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12/01/2003 <br />ORIGINAL <br />RESOLUTION NO. 14563 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY AMENDING, IN THEIR ENTIRETY, SECTIONS 1 (A) AND (C) OF <br />RESOLUTION NO. 12006 RELATED TO A LOAN FROM THE CIVIC <br />CENTER IMPROVEMENTS, CAPITAL IMPROVEMENTS PROGRAM TO <br />THE DOWNTOWN PARKING STRUCTURE IMPROVEMENTS, <br />PARKING DISTRICT NO. 1 FUND <br />WHEREAS, to assist in the construction of the Marshall Street Garage, on June <br />21, 1993, the City Council of the City of Redwood City (the "City Council ") adopted <br />Resolution No. 12006 which, among other things, transferred one million three hundred <br />thousand dollars ($1,300,000) from the City's Civic Center Improvements, Civic Center <br />Capital Improvement Fund (now the "Capital Outlay Fund ") to the Downtown Parking <br />Structure Improvements, Parking District No. 1 Fund (the "Parking Fund ") via a loan <br />agreement contained within the Resolution (the "Loan Agreement ");and <br />WHEREAS, the terms of the Loan Agreement require that the Parking Fund <br />make equal annual payments of principal and interest from July 1, 1993 to June 30, <br />2013; and <br />WHEREAS, the Parking Fund's primary source of revenue are the City of <br />Redwood City (the "City ") parking meters located throughout the City's downtown; and <br />WHEREAS, since the approval of the Loan Agreement, the Parking Fund has <br />generated revenues sufficient to pay only the annual interest payments; and <br />WHEREAS, the City's independent auditors have recommended, and staff <br />agrees, that the Loan Agreement be amended to allow payment of interest alone until <br />such time as the Parking Fund has the financial capacity to make both the principal and <br />interest payments, as such financial capacity may be determined by the City Manager. <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF REDWOOD CITY AS FOLLOWS: <br />That Section 1 (a) of City Council Resolution No. 12006 is hereby amended in its <br />entirety to read as follows: <br />"Unless otherwise amended by the City Council, said loan shall be <br />for a term of twenty (20) years, commencing July 1, 1993, and <br />expiring June 30, 2013." <br />2. That Section 1 (c) of City Council Resolution No. 12006 is hereby amended in its <br />entirety to read as follows: <br />Atty /Reso /Reso.1437 14563 <br />111403 1 <br />