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Complete Agenda Packet - 11/17/2020Town Council Town of Trophy Club Meeting Agenda 1 Trophy Wood Drive Trophy Club, Texas 76262 Council Chambers7:00 PMTuesday, November 17, 2020 CALL TO ORDER AND ANNOUNCE A QUORUM INVOCATION led by Rev. Edlen Cowley, Fellowship United Methodist Church PLEDGES led by Council Member Bone Pledge of allegiance to the American Flag. Pledge of allegiance to the Texas Flag. PUBLIC COMMENTS This is an opportunity for citizens to address the Council on any matter over which the Council has authority. The Council is not permitted to take action on or discuss any presentations made to the Council. You may speak up to four (4) minutes or the time limit determined by the Presiding Officer. Each Speaker must complete the Speaker's Form that includes the topic(s) to be presented. You may also submit an email to mayorandcouncil@trophyclub.org REPORTS *Business Spotlight - The Ship Shop (S. Norwood). PRESENTATIONS *Recognition of Former Council Members Alicia Fleury and Eric Jensen (Mayor Sanders). CONSENT AGENDA All matters listed under Consent Agenda are considered to be routine by the Town Council and will be enacted by one motion. No separate discussion of these items will be held. Only items removed from the consent agenda will be considered individually. 1.2020-325-T Take appropriate action regarding the Town Council Regular Session Minutes dated October 27, 2020 (L. Vacek). (DRAFT) - TC Regular Session Minutes - October 27, 2020.pdfAttachments: Town Council Page 1 of 92 November 17, 2020 November 17, 2020Town Council Meeting Agenda 2.2020-334-T Take appropriate action regarding Ordinance 2020-22 amending Subsection 1, Annual Capital Improvement and Maintenance Charge, of Section A1.014, Water and Wastewater Fees for Public Improvement District No. 1, within Appendix A, Fee Schedule, of the Trophy Club Code of Ordinances, to adopt a monthly surcharge for PID residents; providing for severability; providing a penalty; and providing an effective date (M. Erwin). Staff Report-PID Surcharge 2021.pdf ORD 2020-22 - Amending PID Surcharge 2021.pdf FY21 PID Surcharge Analysis.pdf Letter to Town PID Surcharge FY 2021.pdf Attachments: 3.2020-335-T Take appropriate action regarding the Fourth Quarter Investment Report for Fiscal Year 2020 (M. Erwin). Staff Report - 4th Quarter Investment Report.pdf 4th Quarter FY19-20.pdf Attachments: 4.2020-341-T Take appropriate action approving Resolution 2020-20 for the Annual Updating of the Town's Investment Policy (M. Erwin). Staff Report - Investment Policy -FY21.pdf RES. 2020-20 Investment Policy Trophy Club - FY 21 Proposed.pdf Authorized Broker Dealers FY 21 Proposed.pdf Approved Training Sources FY 21 Proposed.pdf Attachments: 5.2020-348-T Take appropriate action to approve the purchase of Microsoft Licensing for Microsoft 365 and VMware support and subscription production from SHI Government Solutions in an amount not to exceed $47,966.08 (W. Carroll). Staff Report - SHI Microsoft Licensing and VMware .pdf SHI Quote-18777900 (004).pdf SHI Quote-for Microsoft licensing 18781431.pdf Microsoft Licensing agreement through SHI.pdf Attachments: INDIVIDUAL ITEMS 6.2020-326-T Take appropriate action adopting Ordinance 2020-20 Canvassing the Official Returns and declaring the Election Results of the Town’s General/Special Elections held on November 3, 2020 for the purpose of electing one (1) Mayor, one (1) Council Member for Place No. 1, and one (1) Council Member for Place No. 2 for full terms of office expiring May 2023 (L. Vacek). Staff Report - Canvassing Election Results.pdf ORD. 2020-20 Canvassing November 3, 2020 General Election.pdf Attachments: Town Council Page 2 of 92 November 17, 2020 November 17, 2020Town Council Meeting Agenda 7.2020-337-T Take appropriate action adopting Ordinance 2020-21 Canvassing the Official Returns and declaring the Election Results of the Town’s Special Charter Amendment Election held on November 3, 2020 (L. Vacek). Staff Report - Canvassing Election Results.pdf ORD. 2020-21 Canvassing Returns of November 3, 2020 Charter Amendment Election.pdf Attachments: 8.2020-345-T Issuance of Certificates of Election (Mayor Sanders). *Council Member Place 1, Greg Lamont *Council Member Place 2, Greg Wilson *Mayor, Alicia L. Fleury 9.2020-329-T Ceremonial Swearing-In of Greg Lamont, Town of Trophy Club Council Member Place 1 (Mayor Sanders). 10.2020-328-T Ceremonial Swearing-In of Greg Wilson, Town of Trophy Club Council Member Place 2 (Mayor Sanders). 11.2020-330-T Ceremonial Swearing-In of Alicia Fleury, Mayor of Trophy Club (Mayor Sanders). 12.2020-350-T Take appropriate action regarding the Mayor Pro Tem Selection (A. Fleury). EXECUTIVE SESSION 13.2020-346-T Pursuant to the following designated sections of the Texas Government Code, Annotated, Chapter 551 (Texas Open Meetings Act), the Council will convene into executive session to discuss the following: a) Section 551.087 Deliberate Economic Development Negotiations regarding a commercial prospect. RECONVENE INTO REGULAR SESSION 14.2020-347-T Take appropriate action regarding Executive Session. ADJOURN * The Town Council may convene into executive session to discuss posted items as allowed by the Texas Government Code Section 551.071 Town Council Page 3 of 92 November 17, 2020 November 17, 2020Town Council Meeting Agenda CERTIFICATION I certify that the above notice was posted on the bulletin board at Trophy Club Town Hall, 1 Trophy Wood Drive, Trophy Club, Texas, on Friday, November 13, 2020 by 5:00 p.m. in accordance with Chapter 551, Texas Government Code. Leticia Vacek, TRMC/CMC/MMC Town Secretary/RMO If you plan to attend this public meeting and have a disability that requires special needs, please contact the Town Secretary’s Office at 682-237-2900, 48 hours in advance, and reasonable accommodations will be made to assist you. Members of the Town Council may be participating remotely in compliance with the Texas Open Meetings Act, the Town Council Rules of Procedure, or under the provisions provided by the Governor of Texas in conjunction with the Declaration of Disaster enabled March 13, 2020. Town Council Page 4 of 92 November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-325-T Name: Status:Type:Agenda Item Draft File created:In control:10/19/2020 Town Council On agenda:Final action:11/17/2020 Title:Take appropriate action regarding the Town Council Regular Session Minutes dated October 27, 2020 (L. Vacek). Attachments:(DRAFT) - TC Regular Session Minutes - October 27, 2020.pdf Action ByDate Action ResultVer. Take appropriate action regarding the Town Council Regular Session Minutes dated October 27, 2020 (L. Vacek). Town Council Page 5 of 92 November 17, 2020 TOWN OF TROPHY CLUB TOWN COUNCIL REGULAR SESSION MINUTES TUESDAY, OCTOBER 27, 2020; 7 P.M. The Trophy Club Town Council met in a Regular Session on Tuesday, October 27, 2020. The meeting was held at Town Hall, 1 Trophy Wood Drive in the Council Chambers. TOWN COUNCIL MEMBERS PRESENT: C. Nick Sanders Mayor Philip Shoffner Mayor Pro Tem Sean Bone Council Member, Place 3 Karl Monger Council Member, Place 4 Michael Geraci Council Member, Place 5 STAFF PRESENT: Steve Norwood Town Manager Wade Carroll Assistant Town Manager Leticia Vacek Town Secretary/RMO David Dodd Town Attorney Patrick Arata Police Chief Jack Taylor Fire Chief Tony Jaramillo Director of Parks and Recreation Tommy Uzee Director of Community Development Mike Erwin Finance Manager CALL TO ORDER Mayor Sanders called the meeting to order at 7:00 pm and noted a quorum with Mayor Pro Tem Shoffner, Council Members Bone, Monger, and Geraci. INVOCATION The Invocation was delivered by Pastor Joel Quilé, of the Bara Church. He prayed for all public servants of the Town and mentioned the sacrifices made by each one. He added that prayers were needed for those affected by Covid and also prayed for peace in the next couple of weeks. Lastly, he asked for strength and resolve for all First Responders. PLEDGES The Pledges to the American Flag and Texas Flag were led by Mayor Pro Tem Shoffner. PUBLIC COMMENT Town Secretary Vacek confirmed there were two speakers. Mayor Sanders called upon Megan Keohen to speak. Mrs. Keohen of 68 Panorama Circle spoke of a future agenda item for a Loop Road. She stated that it would require that the Corp of Engineers allow the Town to have a thoroughfare over Corp land. She indicated that a bridge would be a more viable option regarding buy-in from the Corp. She stated that she has been in contact with the Corp, TxDoT, North Texas Area Council of Governments, Land Planner, and Town Staff in putting together a proposal for the Corp to consider a west/east 1,250 foot bridge. Her second request was that Council consider pulling the agenda item for Video Production Services from the agenda (Item 4). She added that it was a large expense at $48,000 when there is no email communication to our residents. She asked Council to pull Item 6; Financial Software, from the agenda. She expressed there were many companies providing municipal accounting software for a lesser amount. Alicia Fleury of 2214 Trophy Club Drive announced participation of the initiative, “Give Small Help Big” to support Trophy Club businesses while helping local families in need. She stated that proceeds from t-shirt sales are used to purchase $500 gift cards from local businesses which are in turn given to the local Food Pantry serving families in Town Council Page 6 of 92 November 17, 2020 need within the 76262 area. She added that the two Trophy Club Businesses; Vinny’s and Popcorn Central were recipients of this initiative. She encouraged everyone to visit their Facebook page, “Give Small Help Big 76262” and purchase a t-shirt for $20. She thanked the Mayor and Council for their time. PROCLAMATION, ANNOUNCEMENTS, AND REPORTS 1. Take appropriate action issuing Proclamation 2020-11 Recognizing October 28, 2020 as National First Responder’s Day in Trophy Club, Texas (Mayor Sanders) Mayor Sanders read the proclamation and Council Member Geraci moved to approve Proclamation 2020-11. Mayor Pro Tem Shoffner seconded the motion. The motion carried unanimously. Motion 5-0-0 Mayor Sanders recognized Jack Ormond of the Trophy Club Rotary to present the awards. Mr. Ormond stated that Rotary is an International organization and thanked Police Chief Arata and Fire Chief Taylor for their service. He added that TC Rotary wanted to find a way to recognize our first responders for all they do to keep us safe. He noted that this was a first step for an annual event in recognizing the Police Officer and Firefighter of the Year. He thanked the many Rotarians in the audience that contributed and assisted with the recipients’ award. He also thanked the following TC Businesses for their generous donation; 3-Volt, Cristina’s, 7-Eleven, Anamia’s, Fish and Knife, Kim’s Donuts, K-5, Meet U Anywhere, Marco’s Pizza, Starbucks, Popcorn Central, Tom Thumb, Trophy Club Country Club, and Denny’s. • Presentation by Trophy Club Rotary of 2020 Firefighter of the Year – Eric Sampson • Presentation by Trophy Club Rotary of 2020 Police Officer of the Year – Barry Sullivan Chief Taylor called on Firefighter Eric Sampson and his Family to the podium and announced that Firefighter Sampson was selected by his peers for honor of Firefighter of the Year. He noted that Firefighter Sampson, served as a Field Training Officer as he possesses the desire to develop new firefighter/paramedics. He stated that Firefighter Sampson also received the Town’s Service of Excellence Award. Mayor Sanders and Council thanked Firefighter Eric Sampson. Chief Arata called on Police Officer Barry Sullivan and his Family to the podium and announced that Officer Sullivan was selected by his peers for the honor of Police Officer of the Year. He stated that Officer Sullivan has been with the department for 12 Years and has served as the Canine Officer, Mentor, Training Officer, and was promoted to Sergeant. Mayor Sanders and Council thanked Police Officer Barry Sullivan. Mayor Sanders thanked Firefighter Sampson and Police Officer Sullivan for their service. He also thanked the TC Rotary who has been in existence since 2018. He added that the TC Rotary meets every Friday at 8am at the Trophy Club Country Club. Mayor Pro Tem Shoffner stated that he has boy-girl twins who were 4 years of age at the time he was first elected to Council. He mentioned attending an event at the Fire Department with his twins. He recalled that a Firefighter by the name of Eric Sampson that took a great interest in his twins showing them the fire and ladder trucks as well as touring the station. He stated that tour made a huge impact on his kids that are now 12 year of age and thanked Firefighter Sampson for his genuine gesture. 2. Receive Town Manager Norwood’s Update and Reports (S. Norwood). • Recognition of Employee(s) Service Years – Wade Carroll Mr. Norwood stated that Trophy Club has employees with tenures ranging from 24 years to a newly hired Police Officer. He mentioned that Wade Carroll who was previously Fire Chief for Trophy Club. He added that after his Town Council Page 7 of 92 November 17, 2020 appointment as Town Manager; his first hire was promoting Wade Carroll to Assistant Town Manager. He noted several months have passed and there was never closure for Wade’s service with the TC Fire Department. He stated this should have been done sooner although Covid interfered with many events that should have taken place. Chief Taylor presented a shadow box that was specially arranged for Wade from his tenure as Fire Chief in Southlake and Trophy Club. Chief Taylor recognized Venecia, Wade’s wife, and two daughters to join him at the podium. Chief Taylor added that the shadow box Anita Otterson crafted included memorabilia from the City of Dennison being the first city where Wade was hired as a Firefighter in 1994. In 2001 he joined the Southlake Fire Department as a Firefighter and 10 years later served as Deputy Fire Chief. Chief Taylor added that in 2017, Wade began his service as Trophy Club Fire Chief until his promotion to Assistant Town Manager in 2019. Mayor Sanders and Council Members thanked Wade for his continued service to Trophy as Council Member Bone added that he was in High School when Wade began his firefighter career. Mayor Pro Tem Shoffner added that Wade did a great job as the Interim Town Manager; almost better than the Town Secretary. • Veteran’s Day Ceremony at Veteran’s Memorial Park, November 11, 2020 at 11:00 AM Mr. Norwood announced the Veteran’s Day Ceremony on November 11th at 11AM to be held at the Veteran’s Memorial Park. He added that should the weather become an issue; the back-up location would be the Fire Station. • TC Fall Family Camp-Out, November 7-8, 2020; 3PM-10AM Mr. Norwood reported that the Annual Family Camp-Out would be held on November 7-8, 2020. He noted that registration ($15/pp) has been slow for said event and asked if folks plan to participate; to register for the event. • Business Spotlight – The Force By Luke Luke Fleming and Nikki Fleming addressed the Mayor and Council. Luke stated that they opened in 2016 next to Vinny’s and recalled that Mayor Sanders was present for their opening. He said that they are glad to be part of TC and has been a personal trainer for over 20 years. He added that having a personal trainer is more than having someone instruct you, but a trust between two people to accomplish a goal for mental and muscle strength. He noted that each nutrition plan and training plan is custom-made for each participant. He said they offer one on one sessions for core and balance programs as well as rehabilitation and are open 7 days per week from 5AM to 8PM on weekdays. Lastly, he stated that his family shops, eats, and supports local businesses in Trophy Club. • Status of Trophy Club Town Center Development/Construction Progress Mr. Norwood reported drainage issues have affected Hogan’s Glen as there are two ponds across Indian Creek. He noted that this project started back in May 2018 and that is when the grading permit was pulled. As more of the work was done; the lots were sold off for a hotel, apartments, townhomes, and retail. He added that just like any other project; the Town does not design, stamp, or seal any of the plans. Those things are done by the private developer which has a legal and ethical obligation to adhere to in order to ensure it is designed properly and in accordance to the Town’s standards. Stantec is the firm that provided the plans for PD-30. He added that Stantec, is a global firm that sealed and stamped the plans for PD-30 (Town Center). The Town of Trophy Club did review, through