Res 128-97 8/19/1997RESOLUTION NO. —q 7
A RESOLUTION DETERMINING THE RENTAL RATE FOR 22 LEASE
LOTS AT LAKE ARROWHEAD, CURRENTLY UNDER A $480.00 LEASE
AGREEMENT ESTABLISHED ON MAY 19, 1992, FOR A FIVE YEAR
PERIOD BEGINNING ON JANUARY 1, 1998 THROUGH DECEMBER 31,
2002. FINDING AND DETERMINING THAT THE MEETING AT WHICH
THIS RESOLUTION WAS DISCUSSED WAS OPEN TO THE PUBLIC AS
REQUIRED BY LAW.
WHEREAS, the City Council established a policy for re- leasing existing lake
lots that terminate due to non - payment or other breach of covenant contained in the
lease agreement on or after May 1, 1992 through Resolution No. 81 -92; and,
WHEREAS, said lease agreement established the amount of annual rental in the
amount of $480.00; and,
WHEREAS, Section 2 of the established lease agreement designates a five
year review and adjustment of the annual rental rate beginning on or before the first
day of December 1997, to determine the annual rental rate for the next five year period,
not to exceed 130 % of the rate in effect for the preceding five year period.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. The annual rental rate for lease lots at Lake Arrowhead, currently
leased for $480.00, shall remain at the annual rate of $480.00 for the next five year
period of January 1, 1998 through December 31, 2002.
SECTION 2. It is hereby officially found and determined that the meeting at
which this resolution was passed was open to the public as required by law.
PASSED AND APPROVED this the 19th day of August, 1997.
ATTEST:
�lJ �
City Clerk
O.