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06-24-08-Ordinance-Amending Franchise Fee City Electric Department-06/16/2008ORDINANCE 06-24-08 AN ORDINANCE OF THE CITY OF SANGER, DENTON COUNTY, TEXAS, AMENDING A FRANCHISE FEE FOR THE CITY OF SANGER ELECTRIC DEPARTMENT, GRANTING THE RIGHT, PRIVILEGE AND FRANCHISE TO USE THE STREETS, ALLEYS AND PUBLIC WAYS OF THE CITY OF SANGER, DENTON COUNTY, TEXAS, FOR THE PURPOSE OF TRANSMITTING, DISTRIBUTING AND/Ok SELLING ELECTRICITYFOR LIGHT, HEAT, POWERAND OTHER USES; PROVIDINGFORAN ESTABLISHED COMPENSATION THEREFORE AND SPECIFYING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SANGER, TEXAS: Section 1. That the City of Sanger Electric Department, a department of the City of Sanger, Texas shall transfer on a quarterly basis beginning October 1; 2008, and continuing thereafter an amount equal to five (5%) of gross revenues received from the retail sale of electric energy, to the General Fund of the City of Sanger, Texas. Section 2. This transfer of funds shall be labeled a "Franchise Fee" and be in consideration of the right, privilege and franchise for use of City streets, alleys, public ways and easements, for the retail sale, distribution and transmission of electrical energy within the corporate City limits of the City of Sanger, Texas. Section 3. This ordinance shall become effective immediately upon passage by the City Council of the City of Sanger. DULY PASSED, APPROVED, AND ADOPTED, this the day of June 2008 by the City Council of the City of Sanger, Denton County, Texas. APPROVED: Joe Higgs, r ATT T: lltl111141��L�` Rosalie Chavez, City Secrebiry