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<br />CGM:djg-c 1/13/83 <br /> <br />such waiver of security is made and deposit thereof is made <br /> <br />within the time allowed, Council shall confirm award of the bid <br /> <br />at its next succeeding regular legislative meeting. In the <br /> <br />event of such waiver and failure of the apparent successful <br /> <br />auction bidder to deposit the security as aforesaid, the Council <br /> <br />may, at its next succeeding regular legislative meeting following <br /> <br />the auction, in its discretion award the bid to the next highest <br /> <br />qualifying bidder who has deposited the requisite bid security, <br /> <br />or reject all bids. <br /> <br />4. That the Assessor of the City of Redwood City has <br /> <br />appraised the hereinafter described real property and determined <br /> <br />the current market value thereof to be as follows: <br /> <br />PARCEL 1 <br /> <br />Thirteen Thousand and No/100 Dollars <br />($13,000.00) <br /> <br />PARCEL 2 <br /> <br />Four Thousand Five Hundred and No/100 <br />Dollars ($4,500.00) <br /> <br />5. That the description of the real property authorized to <br /> <br />be sold hereunder is described as follows: <br /> <br />PARCEL 1 - (A.P.N. 054-030-010) <br /> <br />All that certain real property situate in the City of <br />Redwood City, County of San Mateo, State of California, described <br />as follows: <br /> <br />A portion of unsubdivided land as shown on that Record of <br />Survey recorded in the Office of the Recorder of San Mateo <br />County, California, in Volume 7 of Licensed Land Surveyors Maps <br />at Pages 1-11, Recorded December 16, 1969: <br /> <br />4 <br />