consulting engineers, Teague, Nall, & Perkins (TNP), the plans that they sealed. He noted TNP is a large firm out of Dallas-Ft Worth who have been in business for over 40 years. Mr. Norwood added that anytime there were modifications or revisions; TNP reviewed the plans on behalf of the city and they were sealed and stamped at that point. He added TECQ regulates much of the drainage piece and that the Town has not been fined noting we have not been lax in our duties. He noted anytime there have been complaints; they have been addressed. He reported that the Town received another TECQ complaint yesterday and will investigate and respond. He noted that there has been discussion of a restrictor plate that should have been installed at the beginning. Said installation was the last thing that was completed; and the engineers sealed it after the installation. The engineers will state that they Town Council Page 8 of 92 November 17, 2020 have designed it accordingly and it is up to the contractor to build it according to the plans; that does not mean everything is perfect. He noted that one of the bigger issues is the silt in the ponds from PD-30; and to what extent and what is the remedy to correct that is what is needed. He noted that Beck Properties was the original owner of PD-30. The ponds in Hogan’s Glen; that ownership resides with Beck. The language on the plat reads that the HOA is required to maintain the ponds but that does not negate the fact that Hogan’s Glen does not own the property. He added that it could be an issue between Hogan’s Glen HOA and Beck or the contractors doing work at PD-30. He concluded his report by stating that Town Center is at 60% complete for the townhouses and the retail lacks their build-out. • Status of Indian Creek Drainage Issue Mr. Norwood reported that they have had meetings with Teague, Nall, & Perkins, the homeowners, and have conceptual plans. Phase I would address the most pressing issue along Indian Creek, where the water all converges on the street. He stated that ideally they would have to go up on Hillside Street to capture the drainage but noted that this was not a recommendation. He noted that it was not addressed when Indian Creek was done as it was a separate project and there were insufficient funds to address. In order to address the drainage issue; the estimate is in the range of $2-2.5 million. He added that in the next month, they would be looking to make final recommendations to Council who will make the final decision to address this and have the engineers come up with a design. He noted that Tom Rutledge of Teague, Nall & Perkins would be in attendance for said council meeting. CONSENT AGENDA 3. Take appropriate action regarding the Town Council Regular Session Minutes dated October 13, 2020. (L.Vacek). 4. Take appropriate action the approval of a contract with Five Stone Creative in an amount not to exceed $48,000 for Video Production Services for General Communication and Marketing Services (J. Lind). 5. Take appropriate action regarding a request to revise Section 3.02.002 of Trophy Club’s Building Regulations and Code of Ordinances to provide the Building Official authority to approve up to five percent (5%) increase for Lot Coverage. (L.Payne). 6. Take appropriate action regarding the Annual Licensing and Support from Tyler Technologies for Incode Financial Software Application not to exceed $43,000 (M. Erwin). Council Member Bone moved to approve Consent Items 3 and 5 only. Council Member Monger seconded the motion. The motion carried unanimously. Motion: 5-0-0 INDIVIDUAL ITEMS Take appropriate action the approval of a contract with Five Stone Creative in an amount not to exceed $48,000 for Video Production Services for General Communication and Marketing Services (J. Lind). Council Member Bone expressed that $48,000 was a lot of money to spend on video services without detail. Mrs. Jill Lind mentioned they had worked up a loose framework to formalize with the vendor. Town Manager Norwood stated that video production services are expensive but in light of Covid; the Town placed $50,000 in the budget for these type of services. He added that with regards to videos; the amount of viewership is incredibly higher than a post. He added that right now it is very difficult to communicate with people; thus, this can be used as a new program to highlight upcoming events and new Police Department programs. Council Member Monger stated that Town Council Page 9 of 92 November 17, 2020 from his experience in the non-profit realm; the proposal amount is not out of line. He added that the amount was in the budget which has been adopted. He asked what was the desired outcome regarding views and what will be measured. Mrs. Lind explained that they would use the video services to change the tone of the community and highlight new programs. She added that videos would be a new way to communicate with our residents and reinforce the services provided to the community. She provided an example of using a video message to communicate to the residents of the Public Improvement District and explain what it means as well as the required processes as so many residents always have questions. Mayor Sanders asked of the contract payment schedule. Mrs. Lind replied that the town would pay a monthly fee based on completed video hours which equates to 2-3 videos of 2 minutes each per month. Mayor Sanders asked if not all minutes are not used within the year; they are extended into the following year. Mrs. Lind replied that was correct. Council Member Bone suggested tying in our Economic Development Corporation (EDC) in the video production services contract and add a business development component to the framework for a shared expense. Mrs. Lind noted that they had not talked about that but could look into it to offset the cost. Council Member Geraci felt that having one on retainer is not in line with industry standards. He asked that staff come back with a framework or marketing plan that includes EDC and coverage of the Trophy Club Sports Events. He also suggested bullet points on what Council voted on and approved during Town Council Meetings. Mayor Pro Tem Shoffner stated that he supports the item as it was budgeted and added that as Council; we are most criticized for lack of communication. He added that this is much more effective than emails or posts. Mayor Sanders asked if there was a cancellation clause. Mrs. Lind answered yes with a 60-day notice. Council Member Bone asked if there was a penalty aside from the 60-day cancellation notice. Mr. Dodd replied no. Council Member Geraci stated that he was more inclined to support this item with the cancellation clause. Mrs. Lind stated that she would provide the Council an update of the framework. Council Member Bone moved to deny the item but have staff come back with a detailed plan with the involvement of EDC for a shared expense. The motion failed due to lack of a second. Council Member Monger moved to approve Item 4 not to exceed $48,000 for video production services. Mayor Pro Tem Shoffner seconded the motion. The motion carried as follows: AYE: Monger, Schoffner, Geraci, and Mayor Sanders NAY: Bone Motion: 4-1-0 Take appropriate action regarding the Annual Licensing and Support from Tyler Technologies for Incode Financial Software Application not to exceed $43,000 (M. Erwin). Council Member Geraci mentioned that one of his personal email account mentioned a security breach of Tyler Technologies. Mr. Mike Erwin responded that VersaTrust is well aware of it and has been on top of it by re- establishing connections and resetting passwords. Mr. Carroll added that Trophy Club was not affected and that VersaTrust put protections in place immediately. Mr. Norwood clarified that this item was not the acquisition of financial software but the licensing of the financial software that runs our financial system, municipal court system, accounts payable system, and human resources system. Mr. Erwin noted that the amount reflects a 5% increase from last year’s cost. Mayor Sanders asked how long the Town had been using Incode. Mr. Erwin stated since 2013. Mayor Sanders added that one cannot drop a system due to a breach and stated that the change of software has to be planned. Mayor Pro Tem Shoffner added that this is one area that needs to be reviewed as new staff come in; they inherit what is in place. He asked that staff do a better job in assessing what systems are in place and what is best to utilize; perhaps at the retreat a list of systems and options can be reviewed. Council Member Geraci moved to approve Item 6. Council Member Bone seconded the motion. The motion carried unanimously. Town Council Page 10 of 92 November 17, 2020 EXECUTIVE SESSION Mayor Sanders recessed the meeting to convene in executive session at 8:32 pm for the following item. 7. Pursuant to the following designated section of the Texas Government Code, Chapter 551 (Open Meetings), the Council will convene into executive session to discuss the following: a) Discussion and possible action – Deliberate the Appointment of the Planning & Zoning Commission pursuant to Texas Government Code Section 551.074 (personnel matters) - Mayor Sanders. RECONVENE INTO REGULAR SESSION Mayor Sanders reconvened the meeting at 8:50 pm. 8. a) Take appropriate action regarding Resolution 2020-19 for the Appointment of Members to the Planning and Zoning Commission. (L. Vacek). Mayor Pro Tem Shoffner moved to approve Resolution 2020-19 to re-appoint Reginald Barbarin, Michael Biggs and appoint Robert Stevens to a full term to expire September 2022; and to appoint Rhylan Rowe as Chairperson. Council Member Monger seconded the motion. The motion carried unanimously. Motion: 5-0-0 ADJOURNMENT Mayor Sanders adjourned the meeting at 8:51 pm. __________________________________ ___________________________________ Leticia Vacek, TRMC/CMC/MMC C. Nick Sanders, Mayor Town Secretary/RMO Town of Trophy Club, Texas Town Council Page 11 of 92 November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-334-T Name: Status:Type:Agenda Item Draft File created:In control:10/26/2020 Town Council On agenda:Final action:11/17/2020 Title:Take appropriate action regarding Ordinance 2020-22 amending Subsection 1, Annual Capital Improvement and Maintenance Charge, of Section A1.014, Water and Wastewater Fees for Public Improvement District No. 1, within Appendix A, Fee Schedule, of the Trophy Club Code of Ordinances, to adopt a monthly surcharge for PID residents; providing for severability; providing a penalty; and providing an effective date (M. Erwin). Attachments:Staff Report-PID Surcharge 2021.pdf ORD 2020-22 - Amending PID Surcharge 2021.pdf FY21 PID Surcharge Analysis.pdf Letter to Town PID Surcharge FY 2021.pdf Action ByDate Action ResultVer. Take appropriate action regarding Ordinance 2020-22 amending Subsection 1, Annual Capital Improvement and Maintenance Charge, of Section A1.014, Water and Wastewater Fees for Public Improvement District No. 1, within Appendix A, Fee Schedule, of the Trophy Club Code of Ordinances, to adopt a monthly surcharge for PID residents; providing for severability; providing a penalty; and providing an effective date (M. Erwin). Town Council Page 12 of 92 November 17, 2020 To: Mayor and Town Council From: Mike Erwin, Finance Manager CC: Steve Norwood, Town Manager Leticia Vacek, Town Secretary/RMO Re: PID Surcharge Town Council Meeting, November 17, 2020 Agenda Item: Consider and take appropriate action regarding an Ordinance amending subsection i, annual capital improvement and maintenance charge, of Section A1.014, Water and wastewater fees for Public Improvement District No. 1, within Appendix A, Fee Schedule, of the Trophy Club Code of Ordinances, to adopt a monthly surcharge for PID residents; providing for severability; providing a penalty; and providing an effective date, (M. Erwin). Strategic Link: Administrative & Financial Services – Exercise fiscal discipline in all Town operations. Background and Explanation: The Town has received the Trophy Club MUD’s annual PID surcharge calculation. The calendar year 2021 PID resident’s fair share of MUD operating and maintenance and debt expenditures is $163,725 or $113.40 per household, a decrease of less than 5 percent. The calculated PID monthly surcharge is $9.45 for calendar year 2021. Financial Considerations: This rate is a $0.03 per month per household decrease. Legal Review: Not applicable Board/Commission/ or Committee Recommendation: Not applicable Town Council Page 13 of 92 November 17, 2020 Staff Recommendation: Staff recommends approval of Ordinance No. 2020-22 Attachments: • Ordinance No. 2020-22 • CY21 PID Surcharge Analysis • Letter to Town PID Surcharge CY 2021 Town Council Page 14 of 92 November 17, 2020 TOWN OF TROPHY CLUB, TEXAS ORDINANCE NO. 2020-22 AN ORDINANCE OF THE TOWN OF TROPHY CLUB, TEXAS AMENDING SUBSECTION I, “ANNUAL CAPITAL IMPROVEMENT AND MAINTENANCE CHARGE,” OF SECTION A1.014, “WATER AND WASTEWATER FEES FOR PUBLIC IMPROVEMENT DISTRICT NO. 1,” WITHIN APPENDIX A, “FEE SCHEDULE,” OF THE CODE OF ORDINANCES, TO ADOPT A MONTHLY SURCHARGE APPLICABLE TO CONNECTIONS IN THE TROPHY CLUB PUBLIC IMPROVEMENT DISTRICT NO. 1 IN ORDER TO PAY THE PID PORTION OF MUD1 OPERATIONS AND MAINTENANCE BUDGET AND DEBT FOR CALENDAR YEAR 2021; PROVIDING FOR INCORPORATION OF PREMISES; PROVIDING FOR AN AMENDMENT; PROVIDING A SAVINGS AND REPEALER CLAUSE; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR ENGROSSMENT AND ENROLLMENT; PROVIDING A PENALTY NOT TO EXCEED THE SUM OF FIVE HUNDRED DOLLARS ($500.00) FOR EACH OFFENSE AND A SEPARATE OFFENSE SHALL BE DEEMED COMMITTED EACH DAY DURING OR ON WHICH A VIOLATION OCCURS OR CONTINUES; PROVIDING FOR PUBLICATION; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Fees imposed by the Town are adopted via Ordinance and are codified in Appendix A of the Town of Trophy Club Code of Ordinances; and WHEREAS, Appendix A, Fee Schedule, Section A1.014 of the Code of Ordinances contains fees for public works for the Trophy Club Public Improvement District No. 1 (hereinafter “PID”), including fees for meters utilized within the PID; and WHEREAS, the Town of Trophy Club (the “Town”) is the owner and/or operator of a water and sewer system designed to serve present and future inhabitants of the Trophy Club Public Improvement District No. 1 (the “Town System”); and WHEREAS, under the Amended and Restated Contract for Wholesale Water Supply and Wastewater Treatment Services and Water And Wastewater Operational Services between the Town and Trophy Club Municipal Utility District No. 1 dated April 15, 2014 (the “Contract”), the Trophy Club Municipal Utility District No. 1 (the “MUD”) has agreed to provide the Town with wholesale water and wastewater services and with operations services related to the Town System within the boundaries of the PID Property, as that term is defined in the Contract; and WHEREAS, Section 7.1 of Article VII of the Contract requires the Town to a charge a fee to the residents of the PID for the “Annual Capital Improvements and Maintenance Charge” due to MUD1; and Town Council Page 15 of 92 November 17, 2020 WHEREAS, MUD1 has issued debt; therefore, pursuant to the Contract, the Town has determined it appropriate to adopt the fee set forth below in accordance with the provision of the Contract providing for an Annual Capital Improvements and Maintenance Charge in order to impose the fee required to fund the PID’s percentage share of the MUD1 Operations and Maintenance budget and debt for calendar year 2020; and WHEREAS, the Town Council hereby finds that the amendment of Section A1.014 within Appendix A of the Code of Ordinances amending the Town’s Fee Schedule to adopt the Annual Capital Improvement and Maintenance Charge in the form of a flat monthly fee as further specified herein meets the Town’s contractual obligations pursuant to the Contract and serves the best interests of the Town. