Subject to the exemptions provided in Sections 7058.5 and 7061 of the California Public Resources Code, as may be amended from time to time, with respect to tide and submerged lands granted in trust to the City by the State, and in Section 19.56 of this article with respect to other City lands, before a lease or any operating agreement or other type of agreement for the production of Petroleum is entered into, the Governing Body shall, in an open meeting, adopt a resolution declaring its intention to take such action. The resolution shall describe the property involved in such a manner as to identify it, specify the minimum rental, royalty or other consideration, and the term of the lease or agreement, the form of the lease or agreement and one variable, biddable factor, on which bids will be received, and fix a time not less than 60 days thereafter and place for a public meeting of the Governing Body at which meeting sealed bids to lease or contract will be received and considered. This section shall not apply to the renewal of a lease, operating agreement or other type of agreement for the production of Petroleum issued for a fixed term.
SECTION HISTORY
Based on Ord. No. 114,262.
Amended by: In Entirety, Ord. No. 185,205, Eff. 11-22-17.