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(� -2Ei <br />the real properties located within the project area for the construction of a <br />downtown public parking facility to be owned and operated by the City of <br />Redwood City and that the funds for such acquisitions would be loaned to said <br />project from various funds of the City, subject to the terms and conditions <br />hereinafter specified. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE <br />CITY OF REDWOOD CITY AS FOLLOWS: <br />1. The sum of Six Million Dollars ($6,000,000) heretofore appropriated <br />for Water Fund uses, One Million Dollars ($1,000,000) heretofore appropriated <br />for Internal Services Fund uses, and One Million Dollars ($1,000,000) heretofore <br />appropriated for the City's Self- Insurance Fund uses, are hereby ordered <br />transferred to the City of Redwood City Capital Projects Fund appropriation for <br />the acquisition of real property for a downtown multi -story parking structure, as a <br />loan for said purpose in accordance with the following terms: <br />A. Said loan shall be outstanding until all principal and interest is fully <br />repaid. <br />B. Beginning with the calendar quarter ending March 2003, interest <br />shall accrue on the balance of said loan at the quarterly Local Agency <br />Investment Fund rates of interest which are payable by the Local Agency <br />Investment Fund for the purpose of investment as said fund is established <br />and maintained pursuant to the provisions of Government Code section <br />16429.1 et seq.; provided that if during the term hereof said Local Agency <br />Investment Fund is disestablished, the interest payable on an equivalent <br />F Atty /Reso /Reso.1375 2 <br />03/03/03 <br />