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RJC.ek 1/6/64 -7 <br /> k <br /> ORDINANCE N O. 124 <br /> ORDINANCE ADDING SECTION 2.41.7 TO THE CODE OF THE CITY <br /> OF REDWOOD CITY; CREATING THE 'GENERAL IMPROVEMENT DISTRICT <br /> REVOLVING FUND"; DESCRIBING THE PURPOSES AND FUNCTIONS <br /> OF SAID FUND; AND, APPROPRIATING $5,000 FROM THE UN- <br /> BUDGETED UNAPPROPRIATED BALANCE OF THE GENERAL FUND TO <br /> THE 'GENERAL IMPROVEMENT DISTRICT REVOLVING FUND." <br /> WHEREAS, this Council is considering the creation of a <br /> general improvement district for the purpose of reclaiming certain <br /> lands and constructing thereon certain municipal improvements; and, <br /> WHEREAS, the cost of such reclamation and improvements are <br /> to be financed by bond proceedings; and, <br /> WHEREAS, certain preliminary printing, legal, engineering, <br /> fiscal, planning, administrative, clerical and related services <br /> and supplies incidental to the formation of a special tax district <br /> for the accomplishment of such work and the redemption of such <br /> bonds, or incidental to the authorization and issuance of such <br /> bonds by such district, must be accomplished and financed prior <br /> to receipt of the proceeds of such bonds or the taxes of such <br /> district; and, <br /> WHEREAS, such services will be of benefit to such proposed <br /> district following formation thereof; and, <br /> WHEREAS, it is desirable to advance funds from the General <br /> Fund of the City of Redwood City for such preliminary services to <br /> be reimbursed from the tax revenues or bond proceeds of such <br /> proposed district; and, <br /> WHEREAS, it is the intention and desire of this Council to <br /> establish a fund to provide for such advances for such preliminary <br /> services; <br /> NOW, THEREFORE; <br /> THE COUNCIL OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: <br /> SECTION 1. Section 2.41.7 is hereby added to the Code of the <br /> City of Redwood City, to read as follows: <br />