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�;6.2.A. - Page 9 <br /> ORIGINAL <br /> RESOL.UTION NO. 14563 <br /> � <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 NQ. 1 FUND <br /> WHEREAS, to assist in the construction of the Marshakl Street Garage, on June <br /> 21, 1993, the City Council of the City of Redwood City (the "City Council") adopted <br /> Reso4ution No. 12006 which, among other things, transferred one millian three hundred <br /> thousand dollars ($1,300,000) from the City's Civic Cent�r 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 t�at 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 t�e 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 /> 1. 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 /> � <br /> Atty/Reso/Reso.1437 14563 <br /> 111403 1 <br />