Res 036-83 2/15/1983RESOLUTION NO.
RESOLUTION ACCEPTING BID OF E . E . POIROT
AND APPROVING OIL AND GAS LEASE ON 66 .89 ACRES OF
LAND, MORE OR LESS, IN LOT 7 IN BLOCK NO. 2 OF THE
CLARK & PLUMB SUBDIVISION AT LAKE ARROWHEAD, CLAY
COUNTY, TEXAS .
WHEREAS, the Board of Aldermen of the City of Wichita Falls
has determined that it is advisable to lease for oil and gas
the land hereinafter described, and has published notice of its
intention to lease such land in accordance with Sections 71 .004
and 71 .005 of the Texas Natural Resources Code, to-wit:
66 .89 acres of land, more or less, in Lot
7 in Block No . 2 of the Clark & Plumb Sub-
division, such land being described by
metes and bounds in the deed from E.J. Poirot
and wife, Emma M. Poirot to the City of
Wichita Falls, dated September 15, 1965
and recorded in Volume 240, Page 206 of the
Deed Records of Clay County, Texas , reference
to which is here made for a more specific
description.
WHEREAS , at the meeting on February 15, 1983, the date
specified in such notice, the Board of Aldermen has received,
opened, and considered, at a public hearing, the bid received
in accordance with Section 71 .006 of such code; and,
WHEREAS, the Board of Aldermen believes that the bid of
E . E . Poirot with a cash price per
acre of $ 27 .50 a royalty of 19% an annual delay
rental of $ 1 .25 per acre, and a primary term of 5 years
years , represents the fair value of the lease on such property,
and it is the best bid on such property.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF
THE CITY OF WICHITA FALLS, TEXAS , THAT:
Such bid of E . E . Poirot is
hereby accepted, and the City Manager is authorized to execute,
on the City' s regular form, an oil and gas lease on such property
to such best bidder .
PASSED AND APPROVED this the 15th day of February, 1983 .
A Y O R
ATTEST:
City Clerk