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1 REG : -7 R E S O L U T I ON N 0. 2898 (adopted 11/9/59) RESOLUTION APPROVING ALD AUTHORIZL;G ATE - DED APPLICA- TION FOR SA -L CRAFT H.,!'.RBOR CONSTRUCTION LOAN FRCT. T E STATE OF CALIFORNIA, DIVISION OF SMALL CRAFT HARBORS, TO P ROVIDE FOR PLEDGE OF GROSS REVENUES OF PROJECT AS SECURI 1I FOR REPAYMEJT . WHEREAS, the City of Redwood City made formal application to the Division of Small Craft Harbors, State of California, in Fay, 1958 for a loan pursuant to the provisions of the Small Craft Harbors Law (Division 5.7 (commencin at Section 5801) of the Public Resources Code); and WHEREAS, the Division of S` Mall Craft Harbors approved the ap- plication for a loan in the amount of Three Hundred Thousand Dollars ( -, 300,000) on January 13, 1959; and 1 THEREAS, the Legislature of the State of California approved the loan on February 16, 1959; and WHEREAS, in the interim period since the original application the Legislature of the State of California has amended the Small Craft Harbors Law in several respects; NC THEREFORE: EL IT FJ SOLVED BY THE COUNCIL OF 'LE CITY OF REDWOOD CITY AS FOLLOWS: 1. That the action of the City of Redwood City in applying for a loan in the amount of Three Hundred Thousand Dollars ( prior to the 1959 Regular Session of the Legislature is hereby rat - ified and affirmed. 2. That the City of Redwood City acknowledges the action of the 1959 Regular Session cf the Legislature and consents to the amendments made thereby. 3. That the application of the City of Redwood City is hereby expressly amended to provide that repayment of the loan shall be made from gross revenues of the small craft harbor in the manner prescribed by Section 5826 of the Public Resources Code as amended at the 1959 Regular Session of the Legislature.