1986-019-RES WHEREAS, the City Council of the City of Paris did heretofore in Ordinance No. 85-018 authorize the
RESOLUTION NO.
86-019
WHEREAS, the City Council of the City of Paris did
heretofore in Ordinance No. 85-018 authorize the entering to
an agreement with Merico, Inc" a Texas corporation, which
agreement was entered into on the 15th day of April, 1985;
and,
WHEREAS, Section 3,4 gave to either party to the
agreement, that being the City of Paris and Merico, Inc.,
the right to terminate the agreement in the event the
estimated total capital cost, including all estimated cost
and cost actually incurred at such time, or for which the
City may have become obligated by such time exceeds the sum
of $1,420,000,00. The notice of such termination should be
in writing and should be given within sixty days of the date
upon which the City should have provided all proposals for
the construction of the expanded facility, as that term is
therein defined, all other documents and information avail-
able to the City and required in said section to be
furnished to Merico, Inc,: and,
WHEREAS, in order to forego the time delay necessary to
allow the sixty day period in which either party could
exercise its right to terminate it is expedient for each
party to waive its right to terminate in order that the
project may move forward as rapidly as possible; and,
WHEREAS, the City Council of the City of Paris is
desirous of waiving its right to terminate conditioned upon
a similar waiver of right to terminate being executed by
Merico, Inc.; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PARIS, That the City Council of the City of Paris does
hereby waive the City of Paris I right to terminate the
agreement with Merico, Inc, provided for in Section 3,4 of
Article III of said agreement conditioned and subject to
Merico, Inc,' s waiver of its rights to terminate therein
contained.
Passed and adopted this 24th day of February, 1986,
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G org Fisher, r., Mayor
ATTEST:
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Mattie unninll'ham. Citv er