HomeMy WebLinkAbout05-68 RESOLUTIONRESOLUTION NO.
A RESOLUTION AUTHORIZING AN AMENDMENT TO AN AGREEMENT DATED OCTOBER
24, 1955 BETWEEN THE CITY OF FAYETTEVILLE, ARKANSAS, AND ARKANSAS
WESTERN GAS COMPANY. F 1 4 e
WHEREAS, the Board of Directors of the City of Fayetteville,
Arkansas desires'to`increase thelstreet rental charges made to Ark-
ansas Western_Gas Company under an agreement dated October 24, 1955,
and '
WHEREAS, an amendment to said agreement should be entered into
between the City of Fayetteville, Arkansas and said Company in order
to accomplish said increased charge.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
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—1/4 -SECTION 1. That the Mayor and City Clerk are hereby authorized
and directed to enter into with Arkansas Western Gas Company and
execute in behalf of the City of Fayetteville, Arkansas, an amendment
to said agreement of October 24, 1955, which shall amend the first
paragraph of said agreement to read as follows:
That the Company agrees to pay to the City, 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 City at the
end of said ten year period or at the end of any year
thereafter by the giving of a written notice at least
60 days prior to the end of such year, a sum equal to
three per cent (3%) of its sales of natural gas to
domestic and commercial consumers within the city limits
of the City of Fayetteville, Arkansas. The Company
shall have 30 days from the end of each quarter to
compute and make the payments provided herein.
SECTION 2. -.That upon execution of said amendment by the Mayor
and City Clerk and by the authorized representatives of Arkansas Western
Gas Company said amendment and aih of its terms shall become a part
of said agreement of October 24, _1955.
SECTION 3. All Resolutions or parts of Resolutions in conflict
herewith are hereby repealed.
PASSED AND APPROVED this ;. day of �/ 6/407 , 1968.
ATTEST:
VI6, CITY CLERK
DON TRUMBO, MAYOR'