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CO <br /> RESOLUTION NO. P- 2265 <br /> RESOLUTION APPROVING AND DIRECTING REPAYMENT OF <br /> LOAN WITH THE DEPARTMENT OF BOATING AND <br /> WATERWAYS OF THE STATE OF CALIFORNIA <br /> WHEREAS, pursuant to Resolution No. P 1384, adopted May 13, 1992, <br /> by the Board of Port Commissioners, the Port of Redwood City, by and through <br /> its Board of Port Commissioners (the "Port"), approved a contract with the <br /> Department of Boating and Watervvays of the State of California (the "DBW") for <br /> the receipt by the Port of a loan (the "Loan") in the sum of $880,000 from the <br /> DBW. <br /> WHEREAS, the proceeds from the Loan were expended by the Port in <br /> connection with the development of a Municipal Yacht Harbor Rehabilitation and <br /> Beautification Project for the Redwood City Yacht Harbor (the "Project"). <br /> WHEREAS, the outstanding balance of the Loan is in the approximate <br /> amount of$401,578. <br /> WHEREAS, the terms of the Loan allow the Port to repay any outstanding <br /> balance of the Loan at any time and without any pre-payment penalty. <br /> WHEREAS, the Port desires to repay the Loan. <br /> NOW, THEREFORE; <br /> BE IT RESOLVED BY THE BOARD OF PORT COMMISSIONERS OF <br /> THE CITY OF REDWOOD CITY, AS FOLLOWS: <br /> 1. This Board hereby authorizes and directs the Port Executive Director to <br /> repay the Loan with the Department of Boating and Waterways of the State of <br /> - 1 - <br /> Reso 229 a <br /> FXS/fs <br /> 03/17/15 SCa��e <br />