleven dollars ($568,711) for voluntary Subvention to the City of Redwood City is hereby appropriated from general Port funds (derived from sources other than State granted lands) should the Board of Port Commissioners deem such funds as surplus and provided such payment does not violate Revenue Bond covenants and applicable state and federal laws. SECTION 5. REVENUE BONDS SERIES 2015 INTEREST. For purposes of this Ordinance, "Revenue Bonds Series 2015" refers to those bonds authorized, issued and outstanding pursuant to Resolution No. P-2267 entitled "Resolution of the Board of Port Commissioners of the Port Department of the City of Redwood City Authorizing the Issuance of Revenue Bonds, Approving an Official Statement, Authorizing the Execution and Delivery of a Third Supplemental Indenture, and Escrow Deposit and Trust Agreement and a Bond Purchase Agreement and Authorizing Certain Related Matters." The sum of One Hundred Eighty Seven Thousand and Thirty Six dollars ($187,036) is hereby appropriated from general Port funds for the payment of interest on the Revenue Bonds Series 2015 during the Fiscal Year July 1, 2019 — June 30, 2020, and the expenditure of said sum for such purpose is hereby authorized. SECTION 6. REVENUE BONDS SERIES 2015 -PRINCIPAL. The sum of Four Hundred Fifteen Thousand dollars ($415,000) is hereby appropriated from general Port funds for the payment of principal Port/rs Ord/ 05/22/19 Intro Ord/ 06/12/19 2nd Reading 2of4 Ord P-277