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF TROPHY CLUB, TEXAS: SECTION 1. INCORPORATION OF PREMISES That the above and foregoing premises are true and correct and are incorporated herein and made a part hereof for all purposes. SECTION 2. AMENDMENT 2.01 Subsection (i) entitled “Annual capital improvement and maintenance charge” of Section A1.014, “Water and wastewater fees for Public Improvement District No. 1,” within Appendix A, “Fee Schedule,” of the Town of Trophy Club Code of Ordinances is hereby amended to read as follows and which shall be added to all other charges imposed under Section A1.014, and all such other fees and provisions of Section A1.014 not specifically amended hereby shall remain in full force and effect: “Appendix A - FEE SCHEDULE … Section A1.014 – Water and wastewater fees for Public Improvement District No. 1 … (i) Annual capital improvement and maintenance charge: $9.48 $9.45 (monthly fee per connection) …” SECTION 3. SAVINGS AND REPEALER That this Ordinance shall be cumulative of all other Ordinances of the Town affecting fees and shall not repeal any of the provisions of such Ordinances except in those instances where provisions of those Ordinances are in direct conflict with the Town Council Page 16 of 92 November 17, 2020 provisions of this Ordinance; whether such Ordinances are codified or uncodified, and all other provisions of the Ordinances of the Town of Trophy Club, codified or uncodified, not in conflict with the provisions of this Ordinance, shall remain in full force and effect. Notwithstanding the foregoing, any complaint, action, cause of action or claim which prior to the effective date of this Ordinance has been initiated or has arisen under or pursuant to such repealed Ordinance(s) shall continue to be governed by the provisions of that Ordinance and for that purpose the Ordinance shall be deemed to remain and continue in full force and effect. SECTION 4. SEVERABILITY If any section, article, paragraph, sentence, clause, phrase or word in this Ordinance, or application thereof to any person or circumstance, is held invalid or unconstitutional by a Court of competent jurisdiction, such holding shall not affect the validity of the remaining portions of the Ordinance, and the Town Council hereby declares it would have passed such remaining portions of the Ordinance despite such invalidity, which remaining portions shall remain in full force and effect. SECTION 5. ENGROSSMENT AND ENROLLMENT The Town Secretary of the Town of Trophy Club is hereby directed to engross and enroll this Ordinance in accordance with the Town Charter. SECTION 6. PENALTY It shall be unlawful for any person to violate any provision of this Ordinance, and any person violating or failing to comply with any provision of this Ordinance shall be fined, upon conviction, not less than One Dollar ($1.00) nor more than Five Hundred Dollars ($500.00), and a separate offense shall be deemed committed upon each day during or on which a violation occurs or continues. SECTION 7. PUBLICATION The Town Secretary of the Town of Trophy Club is hereby directed to publish, the Caption, Penalty and Effective Date Clause of this Ordinance as required by Section 52.011 of the Texas Local Government Code. SECTION 8. EFFECTIVE DATE This Ordinance shall take effect from and after its date of passage in accordance with law, and it is so ordained. Town Council Page 17 of 92 November 17, 2020 PASSED AND APPROVED by the Town Council of the Town of Trophy Club, Texas, this 17th day of November 2020. C. Nick Sanders, Mayor Town of Trophy Club, Texas [SEAL] ATTEST: ______________________________ Leticia Vacek, TRMC/CMC/MMC Town Secretary/RMO APPROVED AS TO FORM: _______________________________ J. David Dodd III, Town Attorney Town of Trophy Club, Texas Town Council Page 18 of 92 November 17, 2020 Description Standard O&M Revenue from PID Surcharge 49,044.00 30%O&M proportion I&S Revenue from PID Surcharge 114,681.00 70%I&S proportion Total 163,725.00 Number of PID Water Connections 1,444.00 Standard rate for 12 months (per month)9.45$ Change in Rate from CY20 ($9.48)(0.03)$ Rate = ((Total/Number of Residents)/12 Months) PID SURCHARGE for Calendar Year 2021 Town Council Page 19 of 92 November 17, 2020 Mike Erwin Finance Manager Town of Trophy Club 1 Trophy Wood Trophy Club, TX 76262 October 9, 2020 Received By:--J-=,,_....;J.---""""""-'-((-=-W.::...,.....:..."'-_ Jb"O Date: __ __,_........., __ ot_· ___ _ PID Surcharge for Calendar Year 2021 In accordance with Section 7.2 of the Amended and Restated Contract for Wholesale Water Supply and Wastewater Treatment Services and Water and Wastewater Operational Services dated April 12, 2014, the District is providing notice of the Annual Capital Improvements and Maintenance Charge requirements for calendar year 2021. Total amount to be collected from Town retail water and wastewater customers is calculated below. O&M TAX/SURCHARGE RATE REQUIRED REVENUE O&M $185,575* $168,800** *MUD (All of Dept. 39 Budget) **PID (Legal and Auditor only Dept 39) l&S TAX/SURCHARGE RATE REQUIRED REVENUE TAX NEW DEBT (l&S) $394,713 MUD TARRANT COUNTY : MUD DENTON COUNTY : DENTON CO. PID : TAX/SURCHARGE RATE= REQUIRED REVENUE/TOTAL VALS/100 Vals/100 = FY 2021 Tax/Surcharge Rate= Revenue from MUD Tax= $ Revenue from PIO Surcharge = $ Total : $ TAX/SURCHARGE RATE= REQUIRED REVENUE/TOTAL VALS/100 Vals/100 = FY 2021 PID Surcharge Rate = Revenue from MUD Tax= Revenue from PIO Surcharge= Total : Total Due to Trophy Club MUD No. 1 I PIO Surcharge Calendar 2021 Trophy Club Municipal Utility District No. 1 100 Municipal Drive, Trophy Club, Texas 76262 (682) 831 -4600 $ $ $ $ tc111 ud org 522,432 ,262 1,403,005,151 788,523 ,995 27,139,614 0.00622 136,531 49,044 185,575 27,139,614 0 .01454 280,031 114,681 394,713 163,ns I Town Council Page 20 of 92 November 17, 2020 October 9, 2020 The Town of Trophy Club is responsible for calculating the PID surcharge rate and must provide the new rate to Trophy Club Municipal Utility District No. 1 with an approved Town Rate Ordinance. In order for the January 2021 billing to reflect a new PID surcharge rate, the Town Rate Ordinance must be received by the District no later than December 31, 2020 . The current 2020 PIO surcharge rate per connection per month is set at $9.48, and as of September 30th the PIO had 1,444 total water connections . In January, the District will reconcile the total funds collected from the PIO surcharge for the 2020 calendar year and will submit any overage to the Town or if there is a shortage an invoice will be provided. Thank you for your prompt attention to this matter, and please contact me if you have any questions . Sincerely, Steven Krolczyk Finance Manager Trophy Club Municipal Utility District No. 1 100 Municipal Drive Trophy Club, TX 76262 Phone-682-831 -4692 Trophy Club Municipal Utility District No . 1 100 Municipal Drive , Trophy Club , Texas 76262 (682 ) 831 -4600 t..:111 ud .org Town Council Page 21 of 92 November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-335-T Name: Status:Type:Agenda Item Draft File created:In control:10/26/2020 Town Council On agenda:Final action:11/17/2020 Title:Take appropriate action regarding the Fourth Quarter Investment Report for Fiscal Year 2020 (M. Erwin). Attachments:Staff Report - 4th Quarter Investment Report.pdf 4th Quarter FY19-20.pdf Action ByDate Action ResultVer. Take appropriate action regarding the Fourth Quarter Investment Report for Fiscal Year 2020 (M. Erwin). Town Council Page 22 of 92 November 17, 2020 To: Mayor and Town Council From: Steve Norwood, Town Manager CC: Leticia Vacek, Town Secretary Mike Erwin, Finance Manager April Duvall, Chief Financial Analyst Re: Fiscal Year 2020 – Fourth Quarter Investment Report Town Council Meeting, November 17, 2020 Agenda Item: Consider and take appropriate action regarding the Fourth Quarter Investment Report for Fiscal Year 2020 (S. Norwood). Strategic Link: Administrative & Financial Services – Exercise fiscal discipline in all Town operations. Background and Explanation: The Town’s current interest-bearing accounts have an ending market value of $13,935,231 as of September 30, 2020, which is a decrease of ($2,866,449) since June 30, 2020. Property tax revenue is collected primarily in the first and second quarters of the year. It is normal for outflows to exceed inflows in the fourth quarter of the fiscal year. The Town has $916,000 more cash than this time last year. The portfolio is liquid with a weighted average life of 1 days. The total average yield for this quarter was .28% which is higher than the average rolling 6-month Treasury-Bill yield of .15% for the same period. A substantial portion of the Town’s investments remain placed in the InterBank Insured Cash Sweep account to take advantage of the fund’s liquidity and the 0.45% yield. Financial Considerations: Interest earnings for this quarter total $11,467, this gives the Town a year to date interest earning of $156,623 for Fiscal Year 2020. Legal Review: Not applicable Town Council Page 23 of 92 November 17, 2020 Board/Commission/ or Committee Recommendation: Not applicable Staff Recommendation: Staff recommends approval of the Fourth Quarter Investment Report for Fiscal Year 2020. Attachments: • Fourth Quarter Investment Report FY 2020 Town Council Approval: Mayor C. Nick Sanders or designee Town Council Page 24 of 92 November 17, 2020 QUARTERLY INVESTMENT REPORT For the Quarter Ended September 30, 2020 Prepared by Valley View Consulting, L.L.C. The investment portfolio of the Town of Trophy Club is in compliance with the Public Funds Investment Act and the Investment Policy and Strategies. Investment Officer/Finance Manager Chief Financial Analyst Disclaimer: These reports were compiled using information provided by the Town. No procedures were performed to test the accuracy or completeness of this information. The market values included in these reports were obtained by Valley View Consulting, L.L.C. from sources believed to be accurate and represent proprietary valuation. Due to market fluctuations these levels are not necessarily reflective of current liquidation values. Yield calculations are not determined using standard performance formulas, are not representative of total return yields, and do not account for investment advisor fees. April Duvall Town Council Page 25 of 92 November 17, 2020 FYE Results by Investment Category: Asset Type Ave. Yield Book Value Market Value Ave. Yield Book Value Market Value Demand Accounts 1.79%760,561$ 760,561$ 0.00%2,172,788$ 2,172,788$ Money Markets/Local Gov't Investment Pools 2.36%8,635,006 8,635,006 0.34%11,762,443 11,762,443 CDs/Securities 1.89%3,623,580 3,624,482 0.00%– – Totals 13,019,147$ 13,020,049$ 13,935,231$ 13,935,231$ Fourth Quarter-End Yield 2.19%0.28% Average Quarter-End Yields (1): 2019 Fiscal Year 2020 Fiscal Year Trophy Club 2.44%0.86% Rolling Three Month Treasury 2.30%0.76% Rolling Six Month Treasury 2.37%0.99% TexPool 2.31%0.76% Fiscal YTD Interest Earnings 407,099$ 156,623$ (1) Average Quarterly Yield calculated using quarter-end report average yield and adjusted book value. September 30, 2019 September 30, 2020 Annual Comparison of Portfolio Performance Valley View Consulting, L.L.C.Town Council Page 26 of 92 November 17, 2020 Strategy Summary Quarter End Results by Investment Category: Asset Type Ave. Yield Book Value Market Value Ave. Yield Book Value Market Value Demand Accounts 0.50%1,027,267$ 1,027,267$ 0.00%2,172,788$ 2,172,788$ Money Markets/Local Gov't Investment Pools 0.34%15,774,412 15,774,412 0.34%11,762,443 11,762,443 Totals 0.35%16,801,680$ 16,801,680$ 0.28%13,935,231$ 13,935,231$ Current Quarter Average Yield (1) Fiscal Year-to-Date Average Yield (2) Total Portfolio 0.28%Total Portfolio 0.86% Rolling Three Month Treasury 0.12%Rolling Three Month Treasury 0.76% Rolling Six Month Treasury 0.15%Rolling Six Month Treasury 0.99% TexPool 0.15%TexPool 0.76% Interest Revenue (Approximate) Quarterly Interest Income 11,467$ Year-to-date Interest Income 156,623$ (1) Current Quarter Average Yield - based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considered. The yield for the reporting month is used for bank, pool, and money market balances. (2) Fiscal Year-to-Date Average Yields - calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. June 30, 2020 September 30, 2020 Valley View Consulting, L.L.C. Town Council Page 27 of 92 November 17, 2020 Economic Overview9/30/2020The Federal Open Market Committee (FOMC) maintained the Fed Funds target range at 0.00% to 0.25% (Effective Fed Funds are trading +/-0.10%), and projected that reduced rates could remain through 2024. Final estimate of Second Quarter GDP revised to down 31.4% (from down 31.9%). The Yield Curve remained stable. Crude oil slid to below $40 per barrel. September Non Farm Payroll added 661k workers. Business added over 800k, but governments shed 200+k. The Stock Markets retreated slightly from all-time highs. Housing strengthened due to low mortgage rates. Additional federal economic assistance remained stalled in Congress.02505007501,0001,2501,5001,7502,0002,2502,5002,7503,0003,2503,5003,750S&P 5000.000.501.001.502.002.503.003.50US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.200.400.600.801.001.201.401.601.802.00Treasury Yield CurvesSeptember 30, 2019June 30, 2020September 30, 20200.000.501.001.502.002.503.003.504.004.505.005.506.00US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.Town CouncilPage 28 of 92November 17, 2020 Investment Holdings Coupon/Maturity Settlement Book Market Market Life Description Ratings Discount Date Date Par Value Value Price Value (days)Yield Wells Fargo - Cash 0.00%10/01/20 09/30/20 2,172,788$ 2,172,788$ 1.00 2,172,788$ 1 0.00% InterBank Money Market Account 0.45%10/01/20 09/30/20 249,092 249,092 1.00 249,092 1 0.45% InterBank Insured Cash Sweep 0.45%10/01/20 09/30/20 6,762,851 6,762,851 1.00 6,762,851 1 0.45% TexPool LGIP AAAm 0.15%10/01/20 09/30/20 2,854,487 2,854,487 1.00 2,854,487 1 0.15% TexasCLASS LGIP-non Gov't AAAm 0.25%10/01/20 09/30/20 956,456 956,456 1.00 956,456 1 0.25% TexasCLASS LGIP-Gov't AAAm 0.14%10/01/20 09/30/20 939,557 939,557 1.00 939,557 1 0.14% 13,935,231$ 13,935,231$ 13,935,231$ 1 0.28% (1)(2) September 30, 2020 (1) Weighted average life - For purposes of calculating weighted average life, bank accounts, pools and money market funds are assumed to have an one day maturity. (2) Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considered. The yield for the reporting month is used for bank accounts, pools and money market funds. Valley View Consulting, L.L.C.Town Council Page 29 of 92 November 17, 2020 Demand Accounts 16% MMA/MMF/LGIP 84% Portfolio Composition $0 $5 $10 $15 $20 $25 Total Portfolio (Millions) Quarter End Book Value 0.00 0.50 1.00 1.50 2.00 2.50 3.00 Total Portfolio Performance TexPool Weighted Average Yield Rolling 6 Month T-Bill $0 $2 $4 $6 $8 $10 $12 $14 $16 Distribution by Maturity (Millions) Valley View Consulting, L.L.C.Town Council Page 30 of 92 November 17, 2020 Book and Market Value Comparison Issuer/Description Yield Maturity Date Book Value 06/30/20 Increases Decreases Book Value 09/30/20 Market Value 06/30/20 Change in Market Value Market Value 09/30/20 Wells Fargo - Cash 0.00%10/01/20 27,159$ 2,145,629$ –$ 2,172,788$ 27,159$ 2,145,629$ 2,172,788$ Wells Fargo - MMF Sweep 0.00%10/01/20 1,000,108 – (1,000,108) – 1,000,108 (1,000,108) – InterBank Money Market Account 0.45%10/01/20 249,091 1 – 249,092 249,091 1 249,092 InterBank Insured Cash Sweep 0.45%10/01/20 6,902,257 – (139,406) 6,762,851 6,902,257 (139,406) 6,762,851 TexPool LGIP 0.15%10/01/20 7,638,158 – (4,783,671) 2,854,487 7,638,158 (4,783,671) 2,854,487 TexasCLASS LGIP-non Gov't 0.25%10/01/20 492,738 463,718 – 956,456 492,738 463,718 956,456 TexasCLASS LGIP-Gov't 0.14%10/01/20 492,167 447,390 – 939,557 492,167 447,390 939,557 TOTAL / AVERAGE 0.28%16,801,680$ 3,056,738$ (5,923,186)$ 13,935,231$ 16,801,680$ (2,866,448)$ 13,935,231$ Valley View Consulting, L.L.C.Town Council Page 31 of 92 November 17, 2020 Allocation September 30, 2020 Book and Market Value Total General Fund CARES Funds Debt Service Storm Drainage Utility Hotel Occupancy Tax Parkland Dedication 2017 CO Bond Funds Wells Fargo - Cash 2,172,788$ 1,499,203$ 673,585$ –$ –$ –$ –$ –$ InterBank Money Market 249,092 124,546 – – – – – 124,546 InterBank Insured Cash Sweep MMA 6,762,851 4,734,184 – – – – – 2,028,667 TexPool LGIP 2,854,487 1,556,254 – 753,986 544,248 – – – TexasCLASS LGIP-non Gov't 956,456 – – – – 763,431 193,025 – TexasCLASS LGIP-Gov't 939,557 – – – – 746,856 192,701 – Total 13,935,231$ 7,914,187$ 673,585$ 753,986$ 544,248$ 1,510,286$ 385,727$ 2,153,213$ Valley View Consulting, L.L.C.Town Council Page 32 of 92 November 17, 2020 Allocation June 30, 2020 Book and Market Value Total General Fund CARES Funds Debt Service Storm Drainage Utility Hotel Occupancy Tax Parkland Dedication 2017 CO Bond Funds Wells Fargo - Cash 27,159$ 6,479$ 20,680$ –$ –$ –$ –$ –$ Wells Fargo - MMF Sweep 1,000,108 150,252 – – – 849,857 – – InterBank Money Market 249,091 124,546 – – – – – 124,546 InterBank Insured Cash Sweep MMA 6,902,257 4,728,678 – – – – – 2,173,580 TexPool LGIP 7,638,158 5,576,520 – 1,833,841 227,798 – – – TexasCLASS LGIP-non Gov't 492,738 – – – – 299,879 192,859 – TexasCLASS LGIP-Gov't 492,167 – – – – 299,561 192,606 – Total 16,801,680$ 10,586,474$ 20,680$ 1,833,841$ 227,798$ 1,449,297$ 385,465$ 2,298,125$ Valley