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7 • <br /> and (2) that a twenty -year operation based upon such estimates <br /> will result in a Revenue Cost Ratio figure of 1.51 for the combined <br /> development under Phases I and II; <br /> NOW, THEREFORE: <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY <br /> AS FOLLOWS: <br /> 1. That application is hereby made to the State of California, <br /> Division of Small Craft Harbors, pursuant to the provisions of the <br /> Small Craft Harbors Law (Div. 5.7 (commencing at 5. 5801) of the <br /> Public Resources Code) for an additional construction loan in the <br /> amount of Two Hundred Thirty Thousand Dollars ($230,000) to be used <br /> for the construction of the second phase of the Redwood City <br /> Municipal Marina. <br /> 2. That the amount of the loan granted will be used for the <br /> purpose of developing the second phase of the Redwood City Muni- <br /> cipal Marina in accordance with the provisions of the Small Craft <br /> Harbors Law and in conformance with such plans and specifications <br /> as may be approved by the Division. <br /> 3. That the facilities established by the loan shall be open <br /> to all on equal and reasonable terms as specified in Section 5831 <br /> of the Public Resources Code. <br /> 4. That the obligation of repayment of said loan shall be <br /> limited to and payable solely from the revenues received by the <br /> City from the operation of any facilities located or erected <br /> within the project area and shall not constitute an indebtedness <br /> which is a general obligation of the City or which is payable from <br /> the general funds of the City. <br /> 5. That the Council approves and adoptes that certain de- <br /> tailed list of construction costs, engineering fees and contingency <br /> reserve entitled "Estimate of Cost Phase II," dated December, 1959, <br /> - 2 - <br />