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<br />RES 0 L UTI 0 N <br /> <br />N o. 677 <br /> <br />AUTHORIZING AGRENwENTS WITH M. J. KING, INC. <br /> <br />WHEREAS, the City of Redwood City and M. J. King, Inc., <br /> <br />after neaotia,tion, have reached an agreement regarding installation <br />",..J <br /> <br /> <br />of water mains and other improvements in a subdivision knovm as <br /> <br />Woodside Terrace No.1; <br />NOW, rrHEREFORE, BE A1~D IT HEREBY IS RESOLVED that the <br />City Manager is hereby authorized and directed to enter into two <br />contracts with M. J. King, Inc., embodying in general the following <br /> <br />terms and condi tions: <br /> <br />1. M. J. King, Inc. shall install all improvements at <br /> <br />its own expense in accordancevdth the plans and specifications <br /> <br />submitted by it to the City of Redwood City and heretofore approved <br />by the City Engineer. <br /> <br />2. M. J. King, Inc. shall provide surety bonds in an <br /> <br />amount sufficient to insure installation of such improvements. <br /> <br />3. A separate contract regarding a water system to be <br /> <br />installed in said Woodside Terrace No. I shall be executed pro- <br />viding generally for a refund of twenty per cent (20%) of the gross <br />revenue from the sale of water within that subdivision for a period <br />of not exceeding ten (10) years or until the cost of said water <br /> <br />system is repaid without interest, whichever is sooner. M. J. King, <br /> <br />Inc. shall agree to install an additional six hundred i600) feet of <br /> <br /> <br />six inch (6ft) water mains from said subdivision to connect with the <br /> <br /> <br />existing eight inch (8lf) main on Woodside Road, should the water <br /> <br />supply prove inadequate for the homes to be constructed in said <br />subdivision. <br /> <br />4. Other terms and condi ti on q qn~11 hQ rlCd-O.....W1.; .....'"'~ l-.....~ <br />