Res 2639 10/7/1980RESOLUTION NO. 04
RESOLUTION AUTHORIZING CITY MANAGER TO EXECUTE
A LEASE--PURCHASE AGREEMENT WITH FIRST ASSEMBLY
OF GOD CHURCH FOR LOTS 10, 11 AND 12, BLOCK 146,
ORIGINAL TOWN OF WICHITA FALLS.
BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF
WICHITA FALLS, TEXAS, THAT:
The City Manager is hereby authorized to execute a
Lease--Purchase Agreement with the First Assembly of God
Church covering Lots 10, 11 and 12, Block 146, Original
Town of Wichita Falls. Under such agreement, the City will
pay the Church at the rate of $5, 000 a year for a period of
ten years, the first payment being due on or before October 1,
1981, and a like payment being due on or before the 1st
day of October of each succeeding year. When ten payments
of $5, 000 each have been paid to the Church, the Church
shall execute a deed to the City conveying such property.
The City will have the option at any time to accelerate
the payments, and obtain a deed upon the payment of the
full sum of $50, 000.
PASSED AND APPROVED this the 7th day of October, 1980.
M..._ "z 1 t L1
MAYOR
ATTEST:
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M-e-,n
Cit clerk
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