View Consulting, L.L.C.Town Council Page 33 of 92 November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-341-T Name: Status:Type:Agenda Item Draft File created:In control:10/29/2020 Town Council On agenda:Final action:11/17/2020 Title:Take appropriate action approving Resolution 2020-20 for the Annual Updating of the Town's Investment Policy (M. Erwin). Attachments:Staff Report - Investment Policy -FY21.pdf RES. 2020-20 Investment Policy Trophy Club - FY 21 Proposed.pdf Authorized Broker Dealers FY 21 Proposed.pdf Approved Training Sources FY 21 Proposed.pdf Action ByDate Action ResultVer. Take appropriate action approving Resolution 2020-20 for the Annual Updating of the Town's Investment Policy (M. Erwin). Town Council Page 34 of 92 November 17, 2020 To: Mayor and Town Council From: Mike Erwin, Finance Manager CC: Steve Norwood, Town Manager Leticia Vacek, Town Secretary/RMO April Duvall, Chief Financial Analyst Re: Investment Policy Review Town Council Meeting, November 17, 2020 Agenda Item: Consider and take appropriate action regarding repealing Resolution No. 2019-36 and adopting a new Resolution amending the Investment Policy for the Town of Trophy Club; and providing an effective date (M. Erwin). Explanation: In accordance with the Town of Trophy Club Investment Policy and the Public Funds Investment Act, the Town Manager designates his designee and/or the Finance Manager and the Chief Financial Analyst as the Town of Trophy Club’s Investment Officers. Overall, the policy remains strong and complies with the PFIA. Only minor housekeeping changes are proposed to the policy at this time. Financial Considerations: Not Applicable. Legal Review: Not Applicable. Board/Commission/or Committee Recommendation: Not Applicable. Staff Recommendation: Staff recommends approval of Resolution No. 2020-20 as presented. Attachments: • Resolution No. 2020-20 Town Council Page 35 of 92 November 17, 2020 TOWN OF TROPHY CLUB RESOLUTION NO. 2020-20 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TROPHY CLUB, TEXAS REPEALING RESOLUTION NO. 2020-20 AND APPROVING A NEW RESOLUTION ADOPTING AN INVESTMENT POLICY FOR FUNDS FOR THE TOWN OF TROPHY CLUB, A COPY OF WHICH IS ATTACHED HERETO AND INCORPORATED HEREIN AS EXHIBIT “A”; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on November 17, 2020 by passage of Resolution 2020-20, the Town Council adopted an Investment Policy; and WHEREAS, by passage of this Resolution, the Town Council hereby repeals Resolution No. 2019-36 in its entirety and adopts this Resolution adopting a new Investment Policy; and WHEREAS, the Town Council has reviewed the Investment Policy attached hereto as Exhibit “A”, for compliance with the Public Funds Investment Act, Texas Government Code Chapter 2256. et seq.; and WHEREAS, upon consideration, the Town Council finds and determines it to be in the best interests of the Town to adopt Exhibit “A” as the Town’s Investment Policy. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF TROPHY CLUB: Section 1. That Resolution No. 2019-36 is hereby repealed in its entirety. Section 2. That the Town Council has reviewed the attached Investment Policy, which contains investment strategies and policies that the Council has determined to be beneficial to the Town and hereby adopts the attached Investment Policy set forth in Exhibit “A”, a copy of which is attached hereto and incorporated herein in its entirety. Section 3. That the Town Manager's designee is hereby designated as the Town’s primary investment officer to perform the functions required by the attached policy, and the investment officer is hereby authorized to perform the functions required under the Investment Policy and Chapter 2256 of the Texas Government Code. Section 4. That this Resolution shall take effect immediately upon its passage and approval. Town Council Page 36 of 92 November 17, 2020 PASSED and APPROVED by the Town Council of the Town of Trophy Club, Texas on this 17th day of November 2020. C. Nick Sanders, Mayor Town of Trophy Club, Texas [SEAL] ATTEST: Leticia Vacek, Town Secretary Town of Trophy Club, Texas APPROVED TO AS FORM: J. David Dodd III, Town Attorney Town of Trophy Club, Texas Town Council Page 37 of 92 November 17, 2020 EXHIBIT “A” Town Council Page 38 of 92 November 17, 2020 TOWN OF TROPHY CLUB INVESTMENT POLICY I. POLICY It is the policy of the Town of Trophy Club that after allowing for the anticipated cash flow requirements of the Town of Trophy Club and giving due consideration to the safety and risk of investment, all available funds shall be invested in conformance with these legal and administrative guidelines, seeking to optimize interest earnings to the maximum extent possible. Effective cash management is recognized as essential to good fiscal management. Investment interest is a source of revenue to Trophy Club funds. Trophy Club’s investment portfolio shall be designed and managed in a manner designed to maximize this revenue source, to be responsive to public trust, and to be in compliance with legal requirements and limitations. Investments shall be made with the primary objectives of: ∗ Safety and preservation of principal ∗ Maintenance of sufficient liquidity to meet operating needs ∗ Public trust from prudent investmentactivities ∗ Optimization of interest earnings on the portfolio II. PURPOSE The purpose of this Investment Policy is to comply with Chapter 2256 of the Government Code (“Public Funds Investment Act” or “PFIA”), which requires the Town of Trophy Club to adopt a written investment policy regarding the investment of its funds and funds under its control. The Investment Policy addresses the methods, procedures and practices that must be exercised to ensure effective and judicious fiscal management of Trophy Club’s funds. III. SCOPE This Investment Policy shall govern the investment of all financial assets of the Town of Trophy Club. These funds are accounted for in the Town of Trophy Club’s Comprehensive Annual Financial Report (CAFR) and include: • General Fund • Special Revenue Funds • Capital Projects Funds • Proprietary Funds • Debt Service Funds, including reserves and sinking funds, to the extent not required by law or existing contract to be kept segregated and managed separately • Any new fund created by the Town of Trophy Club, unless specifically exempted from this Policy by the Town Council or by law The Town of Trophy Club consolidates fund cash balances to maximize investment earnings. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles. This Investment Policy shall apply to all transactions involving the financial assets and related activity for all the foregoing funds. However, this Policy does not apply to the assets administered for the benefit of the Town of Trophy Club by outside agencies under deferred compensation programs. Town Council Page 39 of 92 November 17, 2020 IV. INVESTMENT OBJECTIVES The Town of Trophy Club shall manage and invest its cash with four primary objectives, listed in order of priority: safety, liquidity, public trust, and yield, expressed as optimization of interest earnings. The safety of the principal invested always remains the primary objective. All investments shall be designed and managed in a manner responsive to the public trust and consistent with state and local law. The Town of Trophy Club shall maintain a comprehensive cash management program, which includes collection of accounts receivable, vendor payments in accordance with the Town’s purchasing policies, and prudent investment of available cash. Cash management is defined as the process of managing monies in order to ensure maximum cash availability and maximum earnings on short-term investment of idle cash. Safety [PFIA 2256.005(b)(2)] Safety of principal is the foremost objective of the investment program. Investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. The objective will be to mitigate credit and interest rate risk.  Credit Risk and Concentration of Credit Risk – The Town of Trophy Club will minimize credit risk, the risk of loss due to the failure of the issuer or backer of the investment, and concentration of credit risk, the risk of loss attributed to the magnitude of investment in a single issuer,by: • Limiting investments to the safest types of investments. • Pre-qualifying the financial institutions and broker/dealers with which the Town of Trophy Club will do business. • Diversifying the investment portfolio so that potential losses on individual issuers will be minimized.  Interest Rate Risk – the Town of Trophy Club will manage the risk that the interest earnings and the market value of investments in the portfolio will fall due to changes in general interest rates by limiting the maximum weighted average maturity of the investment portfolio to 365 days. The Town of Trophy Club will, in addition: • Structure the investment portfolio so that investments mature to meet cash requirements for ongoing operations, thereby avoiding the need to liquidate investments prior to maturity. • Invest operating funds primarily in financial institution deposits, shorter-term securities, money market mutual funds, or local government investment pools functioning as money market mutual funds. • Diversify maturities and stagger purchase dates to minimize the impact of market movements over time. Liquidity [PFIA 2256.005(b)(2)] The investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated. This is accomplished by structuring the portfolio so that investments mature concurrent with cash needs to meet anticipated demands. Because all possible cash demands cannot be anticipated, a portion of the portfolio will be invested in shares of money market mutual funds, local government investment pools, or other cash equivalents that offer same-day liquidity. Town Council Page 40 of 92 November 17, 2020 Public Trust All participants in the Town of Trophy Club’s investment process shall seek to act responsibly as custodians of the public trust. The Investment Officers shall avoid any transaction that might impair public confidence in the Town of Trophy Club’s ability to govern effectively. Yield (Optimization of Interest Earnings) [PFIA 2256.005(b)(3)] The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. Return on investment is of secondary importance compared to the safety and liquidity objectives described above. V. INVESTMENT STRATEGY STATEMENTS The Town of Trophy Club portfolio will be structured to benefit from anticipated market conditions and to achieve a reasonable return. Relative value among asset groups shall be analyzed and pursued as part of the investment program within the restrictions set forth by the Investment Policy. The Town of Trophy Club maintains portfolios which utilize four specific investment strategy considerations designed to address the unique characteristics of the fund groups represented in the portfolios. Operating Funds Suitability - All investments authorized in the Investment Policy are suitable for Operating Funds. Preservation and Safety of Principal - All investments shall be of high quality with no perceived default risk. Liquidity - Investment strategies for the Operating Funds have as their primary objective to assure that anticipated cash flows are matched with adequate investment liquidity. The dollar-weighted average maturity of operating funds, based on the stated final maturity date of each investment, will be calculated and limited to one year or less. Constant $1.0000 net asset value investment pools and money market mutual funds, and other cash equivalents shall be integral components to maintaining daily liquidity. Investments for these funds shall not exceed a 24-month period from date of purchase. Marketability - Securities with active and efficient secondary markets will be purchased in the event of an unanticipated cash requirement. Diversification - Maturities shall be staggered throughout the budget cycle to provide cash flows based on anticipated needs. Investment risks will be reduced through diversification among authorized investments. Yield - The Town’s objective is to attain a competitive market yield for comparable securities and portfolio constraints. The benchmark for Operating Funds shall be the rolling three-month Treasury yield. Reserve and Deposit Funds Suitability - All investments authorized in the Investment Policy are suitable for Reserve and Deposit Funds. Preservation and Safety of Principal - All investments shall be of high quality with no perceived default risk. Town Council Page 41 of 92 November 17, 2020 Liquidity - Investment strategies for Reserve and Deposit Funds shall have as the primary objective the ability to generate a dependable revenue stream to the appropriate reserve fund from investments with a low degree of volatility. Except as may be required by the bond ordinance specific to an individual issue, investments should be of high quality, with short-to-intermediate-term maturities. The dollar-weighted average maturity of Reserve and Deposit Funds, based on the stated final maturity date of each investment, will be calculated and limited to two years or less. Marketability - Securities with active and efficient secondary markets will be purchased in the event of an unanticipated cash requirement. Diversification - Maturities shall be staggered throughout the budget cycle to provide cash flows based on anticipated needs. Investment risks will be reduced through diversification among authorized investments. Yield - The Town’s objective is to attain a competitive market yield for comparable securities and portfolio constraints. The benchmark for Reserve and Deposit Funds shall be the rolling three-month Treasury yield. Bond and Certificate Capital Project Funds and Special Purpose Funds Suitability - All investments authorized in the Investment Policy are suitable for Bond and Certificate Capital Project Funds and Special Purpose Funds. Preservation and Safety of Principal - All investments shall be of high quality with no perceived default risk. Liquidity - Investment strategies for Bond and Certificate Capital Project Funds and Special Purpose Funds portfolios will have as their primary objective to assure that anticipated cash flows are matched with adequate investment liquidity. The stated final maturity dates of investments held should not exceed the estimated project completion date or a maturity of no greater than three years. The dollar-weighted average maturity of Bond and Certificate Capital Project Funds and Special Purpose Funds, based on the stated final maturity date of each investment, will be calculated and limited to two years or less. Marketability - Securities with active and efficient secondary markets will be purchased in the event of an unanticipated cash requirement. Diversification - Maturities shall be staggered throughout the budget cycle to provide cash flows based on anticipated needs. Investment risks will be reduced through diversification among authorized investments. Yield - The Town’s objective is to attain a competitive market yield for comparable securities and portfolio constraints. The benchmark for Bond and Certificate Capital Project Funds and Special Purpose Funds shall be the rolling three-month Treasury yield. A secondary objective of these funds is to achieve a yield equal to or greater than the arbitrage yield of the applicable bond or certificate, when reasonable considering safety and liquidity objectives. Debt Service Funds Suitability - All investments authorized in the Investment Policy are suitable for Debt Service Funds. Preservation and Safety of Principal - All investments shall be of high quality with no perceived default risk. Liquidity - Investment strategies for Debt Service Funds shall have as the primary objective the assurance of investment liquidity adequate to cover the debt service obligation on the required payment date. Investments shall not have a stated final maturity date which exceeds the next unfunded debt service payment date. The dollar-weighted average maturity of Debt Service Funds, based on the stated Town Council Page 42 of 92 November 17, 2020 final maturity date of each investment, will be calculated and limited to one year or less. Marketability - Securities with active and efficient secondary markets will be purchased in the event of an unanticipated cash requirement. Diversification - Maturities shall be staggered throughout the budget cycle to provide cash flows based on anticipated needs. Investment risks will be reduced through diversification among authorized investments. Yield - The Town’s objective is to attain a competitive market yield for comparable securities and portfolio constraints. The benchmark for