20-1060 - 7377 - Ordinance ExecutedORDINANCE NO 20-1060
AN ORDINANCE OF THE CITY OF DEN’rON. A TEXAS HOME-RULE MUNICIPAL
CORPORATION, APPROVING AND AUTHORIZING THE EXPENDITURE OF FUNDS
(NOT TO EXCEED $62,000 A YEAR FOR FIVE YEARS WITH A TOTAL NOT TO EXCEED
AMOUNT OF $310,000) FOR THE PAYMENT OF FEES DUE UNDER A PAR’rlCIPAN’I
AGREEMENT BETWEEN TI-IE CITY AND ICE FUTURES U.S., iNC., A DELAWARE
CORPORATION, FOR USE BY TI-IE CITY’S ENERGY MANAGEMENT ORGANIZATION
OF DENTON MUNICIPAL ELECTRIC FOR ITS MARKET OPERATIONS; AND.
PROVIDING AN EFFECTIVE DATE.
WHEREAS, on March 13, 2017, the City of Denton, a Texas home-rule municipal
corporation (“Denton”), and ICE Futures U.S., Inc., a Delaware corporation (“IFUS”), entered into
a Participant Agreement (“Agreement”) which sets out the terms, conditions, and fees by which
Denton can use the IFUS Intercontinental Exchange electronic exchange and platform services in
conjunction with the market operations of the Denton’s Energy Management Organization of
Denton Municipal Electric (“DME-EN40“); and
WHEREAS, Denton’s DME-EMO seeks funding authorization for fees under the
Agreement in an amount not to exceed $62,000 per year for the next five years with a total not to
exceed amount of $310,000; and
WHEREAS, this funding authorization was considered by Denton’s Public Utilities Board
(“PUB”) on June 22, 2020; a majority of the PUB convened as permitted by law to discuss this
funding authorization; and, thereafter proceeded to take final action and, by a vote of S JX
( IL ) in favor to aGO ( XL ) opposed, recommended to the City Council that the
funding authorization be approved; and
WHEREAS, the City Council finds that the funding authorization is in the best interest of
the public and should be approved and authorized; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The recitations contained in the above recitals are incorporated herewith and
are a part of this Ordinance.
SECTION 2. The City Council approves and authorizes the City Manager to spend no more
than $62,000 per year over the next five years from budgeted funds for the payment of fees in
accordance with the Participant Agreement approved on March 13, 2017.
SECTION 3. This ordinance shall become effective immediately upon its passage and
approval
The motiol>+o approve this ordinance was made by
the ordinanlseconded by '()
the following vote [& - I)] :a
a8 a
U;);slid approve
and
d by
Aye
./
,/
,/
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Nay Abstain Absent
Mayor Chris Watts:
Gerard Hudspeth, District 1 :
Keely G. Briggs, District 2:
Jesse Davis. District 3 :
John Ryan, District 4:
Deb Armintor, At Large Place 5 :
Paul Meltzer, At Large Place 6: /
PASSED AND APPROVED this, the %hy of June, 2020.
Z
,/
CHRIS WATTS, MAYOR
ATTEST:
ROSA RIOS, CITY SECRETARY
_2/)a _Z aLl.
APPROVED AS TO LEGAL FORM:
AARON LEAL, CITY ATTORNEY
BY: