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<br />~; ..,_......,._~. <br /> <br />RESOLUTION NO. 1-13 <br />AUTHORIZING SECOND MODIFICATION OF DEPOSITARY CONTRACT <br />REDWOOD TERRACE NO. 2 <br /> <br />WHEREAS the LAND DEVELOPMENT COMPANY, the FIRST NATIONAL <br />BANK OF SAN MATEO COUNTY and the CITY OF REDWOOD CITY entered <br /> <br />into a contract for the deposit of Sixty-Five-Thousand Dollars <br />($65,000.00) with the above-named bank, to insure the completion <br /> <br />of said public improvements in the tract known as Redwood Terrace <br /> <br />No.2; and <br /> <br />WHEREAS the parties thereto desire to modify said deposlt- <br /> <br />ary contract and authorize said bank to withhold the sum of Fifty- <br />Five Hundred Dollars ($5,500.00) until the street lighting system <br /> <br />in said Redwood Terrace No. 2 i8 completed; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />Ci ty of Redwood C1 ty that said original deposi tary contract be <br />modified to authorize said First National Bank of San Mateo County <br />to withhold the sum of Fifty-Five Hundred Dollars ($5,500.00) until <br />completion of the street lighting system; <br />FURTHER RESOLVED that the City Manager be and he is hereby <br />authorized to enter into such modification of depositary contract <br />in accordance with the form thereof exhibited to the City Council <br />on the 21 at day of July, 1947. <br /> <br />'* '* * <br /> <br />Passed and adopted by the Council of the City of Redwood <br />Ci ty at a regular meeting thereof held on the 2,;/ ~" day of July, <br />1947, by the following vote: <br />AYES, and in favor of the passage and adoption of the fore- <br />going resolution: Councilmen: Britschgi, Granger, Holmquist, <br /> <br />MoNUlty, swift and Hilton. <br />NOES, Councilmen: None <br /> <br />-1- <br />