Debt Service Funds shall be the rolling three-month Treasury yield. VI. RESPONSIBILITY AND CONTROL Delegation of Authority [PFIA 2256.005(f)] In accordance with the Town of Trophy Club and the Public Funds Investment Act, the Town Council designates the Town Manager's designeeTown Manager’s designee and/or Finance Manager and the Chief Financial Analyst as the Town of Trophy Club’s Investment Officers. The Town Manager's designeeTown Manager’s designee and/or Finance Manager is responsible for the overall management of the Town’s investment program and may direct the other Investment Officer in his/her duties. The Investment Officers are authorized to deposit, withdraw, invest, transfer, execute documentation, and otherwise manage funds on behalf of the Town of Trophy Club according to this Policy. Unless authorized by law, no other person may deposit, withdraw, transfer or manage in any other manner the Town of Trophy Club funds. The investment authority granted to the Investment Officers is effective until rescinded. Quality and Capability of Investment Management [PFIA 2256.005(b)(3)] The Town of Trophy Club shall provide periodic training in investments for the designated Investment Officers and other investment personnel through courses and seminars offered by professional organizations, associations, and other independent sources in order to ensure the quality and capability of investment management in compliance with the Public Funds Investment Act. Training Requirement [PFIA 2256.008 – Local Governments] In accordance with the Town of Trophy Club and the Public Funds Investment Act, designated Investment Officers shall attend investment training no less often than once every two years and shall accumulate not less than 8 hours of instruction relating to investment responsibilities. A newly appointed Investment Officer must attend training accumulating at least 10 hours of instruction within twelve months of the date the Officer took office or assumed the Officer’s duties. The investment training sessions shall be provided by independent sources approved by the Investment Committee, and must include education in investment controls, security risks, strategy risks, market risks, diversification of investment portfolio, and compliance with the PFIA. Internal Controls (Best Practice) The Investment Officers are responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the Town of Trophy Club are protected from loss, theft, or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management. Accordingly, the Investment Officers shall establish a process for annual independent review by an external auditor to assure compliance with policies and procedures. The internal controls shall address the following points. Town Council Page 43 of 92 November 17, 2020 • Control of collusion. • Separation of transactions authority from accounting and recordkeeping. • Custodial safekeeping. • Avoidance of physical delivery securities. • Clear delegation of authority to subordinate staff members. • Written confirmation for telephone (voice) transactions for investments and wire transfers. • Development of a wire transfer agreement with the depository bank or third-party custodian. Investment Policy Certification [PFIA 2256.005(k-l)] A qualified representative, as defined by PFIA section 2256.002(10), of all business organizations, as defined by PFIA section 2256.005(k) as local government investment pools and discretionary investment management firms, must sign a certification acknowledging that the organization has received and reviewed the Town of Trophy Club’s Investment Policy and that reasonable procedures and controls have been implemented to preclude investment transactions that are not authorized by the Town of Trophy Club’s Policy except to the extent that the authorization is dependent on an analysis of the makeup of the Town's entire portfolio, requires an interpretation of subjective investment standards, or relates to investment transactions of the Town that are not made through accounts or other contractual arrangements over which the business organization has accepted discretionary investment authority. The Town shall not enter into an investment transaction with a business organization prior to receiving the signed certification. Prudence [PFIA 2256.006] The standard of care to be applied by the Investment Officers shall be the “prudent person” rule. This rule states that “Investments shall be made with judgment and care, under prevailing circumstances, that a person of prudence, discretion and intelligence would exercise in the management of the person’s own affairs, not for speculation, but for investment, considering the probable safety of capital and the probable income to be derived.” In determining whether an Investment Officer has exercised prudence with respect to an investment decision, the determination shall be made taking into consideration: • The investment of all funds, or funds under the Town of Trophy Club’s control, over which the Officer had responsibility rather than a consideration as to the prudence of a singleinvestment. • Whether the investment decision was consistent with the written, approved Investment Policy of the Town of Trophy Club. Indemnification The Investment Officers, acting in accordance with written procedures and exercising due diligence, shall not be held personally responsible for a specific investment’s credit risk or market price changes, provided that these deviations are reported immediately and the appropriate action is taken to control adverse developments. Ethics and Conflicts of Interest [PFIA 2256.005(i)] Officers and employees involved in the investment process shall refrain from personal business activity that would conflict with the proper execution and management of the investment program, or that would impair their ability to make impartial decisions. Investment Committee members shall refrain from undertaking personal investment transactions with the same individual with which business is conducted on behalf of the Town of Trophy Club. An Investment Officer of the Town of Trophy Club who has a personal business relationship with an organization seeking to sell an investment to the Town of Trophy Club shall file a statement disclosing that personal business interest. An Investment Officer who is related within the second degree by affinity or consanguinity to an individual seeking to sell an investment to the Town of Trophy Club shall file a statement disclosing that relationship. A statement required under this subsection must be filed with the Texas Ethics Commission and the Town Council. Town Council Page 44 of 92 November 17, 2020 VII. SUITABLE AND AUTHORIZED INVESTMENTS Portfolio Management The Town of Trophy Club currently has a “buy and hold” portfolio strategy. Maturity dates are matched with cash flow requirements and investments are purchased with the intent to be held until maturity. However, investments may be liquidated prior to maturity for the following reasons: • An investment with declining credit maybe liquidated early to minimize loss of principal. • Cash flow needs of the Town of Trophy Club require that the investment be liquidated. Investments [PFIA 2256.005(b)(4)(A)] Trophy Club funds governed by this Policy may be invested in the instruments described below, all of which are authorized by Chapter 2256 of the Government Code (Public Funds Investment Act). Investment of Town of Trophy Club funds in any instrument or security not authorized for investment under the Act is prohibited. The Town of Trophy Club will not be required to liquidate an investment that becomes unauthorized subsequent to its purchase. I. Authorized 1. Obligations, including letters of credit, of the United States, its agencies and instrumentalities, including the Federal Home Loan Banks. 2. Direct obligations of the State of Texas, its agencies and instrumentalities or obligations of agencies, counties, cities, and other political subdivisions of this State rated as to investment quality by a nationally recognized investment rating firm of not less than “A” or its equivalent. 3. Other obligations, the principal and interest of which are unconditionally guaranteed or insured by, or backed by the full faith and credit of, the State of Texas or the United States or their respective agencies and instrumentalities, including obligations that are fully guaranteed or insured by the Federal Deposit Insurance Corporation or by the explicit full faith and credit of the United States. 4. Certificates of Deposit and other forms of deposit issued by a depository institution that has its main office or a branch office in Texas. The certificate of deposit must be guaranteed or insured by the Federal Deposit Insurance Corporation or its successor or the National Credit Union Share Insurance Fund or its successor or secured by obligations in a manner and amount as provided by law. In addition, deposits obtained through a depository institution that has its main office or a branch office in Texas and that contractually agrees to place the funds in federally insured depository institutions in accordance with the conditions prescribed in Section 2256.010(b) of the Public Funds Investment Act are authorized investments. Additionally, funds invested by the Town through a broker that has a main office or branch office in Texas and is selected from a list approved by the Town as required by section 2656.025 of the Public Funds Investment Act or a depository institution that has a main office or branch office in Texas and is selected by the Town are authorized investments if the following conditions are met: a. the broker or depository institution selected by the Town as specified above arranges for the deposit of the funds in certificates of deposit in one or more federally insured depository institutions, wherever located, for the account of the Town; b. the full amount of the principal and accrued interest of each of the certificates of deposit is insured by the United States or an instrumentality of the United States; and c. the Town appoints a depository bank or a clearing broker registered with the Securities and Exchange Commission Rule 15c-3 (17CFR, Section 240 15c3-3) as custodian for the Town with respect to the certificates of deposit issued for account to the Town. Town Council Page 45 of 92 November 17, 2020 5. Fully collateralized direct repurchase agreements with a defined termination date secured by obligations of the United States or its agencies and instrumentalities. These shall be pledged to the Town of Trophy Club, held in an account in the Town of Trophy Club’s name, and deposited at the time the investment is made with the Town of Trophy Club or with a third-party selected and approved by the Town of Trophy Club. Repurchase agreements must be purchased through a primary government securities dealer, as defined by the Federal Reserve, or a financial institution doing business in Texas. A Master Repurchase Agreement, or similar agreement, must be signed by the bank/dealer prior to investment in a repurchase agreement. All repurchase agreement transactions will be on a delivery versus payment basis. Securities received for repurchase agreements must have a market value greater than or equal to 102 percent at the time funds are disbursed. (This section pertains to Sweep Accounts and/or Bond Proceeds) 6. No-Load Money Market Mutual funds that: 1) are registered and regulated by the Securities and Exchange Commission and provide a prospectus and other information required by the Securities and Exchange Act of 1934 (15 U.S.C. Section 78a) or the Investment Company Act of 1940 (15 U.S.C. Section 80a-1), an d 2) seek to maintain a stable net asset value of $1.0000 per share. 7. Local government investment pools, which 1) meet the requirements of Chapter 2256.016 of the Public Funds Investment Act, 2) are rated no lower than AAA or an equivalent rating by at least one nationally recognized rating service, and 3) are authorized by resolution or ordinance by the Town Council. In addition, a local government investment pool created to function as a money market mutual fund must mark its portfolio to the market daily and, to the extent reasonably possible, stabilize at a $1.0000 net asset value. If an investment in the Town’s portfolio becomes an unauthorized investment due to changes in the Investment Policy or the Public Funds Investment Act, or an authorized investment is rated in a way that causes it to become an unauthorized investment, the Investment Committee of the Town shall review the investment and determine whether it would be more prudent to hold the investment until its maturity, or to redeem the investment. The Investment Committee shall consider the time remaining until maturity of the investment, the quality of the investment, and the quality and amounts of any collateral which may be securing the investment in determining the appropriate steps to take. [PFIA 2256.021]. II. Not Authorized [PFIA 2256.009(b)(1-4)] Investments including interest-only or principal-only strips of obligations with underlying mortgage-backed security collateral, collateralized mortgage obligations with an inverse floating interest rate or a maturity date of over 10 years are strictly prohibited. VIII. INVESTMENT PARAMETERS Maximum Maturities [PFIA 2256.005(b)(4)(B)] The longer the maturity of investments, the greater their potential price volatility. Therefore, it is the Town of Trophy Club’s policy to concentrate its investment portfolio in shorter-term securities in order to limit principal risk caused by changes in interest rates. The Town of Trophy Club attempts to match its investments with anticipated cash flow requirements. The Town of Trophy Club will not directly invest in securities maturing more than three years from the date of purchase; however, the above described obligations, certificates, or agreements may be collateralized using longer dated investments. Because no secondary market exists for repurchase agreements, the maximum maturity shall be 120 days except in the case of a flexible repurchase agreement for bond proceeds. The maximum maturity for such an investment shall be determined in accordance with project cash flow projections and the requirements of the governing bond ordinance. The composite portfolio will have a weighted average maturity of 365 days or less. The dollar-weighted Town Council Page 46 of 92 November 17, 2020 average maturity will be calculated using the stated final maturity dates of each security. [PFIA 2256.005(b)(4)(C)]. Diversification [PFIA 2256.005(b)(3)] The Town of Trophy Club recognizes that investment risks can result from issuer defaults, market price changes or various technical complications leading to temporary illiquidity. Risk is managed through portfolio diversification that shall be achieved by the following general guidelines: • Limiting investments to avoid overconcentration in investments from a specific issuer or business sector (excluding U.S. Treasury securities and financial institution deposits that are fully insured and collateralized in accordance with state and federal law), • Limiting investments that have higher credit risk, • Utilizing investments with varying maturities, and • Continuously investing a portion of the portfolio in readily available funds such as local government investment pools (LGIPs), money market accounts, money market funds, or overnight repurchase agreements to ensure that appropriate liquidity is maintained in order to meet ongoingobligations. IX. SELECTION OF BANKS AND DEALERS Depository At least every five years a Depository shall be selected through the Town of Trophy Club’s banking services procurement process, which shall include a formal request for application (RFA). The selection of a depository will be determined by competitive application and evaluation of applications will be based on the most favorable terms and conditions for the handling of Town funds. Authorized Brokers/Dealers [PFIA 2256.025] The Town of Trophy Club Investment Committee (see Section XIII) shall, at least annually, review, revise, and approve a list of qualified broker/dealers authorized to engage in securities transactions with the Town of Trophy Club. Authorized firms may include primary dealers or regional dealers that qualify under Securities & Exchange Commission Rule 15C3-1 (Uniform Net Capital Rule). Competitive Bids It is the policy of the Town of Trophy Club to provide a competitive environment for all investment activities. The Investment Officers shall develop and maintain procedures for ensuring competition in the investment of the Town of Trophy Club’s funds