1458RESOLUTION NO. ~~`j 8
A RESOLUTION TO AUTHORIZE THE MAYOR AND THE CITY CLERK TO
EXECUTE A DEED AND OTHER NECESSARY INSTRUMENTS OF
CONVEYANCE REGARDING LAKESIDE OIL COMPANY, INC.
WHEREAS, Arkansas statutes require a written resolution of
the City Council authorizing the Mayor and the City Clerk to
execute deeds for the conveyance of real property; and
WHEREAS, Lakeside Oil Company, Inc., and the City of West
Memphis, Arkansas, entered into a Lease and Agreement dated the
30th day of September, 1980, in connection with an Industrial
Development Revenue Bond issue in the principal amount of
$250,000 as authorized by Ordinance 1025 of the City of West
Memphis; and
WHEREAS, Lakeside Oil Company, Inc., has notified the City
of West Memphis of its intention to exercise its option to
purchase the Leased Premises as described in the Lease and
Agreement; and
WHEREAS, upon payment of the purchase price as set out in
Section 2002(C) of the Lease Agreement the City of West
~~ Memphis, as Lessor, is to deliver to the Lessee a general
warranty deed, bills of sale and other appropriate conveyance
instruments transferring good and merchantable title to the
Leased Premises to the Lessee;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS, THAT upon payment of the
purchase price as set out in Section 2002(C) of the Lease and
Agreement, the Mayor and the City Clerk are authorized to
execute on behalf of the City of West Memphis a general
warranty deed, bills of sale and other appropriate conveyance
instruments transferring good and merchantable title to the
Leased Premises to Lakeside Oil Company, Inc.
ADOPTED this ~~} day of ~n71~yyl.g~ , Z9~.
~~~
AL BOALS, Mayor
ATTEST:
DAN RAF , 1
SPONSORED BY:
RECEIVED
CITY CLERK OFFICE
DATE -,e:J" 9 ~9R.S 3'3~P^~'
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