HomeMy WebLinkAbout9509 - Price Control on City OilRESOLUTION NO. 9509
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE AN ESCROW AGREEMENT
BETWEEN THE CITY OF NEWPORT BEACH, ARMSTRONG
PETROLEUM CORPORATION, AND KERN COUNTY
REFINERY, INC., IN CONNECTION WITH THE PRICE
CONTROLS ON CITY OIL
WHEREAS, there has been presented to the City Council
of the City of Newport Beach a certain Escrow Agreement between
the City of Newport Beach, Armstrong Petroleum Corporation, and
Kern County Refinery, Inc., in connection with the price
controls on City oil; and
WHEREAS, the City Council has reviewed the terms and
conditions of said Escrow Agreement and finds them to be
satisfactory and that it would be in the best interest of the
City to authorize the Mayor and City Clerk to execute said
Agreement,
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Newport Beach that said Agreement above described
is approved, and the Mayor and City Clerk are hereby authorized
and directed to execute the same on behalf of the City of
Newport Beach, as well as any Escrow Instructions and amendments
thereto required in connection with said Escrow Agreement.
ADOPTED this 12th day of February , 1979.
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Ma or
ATTEST:
City Clerk
ACTIFIED @,5 jTCOMIGIINAL
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ua JAN 14 1978
DDO /kb
2/12/79