HomeMy WebLinkAbout04-68 RESOLUTIONv •
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RESOLUTION NO.
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A RESOLUTION AMENDING AN AGREEMENT DATED DECEMBER 29, 1944, BETWEEN
THE CITY OF FAYETTEVILLE, ARKANSAS,.AND SOUTHWESTERN ELECTRIC POWER
COMPANY (AS SUCCESSOR TO SOUTHWESTERN GAS AND ELECTRIC COMPANY).
WHEREAS, the Board of Directors of the City of Fayetteville,
Arkansas, desire to increase the street rental charge made to South-
western Electric Power Company under an agreement dated December 29,
1944, and
WHEREAS, said company has made a written proposel to the City
of Fayetteville, Arkansas, dated January 11, 1968, providing for
amendment to said agreement of December 29, 1944, to accomplish said
increased charge, which proposal is in words and figures as follows:
"Southwestern Electric Power Company hereby proposes that
the first paragraph after the last whereas clause of the
street rental contract between the Company and City of
Fayetteville,,Arkansas.bearing the date of December 29,
1944 be'amended so as to read in all things as follows:"
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'Southwestern Electric Power Co. (successor
to Southwestern Gas and Electric Company),
hereby offers`and proposes to the City of
Fayetteville, Arkansas to pay it, commencing
January 1, 1968, for a period of ten years
certain, and continuing from year to year
thereafter, subject to termination by either
the Company or the City at the end of said
ten year period or at the end of any year
thereafter by the giving of a written notice
of at least 60 days prior to the end of such
year, a sum equal to three per cent (3%) of
the Company's gross revenues derived from the
sale of electric power and energy to domestic
and commercial customers within the city limits
of said City of Fayetteville, Arkansas. Said
sum is to be due,and payable quarterly, and
the Company shallhave thirty (30) days after the
expiration of each quarter in which to make
said payment.'
'All other terms of the agreement shall remain
the same.'
"If the foregoing amendment is acceptable to the City, then
we request that it be formally accepted and approved by
proper resolution of the Board of Directors of the City
of Fayetteville. Whereupon said street rental contract
as so amended will become firm and effectual in all its
terms, provisions, and conditions."
WHEREAS, the Board of Directors of the City of
Arkansas, desire to accept said proposal and thereby
agreement of December 29, 1944, to include the terms
of said proposal.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
CITY OF FAYETTEVILLE, ARKANSAS:
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Fayetteville,
to amend said
and provisions
DIRECTORS OF THE
SECTION 1. That said proposal of said Company as hereinabove
set out be and the same is hereby in all things accepted, ratified
and confirmed.
SECTION 2. That said agreement of December 29, 1944, is hereby
amended to conform to the terms and provisions of said proposal, and
all resolutions or parts of resolutions in conflict herewith are here-
by repealed.
PASSED AND APPROVED :this ;21, -day of
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ernf nvEO."-
ATTEST:
GEORGE J
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IS, CITY CLERK
, 1968.
DON'TRUMBO, MAYOR