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RJC:ek:6/3/60-7 <br /> ORDINANCE N O. 975 <br /> AN OAZDINANCE CREATING A SPECIAL CONSTRUCTION FUND <br /> AND A SPECIAL REVENUE FUND FOR THE CONSTRUCTION, <br /> DEVELOPMENT AND OPERATION OF THE REDWOOD CITY <br /> MUNICIPAL MARINA <br /> WHEREAS, pursuant to Resolution No. 2968, adopted January la, <br /> 1960, the City of Redwood City, hereinafter called "City," entered <br /> into an agreement with the State of California, Division of Small <br /> Craft Harbors, Department of Natural Resources, hereinafter called <br /> 'State," for a loan in the amount of three hundred thousand dollars <br /> ($300,000) for the development of a municipal marina pursuant to <br /> Chapter 2, Division 5.7, Public Resources Code; and, <br /> AHEREAS, expenditures of the proceeds of said loan and, the <br /> repayment thereof are to be made in accordance with and subject <br /> to the terms and conditions of said agreement, and in accordance <br /> with and subject to the terms of the abovementioned. Chapter 2, <br /> Division 5.7 of the Public Resources Code; and, <br /> WHEREAS, it is necessary and desirable that special funds <br /> be created for the deposit of said funds and for the accounting <br /> thereof; <br /> NOD, THEREFORE; <br /> THE COUNCIL OF REDWOOD CITY DOES ORDAIN AS FOLLOAS: <br /> SECTION 1. MARINA CONSTRUCTION FUND. A special Lurid <br /> designated "MARINA CONSTRUCTION FUND" is hereby created. All <br /> moneys received by the City of Redwood City from the State of <br /> California for the construction and development of a smail craft <br /> harbor pursuant to Chapter 2, Division 5.7 of the Public Resources <br /> Code, shall be deposited in the Marina Construction Fund and <br /> shall be expended solely for the following purposes in the <br /> order set forth: <br /> (a) For the construction of a small craft harbor facility <br />