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SECTION 8. REVENUE BONDS SERIES 2012 -PRINCIPAL. The sum of Five Hundred <br />Eighteen Thousand and Eight Hundred Ninety -One dollars ($518,891) is hereby appropriated <br />from general Port funds for the payment of principal of the Revenue Bonds Series 2012 during <br />the Fiscal Year July 1, 2023 - June 30, 2024, and the expenditure of said sum for such purpose <br />is hereby authorized. <br />SECTION 9. REVENUE BONDS SERIES 2012 -RESERVES. The sum of Seven <br />Hundred Forty Two Thousand and Two Hundred Ninety Four dollars ($742,294) theretofore <br />appropriated, transferred and carried over in the Parity Bond Reserve Fund account held by the <br />Trustee, is hereby re -appropriated and maintained pursuant to Resolution No. P-2178 during <br />the Fiscal Year July 1, 2023 - June 30, 2024. <br />SECTION 10. CAPITAL IMPROVEMENTS. The sum of One Million Four Hundred <br />Fifty Thousand dollars ($1,450,000) is hereby appropriated from Port Reserve Fund and Grant <br />Fund in connection with Capital Improvements Program for the Port of Redwood City during the <br />Fiscal Year July 1, 2023 - June 30, 2024, and this expenditure of said sum for the purpose <br />stated is authorized. <br />SECTION 11. RESERVE FUNDING. The sum remaining in the general Port funds as <br />of June 30, 2023, less a prudent amount to be retained in the general Port funds, is hereby <br />appropriated from General Fund to Reserve Fund in connection with contingent expenditure for <br />the operation, administration, and/or capital improvement program of the Port of Redwood City <br />during the Fiscal Year July 1, 2023 - June 30, 2024, and the expenditure of said sum and for the <br />purpose stated is authorized. <br />SECTION 12. TRANSFER ADDITIONAL APPROPRIATIONS CANCELLATIONS. <br />The Board of Port Commissioners may consent to the transfer of sums from an appropriated <br />operating expense line item to any other appropriated operating expense line item within each <br />Section. Transfers in excess of $25,000 per operating expense line item shall be by Resolution. <br />Introduced: 05.24.231 Passed: 06 28.2310rdinance P-293 <br />