O-1947-348 - Laserfiche WebLink

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e e '-6- authorized to operate the premises of said owner for the develop- ment and production of oil and gas, and shall be conditioned upon the settlement or payment by the applicant or his assigns for oil and gas in accoraw1ce with the provisions of this Ordinance. This bond shall be in the sum of Twenty Thousand Dollars (Gao,ooo.OO); provided, however, that the sum of the bond shall be automatically reduced by an amount in proportion to the difference between the total area of the drilling block and the total area owned by the appltcant in fee or covering which he has 1 eases from 0r drilling contracts with or waivers from the owners authorizing operations for the development and production of oil or gas. It is specifi- cally procided that in lieu or any surety bond 01' bonds required to be given hereunder the applicant may file with the City Clerk his personal undertaking or undertakings, which shall be in the same amount and shall contain the same conditions as hereinbefore provided with respect to surety bonds and which undertaking or un- dertakings shall be secured by United States G-ovcrnment securities or securities of the state of Texas or of counties or municipali- ties in the state of Texas, having a par value equal to the amount of the surety bond or bonds in lieu of which such undertaking or undertakings is or are given, which securities shall be deposited in escrow in a national bank jointly selected by the City Clerk and the ap~licant or his assigns attached to a copy of the written undertaking for which they are to be held as securityo Section 8. Notice of the filing of each application for permit shall be given by the applicant as follows: At least ten (10) days prior to the date of hearing on the application, a copy of notice in the fore hereina.fter prescribed shall be sent by re- gistered mail to each owner and lesses of lots, blocks and tracts in said dril11ng block not (owned by or under lease to the appli- cant, addressed to the last known address of such land and lease owners if known to the applicant; and a copy of such notice shall likewise be published at the cost of the applicant in every issue of the official paper of the City of La Porte, Texas, for ten (10) \ll Q