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Res 553 3/30/1964RESOLUTION NO. ��� , HE'RFA5, under date of August 12, 1959, . a contract was enterer' into and : >etwcE:?:1 thr_ City of Wichita Falls and Fulcher Armstrong, doi:cg i'lisiness as '.vicliita Falls Air Transport Company, wherein the 'ity sul:,leased to Ani strong the premises covered by a lease_ from the Se*-retary of the Aii ]Force to the City of Wichita F,A113, whirl� lease is recorded in Volume 774, page 89, Wichita County Deed Records; and, 4:I:EI%EAS, said sublease was thereafter assigned by Fulche,r Arm - L:trong to Wichita, falls Air 'Transport Company, Inc., a corporation; und, r,'Iil itf;AS, Fulrher Armstrong is now deceased, and the City of Wichita Falls desires to c::ancel the sublease in accordance with the terms thereof, an(] to purchase ..cart iin structures, buildings and equipment from v:ichita Falls Air Transport Company, Inc. for the sum of S345,00C. NOW, T1iERf:rk_)RF, LIE 1T RES01.VED BY THE BOARD OF ALDERMEN 01' THE CITY OF WICHITA PALLS, TEXAS, THAT: Section. 1. Tlje city of Wichita Falls shall pay to Wichita Falls :..ir Tran.�port r'ompanv, inc., the sum of 343, 000 cash in accor,..anc-e +jith the terni,s of the attached contract, and the Mayor is hereby autliori zed to e:.ecute the attached contract with Wichita Falls 1,ir 'transport Companv, Inc. Section 2. The purchase of such property shall he financed by the issuance of airport revenue bonds authorized by Article 1269 -1, Vernon's Annot-3teci "ivil statutes. The purchase of the property and the °ancellation of the sublease shall be simultaneous with the issuance of the Londs. Section 3. Such airport revenue bonds shall be issued in the amount of $37',,000 to cover the purchase price of this propert.r, tocic-ther with all necessary and incidental expenses and contingencies. This contract with Wichita Falls Air Transport Company, Inc., shill be sut,ject to the issuance, delivery and payment for said air- port revo;,,ue bonds, which shall be consununated not later than June 1, 1 c' 64. PAS L,D AND P.PPPOVEI; this the 30th clay of March, 113(,4. A 'I' 'I` i-' 4 T . City clerk (//M A `," O R STATE OF TEXAS ) COUNTY OF KNOW ALL MEN BY THESE PRESENTS: WICHITA THAT, WHEREAS, the City of Wichita Falls, a municipal corpora- tion, herein called City, desires to operate the airport an the land leased by the Department of the Air Force and that property des- cribed in Exhibit A hereto attached and made a part hereof from Wichita Falls Air Transport Company, Inc., a corporation, herein- after called Company, under the terms of an agreement dated the 12th day of August, 1959, and amended on the 11th day of December, 1961, which agreements are included herein by reference, and to cancel said agreements; and, WHEREAS, it is thought advantageous to state all the terms and conditions of the agreement between the City and the Company. NOW, THEREFORE, it is agreed as follows I. City binds and obligates itself: (a) Contemporaneously.wit.h the conveyance to it of the property described in Exhibit A, City shall pay to Company the sum of Three Hundred Forty -five Thousand Dollars ($345,000.00) in cash. (b) Company shall continue to be the operator of the airport until City makes payment for the property described in Exhibit A. It is contemplated that payment shall be made on or before May 1, 1964, but City shall have a reasonable time to make this payment, (c) It is anticipated that this purchase will be financed by the issuance of airport revenue bonds, and this contract is subject to the issuance, delivery and payment for said bonds. (d) If the City pays the sum of $345,000.00 to the Company, then when the City selects an operator for the airport it shall work with the Company and cooperate with it in encouraging the person so - 2 - named as operator to purchase from the Company all property owned by it and used in the operation of the airport (exclusive of air- planes) which City does not propose to acquire. (e) To permit the Company to leave all property owned by it and not acquired by the City or by the person with whom the City might contract to operate the airport for a period of six months; provided, however, that during said period such property will not be located or left in a location which might impede the proper operation of the airport. Company shall remove any property or ob- ject within 15 days after written notice from City that obstructions exist. (f) To make payment of any sums due to the Company under this agreement to the City National Bank in Wichita Falls, Texas, which shall deposit said sums to the credit of the Company. II. The Company binds and obligates itself. (a) Upon the payment to it of the sum of $345,000.00 as set out in this agreement, Company shall execute and deliver a valid assignment and conveyance to the City of all the properties described in Exhibit A and upon such payment to deliver to the City possession of all such property described in said exhibit and to surrender any claim it has to the operation of the airport; provided, however, that payment is made to the Company by the City before the rights of the Company terminate. (b) To indemnify and hold City free and harmless from any liens, encumbrances or claims arising out of or connected with the Company's previous operation of the airport. Tn this connection, however, no charge shall be made by the City for the services of the City Attorney or any of his assistants for defending any claim - 3 - brought against the City for foreclosure of any liens, encumbrances or the defense of any suit involving claims which might be made against the City arising out of the previous operation of the airport, III© When the money is paid and the conveyance delivered, the agree- ments dated August 12, 1959 and December 11, 1961 shall be terminated. DATED this 30th day of March, 1964. ATTEST: T. C. Anthony, Secretary ATTEST: City Clerk WICHITA FALLS AIR TRANSPORT COMPANY, INC. By Jonnie Armstrong, President T. Co Anthony Frank Gibson Harry Lane COMMITTEE CITY OF WICHITA FALLS, TEXAS By: John J. Gavin, Mayor EXHIBIT "A" LIST OF EQUIPMENT AND PROPERTY TO BE ACQUIRED BY CITY FROM WICHITA FALLS AIR TRANSPORT COMPANY, INC. 1. All buildings in the airport except the terminal building, which is not owned by the company, and a barracks building; 2. All furniture in the terminal building; 3. All cage equipment; 4, The heating units in the shop hangar; 5. Four one -tan unit air conditioners; 6. Two heaters, one being a 50,000 BTU unit and one a 60,000 BTU unit; 7. The public address communications system; 8. The musk speakers; 9. The flood lights; 10. All gasoline storage and tank facilities which are owned by the company; exclusive of rolling stock; 11. The heating unit in the Administration Building; 12. The air conditioners in the Administration Building. 13. Fencing; 14. Hot water heater in terminal building cafe; 15. Office furniture in terminal building, excluding shell ash tray, egyptian bust and clock casing.