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05/06/2013 <br /> ORIGINAL <br /> RESOLUTION NO. 15259 <br /> RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br /> REDWOOD CITY AMENDING, IN ITS ENTIRETY, SECTION 1 (A) OF <br /> RESOLUTION NO. 12006 RELATED TO A LOAN FROM THE CITY'S <br /> CIVIC CENTER IMPROVEMENTS, CAPITAL IMPROVEMENTS <br /> PROGRAM FUND TO THE CITY'S DOWNTOWN PARKING <br /> STRUCTURE IMPROVEMENTS, PARKING DISTRICT NO. 1 FUND <br /> WHEREAS, to assist in the construction of the City's Marshall Street Garage, on <br /> June 21, 1993, the City Council of the City of Redwood City ("City Council") adopted <br /> Resolution No. 12006 which, among other things, transferred one million three hundred <br /> thousand dollars ($1,300,000) from the City's Civic Center Improvements, Capital <br /> Improvement Fund (now called the "Capital Outlay Fund") to the Downtown Parking <br /> Structure Improvements, Parking District No. 1 Fund ("Parking Fund") via a loan <br /> agreement contained within Resolution No. 12006 ("Loan Agreement"); and <br /> WHEREAS, the terms of the Loan Agreement require that the Parking Fund <br /> make interest and principal payments until the loan is repaid; and <br /> WHEREAS, the City Council adopted Resolution No. 14563 on December 1, <br /> 2003 amending Resolution No. 12006 to extend the loan repayment period to June 30, <br /> 2013, and allowing the City to make equal annual interest only installment payments on <br /> or before June 30 of each year of the loan term until such time as the Parking Fund has <br /> sufficient revenue to pay both principal and interest installment payments; and <br /> WHEREAS, the City Manager is authorized to determine at any time during the <br /> loan term that the Parking Fund has sufficient revenues to pay both principal and <br /> interest installments, when such principal and interest installments shall be payable in <br /> those amounts as may be determined by the City Manager, until the principal amount of <br /> the loan has been fully repaid; and <br /> WHEREAS, the City Manager has determined that the Parking Fund does not <br /> have the financial capacity to pay the principal outstanding on the loan agreement by <br /> the expiration of the loan on June 30, 2013; and <br /> WHEREAS, the City Manager has recommended that the term of the Loan <br /> Agreement be extended ten years until June 30, 2023. <br /> ATTY/RES0.2846/ADOPT AN AMENDMENT TO THE PARKING FUND LOAN RESO.#15259 <br /> REV:04-15-13 MLG MUFF#703 <br /> Page 1 of 2 <br />