1987-076-RES WHEREAS, F.V.M.C. Partnership did heretofore on the 1st day of October 1984, execute a Guarantee of

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RESOLUTION NO. 87~076 WHEREAS, F.V.M.C. Partnership did heretofore on the 1st day of October 1984, execute a Guarantee of Construction secured by a $10,000.00 Certificate of Deposit dated October 1, 1984, being No. 212709-1; and, WHEREAS, the City Engineer of the City of Paris has determined that the upgrading cost of the Sunrise Estates Lift Station should not exceed a total cost of $4,883.00; and, WHEREAS, due to the uncertainty as to when such upgrading will become necessary, it is right and proper for the City of Paris to accept said estimate as the actual future upgrading cost and to proportion the same between the beneficiaries as follows: $3,906.40 to be paid by F.V.M.C. Partnership and its Assigns, and $976.60 to be paid by J-IO Commercial Development, and upon the payment of said sums that said participants will forever be released from any obligation for the upgrading of the Sunrise Estates Lift Station; and, WHEREAS, the form of contract attached Exhibit A, together with this Resolution will said purpose and should be approved as to THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, That upon deposit of $4,883.00 for the future upgrading of Sunrise Estates Lift Station, that the $10,000.00 Certificate of Deposit heretofore deposited for the same purpose be released by delivery of the Certificate of Deposit and execution and delivery of the Contract for Upgrading of Sunrise Estates Lift Station, in the form attached hereto as Exhibit A which is in all things approved; and, hereto as accomplish form; NOW, BE IT FURTHER RESOLVED, That the Mayor of the City of Paris, Billy Joe Burnett, be and he is hereby authorized and directed to execute the Contract for Upgrading Sunrise Estates Lift Station in the form of Exhibit A attached hereto. Passed and adopted this 13th day of July, 1987. ~~~ ATTEST: ~~","~,,~~~ M.Arr,p r.llnning am. .tv k