A. There has been presented to the city council an instrument of lease, providing for the ratification of a certain lease and amendment to lease, both dated May 1, 1961, between the city and the trustees of the Oklahoma County utility services authority, and further providing for the substitution of the terms of the new instrument for those of the aforesaid instruments effective from the date of passage of the ordinance codified in this section to be amended regarding ownership; and it is deemed for the best interest of the city that the new instrument of lease be executed and delivered.
B. All of the terms and provisions of the aforesaid instrument of lease between the city and the trustees of the Oklahoma County utility services authority, dated on the date of the passage of the ordinances codified in this section, are approved; and the mayor is authorized and directed to execute said instrument of lease and to deliver the same to the trustees of the Oklahoma County utility services authority, all for and on behalf of the city. A fully executed duplicate of said instrument is directed to be filed with the city clerk. (Prior code §20-2; prior code appx. III)