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• p � <br /> . , C� C� <br /> 5. The Port Executive Director is hereby authorized and directed to release <br /> the unpaid amount of the contract amount, as modified, in the sum of$397,040.00. <br /> 6. The Port Executive Director is hereby authorized to release the Payment <br /> Bond, subject to the Port Attorney's approval, according to the terms and conditions <br /> of the Contract and provided further that no stop notice of other legal request for <br /> payment is received by the Port within the time allowed by law. The release of the <br /> retention is authorized after proper deduction of any expenses or liability, incurred <br /> by the Port (as per the terms and conditions of the Contract) and/or liquidated <br /> damages, as determined by the Port Executive Director. <br /> 7. The Port Executive Directo� is hereby authorized to release the <br /> PerFormance Bond, subject to the Port Attorney's approval, according to the term of <br /> the Contract and as required by law. <br /> * « * * * <br /> Regularly passed and adopted by the Board of Port Commissioners of <br /> Redwood City, thiS 28th day of January 2015. <br /> AYES, and in favor of said Resolution, Commissioners: �,orianna Kastrop; <br /> Richard Dodge; and, Chairman Ralph Garcia <br /> NOES, Commissioners: None <br /> ABSENT, COCTII'T1ISSIOf1@rS:Secretary Simms Duncan and Vice Chair Richard Claire <br /> President, Board of Port Commissioners <br /> Ralph Garcia <br /> Attest: <br /> Secretary, Board of Port Com issioners <br /> Richard Dodge signed in lieu of Secretary <br /> Port/Reso <br /> Reso 228 <br /> FXS <br /> RESO P-226I <br />