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<br />68 <br /> <br /> <br /> <br />RESOLUTION 1997- 16 R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS, APPROVING THE TERMS AND CONDITIONS OF A STOCK <br />PURCHASE AGREEMENT BETWEEN THE CITY AND ELiM WATER <br />COMPANY, INC.; AUTHORIZING THE CITY MANAGER TO EXECUTE THE <br />AGREEMENT ON BEHALF OF THE CITY; AND DECLARING AN <br />EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. The City Council approved a letter of intent for the City's purchase of the <br />capital stock of Elim Water Company, Inc. on August 26, 1996. <br /> <br />2. The City Council wishes to conclude the purchase of the Elim stock under <br />the terms described in the Stock Purchase Agreement attached to this resolution. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />PART 1. That the terms and conditions of the Stock Purchase Agreement attached <br />to this Resolution between the City and Elim Water Company, Inc., ,,:re approved. <br /> <br />PART 2. That the City Manager, Larry D. Gilley, is authorized to execute this <br />Agreement on behalf of the City. <br /> <br />PART 3. That this Resolution is in full force and effect immediately from and after <br />its passage. <br /> <br />ADOPTED this 27 day of January, 1997. <br /> <br /> <br />tJ~ ~¡ ~ <br /> <br />Billy C. Moore <br />Mayor <br />Attest: ) <br /> <br />JW¡4 Çt~<w- <br />Janis K. Womack <br />1/ <br />CIty Secretary <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />( <br />, <br />I <br />