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<br />RES 0 L UTI 0 N <br /> <br />N O. 711 <br /> <br />AUTHORIZING AGREEM~NT WITH <br />COLLEN CONSTRUCTION CORPORATION <br /> <br />WHEREAS the CITY OF REDWOOD CIT~r and COLLEN CONSTRUCTION <br /> <br />~ <br /> <br />CORPORATION, after negotiation, have reached an agreement <br />regarding installation of water mains and other improvements <br />in a subdivision known as REDWOOD TERRACE NO.1; <br />NOW, THEREFORE, BE IT AND IT HEREBY IS RESOLVED, that the <br />City Manager is hereby authorized and directed to enter into a <br /> <br />contract with Collen Construction Corporation, embodying in <br /> <br /> <br />general the following terms and conditions: <br /> <br /> <br />1. Collen Construction Corporation shall install, at its <br /> <br /> <br />own expense, in accordance with plans and specifications made <br /> <br />therefor, certain water mains in Truman Street in the City of <br />Redwood City. <br /> <br />1 <br /> <br />2. Collen Construction Corporation shall deposit with <br />the San Francisco Bank a sum not less than Forty-Seven Hundred <br /> <br />I <br /> <br />Dollars ($4700.00), which sum shall be surety for the perform- <br /> <br />ance of Collen Construction Corporation under said agreement. <br /> <br /> <br />3. Said agreement shall provid.e generally for a refund <br /> <br /> <br />of twenty per cent (20%) of the gross revenue from the sale of <br /> <br />water within a certain area along Truman Street, for a period of <br /> <br /> <br />not exceeding ten (10) years or until the cost of said water <br /> <br />system is repaid without interest, whiehever is sooner. <br /> <br /> <br />4. The City of Redwood City will furnish to Collen Con- <br /> <br />struction Corporation all pipe, hydrants, valves and fittings <br />necessary to complete the installation of said water main and <br /> <br />Collen Construction Corporation will pay to the City the cost <br />of the materials so furnished. <br /> <br />5. other terms and conditions shall be determined by <br /> <br />mutual agreement between the City Manager and Collen Construction <br />Corporation. <br /> <br />,f- *oIfo*otf.** <br />