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RESOLUTION N0. 2133 <br />WHEREAS, the City Council of the City of Paris did, <br />at its regular meeting on the 12th day of October, 1981, <br />approve the advertisement for bids for the leasing for <br />tne purpose of exploration and development of oil, gas <br />and other minerals five (5) tracts of land described as <br />on legal notice attached hereto as Exhibit A, which bids <br />were received until 10:00 0'clock A. M., Wednesday, <br />December 2, 1981; and, <br />WHEREAS, the highest bid on part of Tract I, being <br />723.71 acres, and part of Tract II, being 272.219 acres, <br />was from 0. B. Horton, Jr., Houston, Texas, as follows: <br />1/8 Royalty, $30.00 Bonus per net mineral acre and $1.00 <br />per acre per year for 4 years for deferring the commence- <br />ment of a weTl; and, <br />WHEREAS, the highest bid by responsible bidder for <br />Tracts III, IV. and V was by Sohio Petroleum Company, <br />Dallas, Texas, as follows: 1/6 Royalty, $40,00 Bonus per <br />net mineral acre, and $1.00 per acre per year for 4 years <br />for deferring the commencement of a well; NOW, THEREFORE, <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />PARIS, that the bid of 0. B. Horton, Jr., for part of <br />Tracts I and II, and the bid of Sohio Petroleum Company <br />for Tracts III, IV, and V as stated above are hereby <br />accepted and let; and, <br />BE IT FURTHER RESOLVLD, that the Mayor of the City <br />of Paris, Billy Joe Burnett, be, and he is hereby authorized <br />and directed to execute leases on behalf of the City of Paris <br />to lease said five (5) tracts to the successful bidders. <br />Passed and adopted this 14th day of December, 1981. <br />Billy Burnett, Mayor <br />ATTEST: <br />H. C. Gr ne, City C erk <br />APPROVED AS TO FORM: <br />~ <br />. ~ <br />T. K. Haynes, City Attorney <br />