HomeMy WebLinkAbout1999-134ORDINANCE NO
AN ORDINANCE OF THE CITY OF DENTON, TEXAS AUTHORIZING THE CITY
MANAGER TO EXECUTE CONFIDENTIALITY AGREEMENTS BETWEEN THE CITY
AND POTENTIAL BIDDERS OR ACQUIRERS PARTICIPATING IN THE DIVESTITURE
PROCESS RESPECTING THE CITY'S ELECTRIC SYSTEM ASSETS, AND PROVIDING
AN EFFECTIVE DATE
WHEREAS, the City Council, on the advice of legal counsel, deems it necessary and in
the public interest to enter into Confidentiality Agreements with potential bidders or acquirers
participating in the divestiture process respecting the City's electric system assets in order to
protect sensitive, competitive, proprietary information of Denton Municipal Electric as well as of
all interested bidders or potential acquirers involved in the divestiture process, in order to
maximize the bid prices to be obtained by the City for its electric system assets, and
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS
SECTION I That the City Manager is hereby authorized to execute Confidentiality
Agreements between the City and potential bidders or potential acquirers of the City's electric
system assets involved in the divestiture process, in substantially the form of the Confidentiality
Agreement attached hereto and incorporated herewith by reference, which Confidentiality
Agreements shall be reviewed by, and approved as to legal form by the City Attorney
SSECTION II That this ordinance shall become effective immediately upon its passage
and approval
PASSED AND APPROVED this the /day of _, 1999
JAC ' LLER, MAYOR
ATTEST
JENNIFER WALTERS, CITY SECRETARY
By --
AP OVED AS TO LEGAL FORM
HERBERT L PROUTY, CITY ATTORNEY
By IWA 9`I
S \Our Documents\Ordinance99\D EDivestnure ConftdenuaiityAgrmt doc