and are authorized to solicit bids for investments orally, in writing, electronically, or in any combination of these methods. Delivery vs. Payment [PFIA 2256.005(b)(4)(E)] Securities shall be purchased using the delivery vs. payment method, with the exception of investment pools and mutual funds. Funds will be released after notification that the purchased security has been received. X. CUSTODIAL CREDIT RISK MANAGEMENT Safekeeping and Custodial Agreements The Town of Trophy Club shall contract with a bank or banks for the safekeeping of securities either owned by the Town of Trophy Club as part of its investment portfolio or held as collateral to secure demand or time deposits. Securities owned by the Town of Trophy Club shall be held in an account in the Town of Trophy Club’s name as evidenced by safekeeping receipts of the institution holding the securities. Original safekeeping receipts shall be obtained and held by the Town. Town Council Page 47 of 92 November 17, 2020 Collateral for deposits will be held by a third-party custodian designated by the Town of Trophy Club and pledged to the Town of Trophy Club as evidenced by pledge receipts of the institution with which the collateral is deposited. Collateral may be held by the depository bank’s trust department, a Federal Reserve Bank or branch of a Federal Reserve Bank, a Federal Home Loan Bank, or a third-party bank approved by the Town of Trophy Club. Collateral Policy [PFCA 2257.023] Consistent with the requirements of the Public Funds Collateral Act, it is the policy of the Town of Trophy Club to require full collateralization of all Town of Trophy Club funds on deposit with a financial institution and a written depository agreement acceptable to the Town. The market value of the securities collateralizing the deposit of funds shall be at least equal to 102% of the principal and accrued interest on the deposits less an amount insured by the FDIC. Collateral in the form of letters of credit issued by the Federal Home Loan Bank must be equal to 100% of the principal and accrued anticipated interest of deposits less the applicable level of FDIC insurance. At its discretion, the Town of Trophy Club may require a higher level of collateralization for certain investment securities held as collateral. Securities pledged as collateral shall be held by an independent third-party with whom the Town of Trophy Club has a current custodial agreement. The Investment Officers are responsible for entering into collateralization agreements with third-party custodians in compliance with this Policy. The agreements are to specify the acceptable investment securities for collateral, including provisions relating to possession of the collateral, the substitution or release of investment securities, ownership of securities, and the method of valuation of securities. A clearly marked evidence of pledge must be supplied to the Town of Trophy Club and retained. Collateral shall be reviewed at least monthly to assure that the market value of the pledged securities are adequate. The custodial portion of the depository agreement shall define the Town’s rights to the collateral in case of default, bankruptcy or closing and shall establish a perfected security interest in compliance with Federal and State regulations, including: • The Agreement must be in writing; • The Agreement must be executed by the depository and the Town contemporaneously with the acquisition of the asset; • The Agreement must be approved by the board of directors or the loan committee of the depository and a copy of the meeting minutes must be delivered to the Town; and • The Agreement must be part of the depository’s “official record” continuously since its execution. Collateral Defined The Town of Trophy Club shall accept only the following types of collateral: • Obligations of the United States or its agencies and instrumentalities • Direct obligations of the State of Texas or its agencies and instrumentalities • Collateralized mortgage obligations directly issued by a federal agency or instrumentality of the United States, the underlying security for which is guaranteed by an agency or instrumentality of the United States • Obligations of states, agencies, counties, cities, and other political subdivisions of any state rated as to investment quality by a nationally recognized rating firm not less than A or its equivalent with a remaining maturity of ten (10) years or less • A surety bond issued by an insurance company rated as to investment quality by a nationally recognized rating firm not less than A • A letter of credit issued to the Town of Trophy Club by the Federal Home Loan Bank Subject to Audit All collateral shall be subject to inspection and audit by the Investment Officers or their designee, including the Town of Trophy Club’s independent auditors. Town Council Page 48 of 92 November 17, 2020 XI. PERFORMANCE Performance Standards The Town of Trophy Club’s investment portfolio will be managed in accordance with the parameters specified within this Policy. The portfolio shall be designed with the objective of obtaining a market rate of return through budgetary and economic cycles, commensurate with the investment risk constraints and the cash flow requirements of the Town of Trophy Club. Performance Benchmark It is the policy of the Town of Trophy Club to purchase investments with maturity dates coinciding with cash flow needs. Through this strategy, the Town of Trophy Club shall seek to optimize interest earnings utilizing allowable investments available in the market at that time. The Town of Trophy Club’s portfolio shall be designed with the objective of regularly meeting or exceeding the benchmark(s) as appropriate per the investment strategy statements. Weighted Average Yield to Maturity shall be the standard for calculating portfolio rate of return. XII. REPORTING [PFIA 2256.023] Methods The Investment Officers shall prepare a written investment report on a quarterly basis that summarizes investment strategies employed in the most recent quarter and describes the portfolio in terms of investment securities, maturities, and shall explain the total investment return for the quarter. The quarterly investment report shall include a summary statement of investment activity prepared in compliance with the PFIA. This summary will be prepared in a manner that will allow the Town of Trophy Club to ascertain whether investment activities during the reporting period have conformed to the Investment Policy. The report will be provided to the Town Council and signed by the Investment Officers. The report will include the following: • A listing of individual securities held at the end of the reportingperiod. • Unrealized gains or losses resulting from appreciation or depreciation by listing the beginning and ending book and market value of securities for the period. • Additions and changes to the market value during the period. • Average weighted yield to maturity of portfolio as compared to applicablebenchmarks. • Listing of investments by maturity date. • Fully accrued interest for the reporting period. • The percentage of the total portfolio that each type of investmentrepresents. • Statement of compliance of the Town of Trophy Club’s investment portfolio with state law and the investment strategy and policy approved by the Town Council. An independent auditor will perform a formal annual review of the quarterly reports with the results reported to the governing body [PFIA 2256.023(d)]. Monitoring Market Value [PFIA 2256.005(b)(4)(D)] Market value of all securities in the portfolio will be determined at least on a quarterly basis. These values will be obtained from a reputable and independent source and disclosed to the governing body quarterly in a written report. Town Council Page 49 of 92 November 17, 2020 XIII. INVESTMENT COMMITTEE Members An Investment Committee, consisting of the Town Manager and the Investment Officers, shall review the Town’s investment strategies and monitor the results of the investment program periodically. This review can be done by reviewing the quarterly written reports and by holding committee meetings as necessary. The committee will be authorized to invite other advisors to attend meetings as needed. Scope The Investment Committee shall include in its deliberations such topics as economic outlook, investment strategies, portfolio diversification, maturity structure, potential risk to the Town’s funds, evaluation and authorization of broker/dealers, acceptable training sources, rate of return on the investment portfolio, and review of compliance with the Investment Policy. The Investment Committee will also advise the Town Council of any future amendments to the Investment Policy that are deemed necessary or recommended. Procedures The Investment Policy shall require the Investment Committee to provide minutes of investment information discussed at any meetings held. The committee shall meet at least annually to discuss the investment program and policy. XIV. INVESTMENT POLICY ADOPTION [PFIA 2256.005(e)] The Town of Trophy Club’s Investment Policy shall be adopted by resolution of the Town Council. It is the Town of Trophy Club’s intent to comply with state laws and regulations. The Town of Trophy Club’s Investment Policy shall be subject to revisions consistent with changing laws, regulations, and needs of the Town of Trophy Club. The Town Council shall adopt a resolution stating that it has reviewed the policy and investment strategies not less than annually, approving any changes or modifications. Town Council Page 50 of 92 November 17, 2020 TOWN OF TROPHY CLUB LIST OF AUTHORIZED BROKER/DEALERS Financial Northeastern Companies Main Contact: Samuel Vaughan svaughan@financialnortheastern.com 8717 Ken Aaron Court Austin, TX 78717 (973) 396-1052 Frost Capital Markets Main Contact: Cody Hundley cody.hundley@frostbank.com 100 West Houston Street, Suite 110 San Antonio, TX 78205 (210) 220-6156 FHN Financial Main Contact: Zach Brewer zach.brewer@fhnfinancial.com 920 Memorial City Way, 11th Floor Houston, TX 77024 (713) 435-4351 Multi-Bank Securities Main Contact: Carol Mackoff cmackoff@mbssecurities.com 20 North Wacker Drive, Suite 1829 Chicago, IL 60606 (888) 857-4740 Wells Fargo Securities Main Contact: Chuck Landry chuck.landry@wellsfargo.com 1445 Ross Avenue, Suite 420 Dallas, TX 75202 (214) 777-4018 Town Council Page 51 of 92 November 17, 2020 TOWN OF TROPHY CLUB APPROVED INDEPENDENT TRAINING SOURCES American Institute of Certified Public Accountants Council of Governments International City/County Management Association Government Finance Officers Association Government Finance Officers Association of Texas Government Treasurers’ Organization of Texas Texas City Management Association Texas Municipal Clerks Association Texas Municipal League University of North Texas Center for Public Management Town Council Page 52 of 92 November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-348-T Name: Status:Type:Agenda Item Draft File created:In control:11/11/2020 Town Council On agenda:Final action:11/17/2020 Title:Take appropriate action to approve the purchase of Microsoft Licensing for Microsoft 365 and VMware support and subscription production from SHI Government Solutions in an amount not to exceed $47,966.08 (W. Carroll). Attachments:Staff Report - SHI Microsoft Licensing and VMware .pdf SHI Quote-18777900 (004).pdf SHI Quote-for Microsoft licensing 18781431.pdf Microsoft Licensing agreement through SHI.pdf Action ByDate Action ResultVer. Take appropriate action to approve the purchase of Microsoft Licensing for Microsoft 365 and VMware support and subscription production from SHI Government Solutions in an amount not to exceed $47,966.08 (W. Carroll). Town Council Page 53 of 92 November 17, 2020 To: Mayor and Town Council From: Wade Carroll, Assistant Town Manager CC: Steve Norwood, Town Manager Leticia Vacek, Town Secretary Re: Microsoft Licensing and VMware support and Subscription Council Meeting, November 17, 2020 Agenda Item: Consider and take appropriate action to approve the purchase of Microsoft licensing for Microsoft 365 and VMware support and subscription production from SHI Government Solutions in an amount not to exceed $47,966.08. Strategic Link: This item relates primarily to the following strategic priorities and goals of the Town’s strategy map. Administrative & Financial Services – Provide high value technology and information services Administrative & Financial Services – Provide strong internal and external marketing and communications. Background and Explanation: The Town utilizes Microsoft Office365 licenses for email and Microsoft Office desktop applications as well as Microsoft licensing for all Windows Server operating systems and database driven server applications. The SHI renewal quote is to renew the Microsoft Enterprise Agreement which allows the Town to continue to use the software. This is a three year renewal agreement, and the price in the quote is for year one. There will be an invoice in each of the three years of the Enterprise Agreement. The SHI VMWare Production support renewal is to renew support and software licensing that allows the Town’s physical servers to run VMware’s server virtualization software. This also allows the Town to access mission critical VMware system support to ensure the highest availability of the Town’s servers and applications. The virtualization software allows many Windows Server operating systems to run on a single physical server, allowing the Town to maximize the investment made in the physical servers. Town Council Page 54 of 92 November 17, 2020 SHI is a Historically Underutilized Business (HUB) vendor and is on a governmental purchasing cooperative satisfying the bidding requirement. The purchase is an annual expenditure within the approved Information Services budget for FY2021. Once the quote is accepted we will enter into a three year agreement with a 60 day without cause cancelation policy by either party. Financial Considerations: Funding for this item is available in the FY21 Information Services Approved Budget line item Software and Support. As mentioned, SHI contract is through the Department of Information Resources of the State of Texas (DIR-TSO-4092). Legal Review: Not applicable Board/Commission/ or Committee Recommendation: Not applicable Staff Recommendation: Staff recommends approval of the purchase of Microsoft licensing and VMware support from SHI Governmental Solutions Attachments: • Quote from SHI for Microsoft Licensing • Quote from SHI for VMware support and subscription Production • SHI 3 year agreement Town Council Page 55 of 92 November 17, 2020 Embedded Secure Document The file https://trophyclub.legistar.com/View.ashx?M=F&ID=8919402&GUID=9D7B47DB-0EC2-4F9E-B2DE- 8320807F4433 is a secure document that has been embedded in this document. Double click the pushpin to view. Town Council Page 56 of 92 November 17, 2020 Embedded Secure Document The file https://trophyclub.legistar.com/View.ashx?M=F&ID=8919403&GUID=391A83E2-9139-4647-935B- E7151FE4118E is a secure document that has been embedded in this document. Double click the pushpin to view. Town Council Page 57 of 92 November 17, 2020 Enterprise Agreement State and Local Not for Use with Microsoft Business Agreement or Microsoft Business and Services Agreement This Microsoft Enterprise Agreement (“Agreement”) is entered into between the entities identified on the signature form. Effective date. The effective date of this Agreement is the earliest effective date of any Enrollment entered into under this Agreement or the date Microsoft accepts this Agreement, whichever is earlier. This Agreement consists of (1) these Agreement terms and conditions, including any amendments and the signature form and all attachments identified therein, (2) the Product Terms applicable to Products licensed under this Agreement, (3) the Online Services Terms, (4) any Affiliate Enrollment entered into under this Agreement, and (5) any order submitted under this Agreement. Please note: Documents referenced in this Agreement but not attached to the signature form may be found at http://www.microsoft.com/licensing/contracts and are incorporated in this Agreement by reference, including the Product Terms and Use Rights. These documents may contain additional terms and conditions for Products licensed under this Agreement and may be changed from time to time. Customer should review such documents carefully, both at the time of signing and periodically thereafter, and fully understand all terms and conditions applicable to Products licensed. Terms and Conditions 1. Definitions. “Affiliate” means a. with