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as set forth in plans and specifications prepared by <br /> George S. Nolte and Noble Harbor Engineering, planning <br /> consultants, for Redwood City Municipal Marina, Job <br /> No. 3022-59, as said plans and specifications, including <br /> revisions, have been finally approved by the Division of <br /> Small Craft Harbors and by the Council of the City of <br /> Redwood City. <br /> (b) In the event that any of said moneys remain <br /> after paying the direct and indirect cost of construction <br /> of said facility, said surplus shall be remitted and paid <br /> to the State of California, acting by and through the <br /> Division of Small Craft Harbors, Department of Natural <br /> Resources, and shall be applied by State to the reduction <br /> of the principal of said loan. <br /> SECTION 2. MARINA REVENUE FUND. A special fund designated <br /> "MARINA REVENUE FUND" is hereby created. The gross revenues of <br /> the small craft harbor facilities constructed in whole or in part <br /> from the proceeds of the abovementioned loan, including all <br /> charges, income and receipts received by City from the operation <br /> fo, said facility, shall be deposited in the mmuNA REVENUE FUND <br /> and shall be expended solely for the following purposes in the <br /> order set forth: <br /> (a) For the payment of all installments of principal <br /> and interest on money owed the State pursuant to said loan <br /> as said installments become due. <br /> (b) For the payment of all expenses of operation, <br /> maintenance, repairs, renewals and replacements necessary <br /> or convenient to the efficient operation of said facilities. <br /> (c) For the establishment and maintenance of a <br /> depreciation account in the MARINA REVENUE FUND. Depreciation <br /> - 2 - <br />