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Digital Provenance
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Publisher
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Transcription
Mr. Leo A. McNamee 3 May lb, 1954 P. S. Since dictating the foregoing I have consulted with our Western General Counsel and Assistant Treasurer, and we have concluded that the Railroads and Water Company will not require any security from the First National Bank* with respect to the funds which are delivered to It on the sale date. We will wish to instruct the Bank as to the manner in which payment will be made to us and we may desire to Insert these instructions in the escrow instrument. It is my understanding that Mr. Hamilton will not require that the Escrow Instructions contain the security provisions now contained in Section X in view of the fact that the District will have a separate agreement with the Bank for the security of all general and special deposits made with it by the District. Therefore it is ray suggestion that all but the first sentence of Section X of the Escrow Instructions be omitted. Edward C. Renwlck