regard to Customer, (i) any government agency, department, office, instrumentality, division, unit or other entity of the state or local government that is supervised by or is part of Customer, or which supervises Customer or of which Customer is a part, or which is under common supervision with Customer; (ii) any county, borough, commonwealth, city, municipality, town, township, special purpose district, or other similar type of governmental instrumentality established by the laws of Customer’s state and located within Customer’s state jurisdiction and geographic boundaries; and (iii) any other entity in Customer’s state expressly authorized by the laws of Customer’s state to purchase under state contracts; provided that a state and its Affiliates shall not, for purposes of this definition, be considered to be Affiliates of the federal government and its Affiliates; and b. with regard to Microsoft, any legal entity that Microsoft owns, that owns Microsoft, or that is under common ownership with Microsoft. “Customer” means the legal entity that has entered into this Agreement with Microsoft. “Customer Data” means all data, including all text, sound, software, image, or video files that are provided to Microsoft by, or on behalf of, an Enrolled Affiliate and its Affiliates through use of Online Services. "day" means a calendar day, except for references that specify “business day”. “Enrolled Affiliate” means an entity, either Customer or any one of Customer’s Affiliates that has entered into an Enrollment under this Agreement. Town Council Page 58 of 92 November 17, 2020 “Enrollment” means the document that an Enrolled Affiliate submits under this Agreement to place orders for Products. “Enterprise” means an Enrolled Affiliate and the Affiliates for which it is responsible and chooses on its Enrollment to include in its enterprise. “Fixes” means Product fixes, modifications or enhancements, or their derivatives, that Microsoft either releases generally (such as Product service packs) or provides to Customer to address a specific issue. “License” means the right to download, install, access and use a Product. For certain Products, a License may be available on a fixed term or subscription basis (“Subscription License”). Licenses for Online Services will be considered Subscription Licenses. “Microsoft” means the Microsoft Affiliate that has entered into this Agreement or an Enrollment and its Affiliates, as appropriate. “Online Services” means the Microsoft-hosted services identified as Online Services in the Product Terms. “Online Services Terms” means the additional terms that apply to Customer’s use of Online Services published on the Volume Licensing Site and updated from time to time. “Product” means all products identified in the Product Terms, such as all Software, Online Services and other web-based services, including pre-release or beta versions. “Product Terms” means the document that provides information about Microsoft Products and Professional Services available through volume licensing. The Product Terms document is published on the Volume Licensing Site and is updated from time to time. “SLA” means Service Level Agreement, which specifies the minimum service level for Online Services and is published on the Volume Licensing Site. “Software” means licensed copies of Microsoft software identified on the Product Terms. Software does not include Online Services, but Software may be part of an Online Service. “Software Assurance” is an offering by Microsoft that provides new version rights and other benefits for Products as further described in the Product Terms. “Trade Secret” means information that is not generally known or readily ascertainable to the public, has economic value as a result, and has been subject to reasonable steps under the circumstances to maintain its secrecy. “use” or “run” means to copy, install, use, access, display, run or otherwise interact. “Use Rights” means, with respect to any licensing program, the use rights or terms of service for each Product and version published for that licensing program at the Volume Licensing Site and updated from time to time. The Use Rights include the Product-Specific License Terms, the License Model terms, the Universal License Terms, the Data Protection Terms, and the Other Legal Terms. The Use Rights supersede the terms of any end user license agreement (on-screen or otherwise) that accompanies a Product. “Volume Licensing Site” means http://www.microsoft.com/licensing/contracts or a successor site. 2. How the Enterprise program works. a. General. The Enterprise program consists of the terms and conditions on which an Enrolled Affiliate may acquire Product Licenses. Under the Enterprise program, Customer and its Affiliates may order Licenses for Products by entering into Enrollments. b. Enrollments. The Enterprise program gives Customer and/or its Affiliates the ability to enter into one or more Enrollments to order Products. Subscription Enrollments may be available for some of these Enrollments. Notwithstanding any other provision of this Agreement, only Enrolled Affiliates identified in an Enrollment will be responsible for complying with the terms Town Council Page 59 of 92 November 17, 2020 of that Enrollment, including the terms of this Agreement incorporated by reference in that Enrollment. c. Licenses. The types of Licenses available are (1) Licenses obtained under Software Assurance (L&SA), and (2) Subscription Licenses. These License types, as well as additional License Types, are further described in the Product List. 3. Licenses for Products. a. License Grant. Microsoft grants the Enterprise a non-exclusive, worldwide and limited right to download, install and use software Products, and to access and use the Online Services, each in the quantity ordered under an Enrollment. The rights granted are subject to the terms of this Agreement, the Use Rights and the Product Terms. Microsoft reserves all rights not expressly granted in this Agreement. b. Duration of Licenses. Subscription Licenses and most Software Assurance rights are temporary and expire when the applicable Enrollment is terminated or expires, unless the Enrolled Affiliate exercises a buy-out option, which is available for some Subscription Licenses. Except as otherwise noted in the applicable Enrollment or Use Rights, all other Licenses become perpetual only when all payments for that License have been made and the initial Enrollment term has expired. c. Applicable Use Rights. The latest Use Rights as updated from time to time, apply to the use of all Products, subject to the following exceptions. (i) For products with metered usage-based pricing (e.g. metered Microsoft Azure Services) Material adverse changes published after the start of a calendar month will apply beginning the following month. (ii) For Versioned Software. Material adverse changes published after the date a Product is first licensed will not apply to any licenses for that Product acquired during the applicable Enrollment term unless the changes are published with the release of a new version and Customer chooses to update to that version. Renewal of Software Assurance does not change which Use Rights apply to perpetual Licenses acquired during a previous term or Enrollment (iii) For all other Products (e.g. Office 365 services). Material adverse changes published after the start of the subscription term will not apply to any licenses for that Product acquired during the applicable Enrollment term. (iv) For use rights granted through Software Assurance. Material adverse changes published after the date a Product is first licensed will not apply to any licenses for that Product during the applicable enrollment term unless the changes are published with the release of a new version and Customer chooses to update to that version. d. Downgrade rights. Enrolled Affiliate may use an earlier version of a Product other than Online Services than the version that is current on the effective date of the Enrollment. For Licenses acquired in the current Enrollment term, the Use Rights for the current version apply to the use of the earlier version. If the earlier Product version includes features that are not in the new version, then the Use Rights applicable to the earlier version apply with respect to those features. e. New Version Rights under Software Assurance. Enrolled Affiliate must order and maintain continuous Software Assurance coverage for each License ordered. With Software Assurance coverage, Enterprise automatically has the right to use a new version of a licensed Product as soon as it is released, even if Enrolled Affiliate chooses not to use the new version immediately. (i) Except as otherwise permitted under an Enrollment, use of the new version will be subject to the new version’s Use Rights. Town Council Page 60 of 92 November 17, 2020 (ii) If the License for the earlier version of the Product is perpetual at the time the new version is released, the License for the new version will also be perpetual. Perpetual Licenses obtained through Software Assurance replace any perpetual Licenses for the earlier version. f. License confirmation. This Agreement, the applicable Enrollment, Enrolled Affiliate’s order confirmation, and any documentation evidencing transfers of perpetual Licenses, together with proof of payment, will be Enrolled Affiliate’s evidence of all Licenses obtained under an Enrollment. g. Reorganizations, consolidations and privatizations. If the number of Licenses covered by an Enrollment changes by more than ten percent as a result of (1) a reorganization, consolidation or privatization of an entity or an operating division, (2) a privatization of an Affiliate or an operating division of Enrolled Affiliate or any of its Affiliates, or (3) a consolidation including a merger with a third party that has an existing agreement or Enrollment, Microsoft will work with Enrolled Affiliate in good faith to determine how to accommodate its changed circumstances in the context of this Agreement. 4. Making copies of Products and re-imaging rights. a. General. Enrolled Affiliate may make as many copies of Products, as it needs to distribute them within the Enterprise. Copies must be true and complete (including copyright and trademark notices) from master copies obtained from a Microsoft approved fulfillment source. Enrolled Affiliate may use a third party to make these copies, but Enrolled Affiliate agrees it will be responsible for any third party’s actions. Enrolled Affiliate agrees to make reasonable efforts to notify its employees, agents, and any other individuals who use the Products that the Products are licensed from Microsoft and subject to the terms of this Agreement. b. Copies for training/evaluation and back-up. For all Products other than Online Services, Enrolled Affiliate may: (1) use up to 20 complimentary copies of any licensed Product in a dedicated training facility on its premises for purposes of training on that particular Product, (2) use up to 10 complimentary copies of any Products for a 60-day evaluation period, and (3) use one complimentary copy of any licensed Product for back-up or archival purposes for each of its distinct geographic locations. Trials for Online Services may be available if specified in the Use Rights. c. Right to re-image. In certain cases, re-imaging is permitted using the Product media. If the Microsoft Product is licensed (1) from an original equipment manufacturer (OEM), (2) as a full packaged Product through a retail source, or (3) under another Microsoft program, then media provided under this Agreement may generally be used to create images for use in place of copies provided through that separate source. This right is conditional upon the following: (i) Separate Licenses must be acquired from the separate source for each Product that is re- imaged. (ii) The Product, language, version, and components of the copies made must be identical to the Product, language, version, and all components of the copies they replace, and the number of copies or instances of the re-imaged Product permitted remains the same. (iii) Except for copies of an operating system and copies of Products licensed under another Microsoft program, the Product type (e.g., Upgrade or full License) re-imaged must be identical to the Product type licensed from the separate source. (iv) Enrolled Affiliate must adhere to any Product-specific processes or requirements for re- imaging identified in the Product Terms. Re-imaged Products remain subject to the terms and use rights of the License acquired from the separate source. This subsection does not create or extend any Microsoft warranty or support obligation. Town Council Page 61 of 92 November 17, 2020 5. Transferring and reassigning Licenses. a. License transfers. License transfers are not permitted, except that Customer or an Enrolled Affiliate may transfer only fully paid perpetual Licenses to: (i) an Affiliate, or (ii) a third party solely in connection with the transfer of hardware or employees to whom the Licenses have been assigned as part of (1) a privatization of an Affiliate or agency or of an operating division of Enrolled Affiliate or an Affiliate, (2) a reorganization, or (3) a consolidation. Upon such transfer, Customer or Enrolled Affiliate must uninstall and discontinue using the licensed Product and render any copies unusable. b. Notification of License Transfer. Enrolled Affiliate must notify Microsoft of a License transfer by completing a license transfer form, which can be obtained from http://www.microsoft.com/licensing/contracts and sending the completed form to Microsoft before the License transfer. No License transfer will be valid unless Enrolled Affiliate provides to the transferee, and the transferee accepts in writing, documents sufficient to enable the transferee to ascertain the scope, purpose and limitations of the rights granted by Microsoft under the licenses being transferred (includingthe applicable Use Rights, use and transfer restrictions, warranties and limitations of liability). Any License transfer not made in compliance with this section will be void. c. Internal Assignment of Licenses and Software Assurance. Licenses and Software Assurance must be assigned to a single user or device within the Enterprise. Licenses and Software Assurance may be reassigned within the Enterprise as described in the Use Rights. 6. Term and termination. a. Term. The term of this Agreement will remain in effect unless terminated by either party as described below. Each Enrollment will have the term provided in that Enrollment. b. Termination without cause. Either party may terminate this Agreement, without cause, upon 60 days ’ written notice. In the event of termination, new Enrollments will not be accepted, but any existing Enrollment will continue for the term of such Enrollment and will continue to be governed by this Agreement. c. Mid-term termination for non-appropriation of Funds. Enrolled Affiliate may terminate this Agreement or an Enrollment without liability, penalty or further obligation to make payments if funds to make payments under the Agreement or Enrollment are not appropriated or allocated by the Enrolled Affiliate for such purpose. d. Termination for cause. Without limiting any other remedies it may have, either party may terminate an Enrollment if the other party materially breaches its obligations under this Agreement, including any obligation to submit orders or pay invoices. Except where the breach is by its nature not curable within 30 days, the terminating party must give the other party 30 days’ notice of its intent to terminate and an opportunity to cure the breach. If Microsoft gives such notice to an Enrolled Affiliate, Microsoft also will give Customer a copy of that notice and Customer agrees to help resolve the breach. If the breach affects other Enrollments and cannot be resolved between Microsoft and Enrolled Affiliate, together with Customer’s help, within a reasonable period of time, Microsoft may terminate this Agreement and all Enrollments under it. If an Enrolled Affiliate ceases to be Customer’s Affiliate, it must promptly notify Microsoft, and Microsoft may terminate the former Affiliate’s Enrollment. If an Enrolled Affiliate terminates its Enrollment as a result of a breach by Microsoft, or if Microsoft terminates an Enrollment because Enrolled Affiliate ceases to be Customer’s Affiliate, then Enrolled Affiliate will have the early termination rights described in the Enrollment. Town Council Page 62 of 92 November 17, 2020 e. Early termination. If (1) an Enrolled Affiliate terminates its Enrollment as a result of a breach by Microsoft, or (2) if Microsoft terminates an Enrollment because the Enrolled Affiliate has ceased to be an Affiliate of Customer, or (3) Enrolled Affiliate terminates an Enrollment for non- appropriation of funds, or (4) Microsoft terminates an Enrollment for non-payment due to non- appropriation of funds, then the Enrolled Affiliate will have the following options: (i) It may immediately pay the total remaining amount due, including all installments, in which case, the Enrolled Affiliate will have perpetual rights for all Licenses it has ordered; or (ii) It may pay only amounts due as of the termination date, in which case the Enrolled Affiliate will have perpetual Licenses for: 1) all copies of Products (including the latest version of Products ordered under SA coverage in the current term) for which payment has been made in full, and 2) the number of copies of Products it has ordered (including the latest version of Products ordered under Software Assurance coverage in current term) that is proportional to the total of installment payments paid versus total amounts due (paid and payable) if the early termination had not occurred. (iii) In the case of early termination under subscription Enrollments, Enrolled Affiliate will have the following options: 1) For eligible Products, Enrolled Affiliate may obtain perpetual Licenses as described in the section of the Enrollment titled “Buy-out option,” provided that Microsoft receives the buy-out order for those Licenses within 60 days after Enrolled Affiliate provides notice of termination. 