Redondo Beach Municipal Code § 25 Harbor Improvement Fund

Note

(Added by election 4-9-57)

There shall be in the treasury of the City a separate fund to be designated as the Harbor Improvement Fund and there shall be within said fund two (2) accounts, one designated as the Harbor Revenue Account and the other designated as the Oil Revenue Account, and under said accounts there may be such sub-accounts as may be necessary or convenient. From time to time as the same are received by the City the following moneys shall be placed in said fund and credited to the following accounts, to wit:

(a) To the Harbor Revenue Account, all gross receipts, including fees, tolls, rentals, charges and other revenues, received by the City from or in connection with the operation of any harbor facilities owned, controlled or operated by the City.

(b) To the Oil Revenue Account, all net revenues received by the City from or in connection with the production or sale of oil, gas and other hydrocarbon substances derived from tide or submerged lands owned or controlled by the City. As used in this subparagraph, net revenues means gross revenues less the necessary and reasonable costs to the City of such production and sale.

Moneys in the Harbor Improvement Fund shall be used only for the following purposes in the following order of priority, to wit:

(a) For the current, necessary and reasonable costs and expenses to the City of operating and maintaining harbor facilities owned, controlled or operated by the City, but without allowance for depreciation or obsolescence or additions, extensions or other capital improvements. Such costs and expenses shall be paid, first from the Harbor Revenue Account to the extent there are at that time available moneys therein, and any remainder from the Oil Revenue Account.

(b) For the payment as the same fall due of the principal of and interest on any bonds of the City, including general obligation bonds, issued for the acquisition, construction, extension or improvement of harbor facilities. Such payments shall be made, first from the Oil Revenue Account to the extent there are at that time available moneys therein, and any remainder from the Harbor Revenue Account.

(c) Any balance which remains from time to time in the Harbor Improvement Fund and the several accounts therein after paying or providing for all then incurred costs and expenses under (a) above, and after paying or providing for all payments under (b) above which are due or which will become due during the next ensuing twelve (12) month period, may be used for the purpose of acquiring, constructing, extending or improving harbor facilities (including deposits into reserve or depreciation funds or accounts established for that purpose) and any part of such balance not then needed for such purposes may be used for any lawful purpose.

As used in this article the term harbor facilities includes harbors, bulkheads, breakwaters, wharves, docks, piers, quays, and other utilities, structures and appliances necessary or convenient for the promotion or accommodation of commerce and navigation and for the protection of lands within the City, and also includes vehicle parking facilities serving harbor facilities or any portion thereof.

Nothing in this article shall be deemed to be a covenant in favor of any holder of any general obligation bond of the City. (End of amendment of April 9, 1957)