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DES:ef:8/23/73 ORIGINAL StP 11 '73 --------- o R DIN A N C E N o. /577 ORDINANCE ACCEPTING CONTRIBUTION OF $56,974 FROM MOBIL OIL ESTATES (REDWOOD) LIMITED FOR STATED PURPOSES AND SUBJECT TO SPECIFIED CONDITIONS; AND APPROPRIATING $27,274 AND $29,700 OF SAID SUM FROM UNAPPROPRIATED BALANCE OF SPECIAL DEPOSITS FUND AS RESERVES FOR ANTICIPATED CANCELLATION OF RECLAMATION BOND TAXES AND FACILITIES BONDS TAXES, RESPECTIVELY, DURING FISCAL YEAR 1973-74 FOR REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO. 1-64 WHEREAS, Section 517 of Ordinance No. 1128, as amended, the Redwood City General Improvement District Ordinance, provides that a district may accept any contribution of money from any source for, among other matters, payment of any principal of or premiums or interest on any general obligation bonds~ and WHEREAS, Mobil Oil Estates (Redwood) Limited anticipates that during fiscal year 1973-74 substantial areas of land owned by said company and located within Redwood City General Improvement District No. 1-64 will be transferred to the State of California, and there- upon no longer be subject to taxation by said district; and WHEREAS, said company proposes to contribute, subject to cer- tain terms and conditions, the sum of $56,974 for use by said dis- trict during fiscal year 1973-74 as reserves to offset the antici- pated reduction in reclamation bond and facilities bond tax revenues resulting from the aforesaid land transfer; NOW, THEREFORE; THE COUNCIL OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: Section 1. The contribution in the amount of Fifty-six Thou- sand Nine Hundred Seventy-four Dollars ($56,974) from Mobil Oil Estates (Redwood) Limited to Redwood City General Improvement District No. 1-64 for the purpose of serving as tax cancellation reserves for said Distric~ subject to certain conditions in Sections 2 and 3 hereof set forth, which sum has heretofore been deposited in the Special Deposit Fund, is hereby accepted.