Ord60 975 - Laserfiche WebLink

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Shall be taken into account on those components of said facilities subject to depreciation in accordance with the schedule set, forth in the 'Redwood, City Municipal. Marina Financial Feasibility Review,' prepared by Small Craft Harbors Division Economists and on file with the Division of Small Craft Harbors. Said depreciation account shall at all times contain liquid assets at least equal in value to the aggregate balance of the depreciation taken in accordance therewith. (d) The balance of said revenues, after provision is made for the purposes specified in subdivisions (a) through (c) hereof, shall be invested and reinvested in reasonably liquid assets, or repaid to State for reduction of the principal of said loan without penalty for prepayment; provided, however, that expenditures other than or in addition to those set forth herein may be made When directed by resolution of the Council of the City of Redwood City and approved by the State of California, Division of Small Craft Harbors, Department of Natural Resources. SECTION 3. FEES AND CHARGES. For the purpose of complying with the obligations set forth in the abovementioned loan agree- ment, City shall periodically fix and prescribe fees, rentals, and other charges for the services and use of the marina facilities constructed, in whole or in part from the proceeds of the above- mentioned loan, sufficient to produce gross revenues adequate for the following purposes in the order set forth: (a) Payment of all installments of prineipal and interest on money owed the State as they become due. (b) Payment of all expenses of operation, maintenance and repair of said facility. (c) An amount which is equal to the sum taken into account. for depreciation in accordance with subsection (c) , Section 2, hereof.