2) In the event of a breach by Microsoft, if Customer chooses not to exercise a buy-out option, Microsoft will issue Enrolled Affiliate a credit for any amount paid in advance for Subscription Licenses that the Enterprise will not be able to use to do the termination of the Enrollment. Nothing in this section shall affect perpetual License rights acquired either in a separate agreement or in a prior term of the terminated Enrollment. f. Effect of termination or expiration. When an Enrollment expires or is terminated, (i) Enrolled Affiliate must order Licenses for all copies of Products it has run for which it has not previously submitted an order. Any and all unpaid payments for any order of any kind remain due and payable. Except as provided in the subsection titled “Early termination,” all unpaid payments for Licenses immediately become due and payable. (ii) Enrolled Affiliate’s right to Software Assurance benefits under this Agreement ends if it does not renew Software Assurance. g. Modification or termination of an Online Service for regulatory reasons. Microsoft may modify or terminate an Online Service where there is any current or future government requirement or obligation that: (1) subjects Microsoft to any regulation or requirement not generally applicable to businesses operating in the jurisdiction; (2) presents a hardship for Microsoft to continue operating the Online Service without modification; and/or (3) causes Microsoft to believe these terms or the Online Service may conflict with any such requirement or obligation. h. Program updates. Microsoft may make changes to this program that will make it necessary for Customer and its Enrolled Affiliates to enter into new agreements and Enrollments at the time of an Enrollment renewal. Town Council Page 63 of 92 November 17, 2020 7. Use, ownership, rights, and restrictions. a. Products. Unless otherwise specified in a supplemental agreement, use of any Product is governed by the Use Rights specific to each Product and version and by the terms of the applicable supplemental agreement. b. Fixes. Each Fix is licensed under the same terms as the Product to which it applies. If a Fix is not provided for a specific Product, any use rights Microsoft provides with the Fix will apply. c. Non-Microsoft software and technology. Enrolled Affiliate is solely responsible for any non- Microsoft software or technology that it installs or uses with the Products or Fixes. d. Restrictions. Enrolled Affiliate must not (and is not licensed to) (1) reverse engineer, decompile, or disassemble any Product or Fix; (2) install or use non-Microsoft software or technology in any way that would subject Microsoft’s intellectual property or technology to any other license terms; or (3) work around any technical limitations in a Product or Fix or restrictions in Product documentation. Customer must not (and is not licensed to) (1) separate and run parts of a Product or Fix on more than one device, upgrade or downgrade parts of a Product or Fix at different times, or transfer parts of a Product or Fix separately; or (2) distribute, sublicense, rent, lease, lend any Products or Fixes, in whole or in part, or use them to offer hosting services to a third party. e. Reservation of rights. Products and Fixes are protected by copyright and other intellectual property rights laws and international treaties. Microsoft reserves all rights not expressly granted in this agreement. No rights will be granted or implied by waiver or estoppel. Rights to access or use Software on a device do not give Customer any right to implement Microsoft patents or other Microsoft intellectual property in the device itself or in any other software or devices. 8. Confidentiality. “Confidential Information” is non-public information that is designated “confidential” or that a reasonable person should understand is confidential, including Customer Data. Confidential Information does not include information that (1) becomes publicly available without a breach of this agreement, (2) the receiving party received lawfully from another source without a confidentiality obligation, (3) is independently developed, or (4) is a comment or suggestion volunteered about the other party’s business, products or services. Each party will take reasonable steps to protect the other’s Confidential Information and will use the other party’s Confidential Information only for purposes of the parties’ business relationship. Neither party will disclose that Confidential Information to third parties, except to its employees, Affiliates, contractors, advisors and consultants (“Representatives”) and then only on a need-to-know basis under nondisclosure obligations at least as protective as this agreement. Each party remains responsible for the use of the Confidential Information by its Representatives and, in the event of discovery of any unauthorized use or disclosure, must promptly notify the other party. A party may disclose the other’s Confidential Information if required by law; but only after it notifies the other party (if legally permissible) to enable the other party to seek a protective order. Neither party is required to restrict work assignments of its Representatives who have had access to Confidential Information. Each party agrees that the use of information retained in Representatives’ unaided memories in the development or deployment of the parties’ respective products or services does not create liability under this Agreement or trade secret law, and each party agrees to limit what it discloses to the other accordingly. These obligations apply (1) for Customer Data until it is deleted from the Online Services, and (2) for all other Confidential Information, for a period of five years after a party receives the Confidential Information. Town Council Page 64 of 92 November 17, 2020 9. Privacy and compliance with laws. a. Enrolled Affiliate consents to the processing of personal information by Microsoft and its agents to facilitate the subject matter of this Agreement. Enrolled Affiliate will obtain all required consents from third parties under applicable privacy and data protection law before providing personal information to Microsoft. b. Personal information collected under this agreement (1) may be transferred, stored and processed in the United States or any other country in which Microsoft or its service providers maintain facilities and (2) will be subject to the privacy terms specified in the Use Rights. Microsoft will abide by the requirements of European Economic Area and Swiss data protection law regarding the collection, use, transfer, retention, and other processing of personal data from the European Economic Area and Switzerland. c. U.S. export. Products and Fixes are subject to U.S. export jurisdiction. Enrolled Affiliate must comply with all applicable international and national laws, including the U.S. Export Administration Regulations and International Traffic in Arms Regulations, and end-user, end use and destination restrictions issued by U.S. and other governments related to Microsoft products, services and technologies. 10. Warranties. a. Limited warranties and remedies. (i) Software. Microsoft warrants that each version of the Software will perform substantially as described in the applicable Product documentation for one year from the date the Enterprise is first licensed for that version. If it does not and the Enterprise notifies Microsoft within the warranty term, then Microsoft will, at its option (1) return the price Enrolled Affiliate paid for the Software license, or (2) repair or replace the Software. (ii) Online Services. Microsoft warrants that each Online Service will perform in accordance with the applicable SLA during the Enterprise’s use. The Enterprise’s remedies for breach of this warranty are in the SLA. The remedies above are the Enterprise’s sole remedies for breach of the warranties in this section. Customer waives any breach of warranty claims not made during the warranty period. b. Exclusions. The warranties in this agreement do not apply to problems caused by accident, abuse, or use in a manner inconsistent with this Agreement, including failure to meet minimum system requirements. These warranties do not apply to free, trial, pre-release, or beta products, or to components of Products that Enrolled Affiliate is permitted to redistribute. c. Disclaimer. Except for the limited warranties above, Microsoft provides no other warranties or conditions and disclaims any other express, implied, or statutory warranties, including warranties of quality, title, non-infringement, merchantability, and fitness for a particular purpose. 11. Defense of third party claims. The parties will defend each other against the third-party claims described in this section and will pay the amount of any resulting adverse final judgment or approved settlement, but only if the defending party is promptly notified in writing of the claim and has the right to control the defense and any settlement of it. The party being defended must provide the defending party with all requested assistance, information, authority, and must take all reasonable action to mitigate its losses arising from the third-party claim. The defending party will reimburse the other party for reasonable out-of-pocket expenses it incurs in providing assistance. This section describes the parties’ sole remedies and entire liability for such claims. a. By Microsoft. Microsoft will defend Enrolled Affiliate against any third-party claim to the extent it alleges that a Product or Fix made available by Microsoft for a fee and used within the scope Town Council Page 65 of 92 November 17, 2020 of the license granted (unmodified from the form provided by Microsoft and not combined with anything else) misappropriates a trade secret or directly infringes a patent, copyright, trademark or other proprietary right of a third party. If Microsoft is unable to resolve a claim of infringement under commercially reasonable terms, it may, at its option, either (1) modify or replace the Product or Fix with a functional equivalent; or (2) terminate Enrolled Affiliate’s license and refund any prepaid license fees (less depreciation on a five-year, straight-line basis) for perpetual licenses and any amount paid for Online Services for any usage period after the termination date. Microsoft will not be liable for any claims or damages due to Enrolled Affiliate’s continued use of a Product or Fix after being notified to stop due to a third-party claim. b. By Enrolled Affiliate. To the extent permitted by applicable law, Enrolled Affiliate will defend Microsoft against any third-party claim to the extent it alleges that: (1) any Customer Data or non-Microsoft software hosted in an Online Service by Microsoft on Enrolled Affiliate's behalf misappropriates a trade secret or directly infringes a patent, copyright, trademark, or other proprietary right of a third party; or (2) Enrolled Affiliate’s use of any Product or Fix, alone or in combination with anything else, violates the law or damages a third party. 12. Limitation of liability. For each Product, each party’s maximum, aggregate liability to the other under this Agreement is limited to direct damages finally awarded in an amount not to exceed the amounts Enrolled Affiliate paid for the applicable Products during the term of this Agreement, subject to the following: a. Online Services. For Online Services, Microsoft’s maximum liability to Enrolled Affiliate for any incident giving rise to a claim will not exceed the amount Enrolled Affiliate paid for the Online Service during the 12 months before the incident. b. Free Products and Distributable Code. For Products provided free of charge and code that Enrolled Affiliate is authorized to redistribute to third parties without separate payment to Microsoft, Microsoft’s liability is limited to direct damages finally awarded up to US$5,000. c. Exclusions. In no event will either party be liable for indirect, incidental, special, punitive, or consequential damages, or for loss of use, loss of business information, loss of revenue, or interruption of business, however caused or on any theory of liability. d. Exceptions. No limitation or exclusions will apply to liability arising out of either party’s (1) confidentiality obligations (except for all liability related to Customer Data, which will remain subject to the limitations and exclusions above); (2) defense obligations; or (3) violation of the other party’s intellectual property rights. 13. Verifying compliance. a. Right to verify compliance. Enrolled Affiliate must keep records relating to all use and distribution of Products by Enrolled Affiliate and its Affiliates. Microsoft has the right, at its expense, to the extent permitted by applicable law, to verify such compliance with the Product’s license terms. Microsoft will engage an independent auditor and Enrolled Affiliate must provide the independent auditor with any information the auditor reasonably requests in furtherance of the verification, including visible access to systems running the Products and evidence of Licenses for Products Enrolled Affiliate hosts, sublicenses, or distributes to third parties. Enrolled Affiliate must provide, without undue delay, the foregoing information and access upon request of the independent auditor b. Verification process. Microsoft will notify Enrolled Affiliate at least 30 calendar days in advance of its intent to verify Enrolled Affiliate’s compliance with the license terms for the Products Enrolled Affiliate use or distribute. The independent auditor is subject to a confidentiality obligation sufficient to cover the auditor’s engagement with Enrolled Affiliate for the verification process. Enrolled Affiliate may, at its discretion, also require a mutually agreeable confidentiality agreement with the independent auditor for access to premises, data Town Council Page 66 of 92 November 17, 2020 and systems. Such confidentiality agreement between Enrolled Affiliate and auditor must be completed within fourteen (14) days of such request, and shall not restrict the ability for the independent auditor to accurately verify compliance and share the resulting information with Microsoft. Any information collected will be used solely for purposes of determining Enrolled Affiliate’s compliance. This verification will take place during normal business hours and the auditor will make best efforts not to interfere with Enrolled Affiliate’s operations during the course of the audit. c. Remedies for non-compliance. If verification reveals any use of Products without applicable license rights, then within 30 days Enrolled Affiliate must order sufficient licenses to cover its use, and, if such use or distribution is determined to be in excess of Enrolled Affiliate’s existing licenses by 5% or more of the audited environment(s) in aggregate, then Enrolled Affiliate must reimburse Microsoft for the costs Microsoft incurred in obtaining the verification and acquire the necessary additional licenses. Such licenses will be obtained at 125% of the price, based on the then-current price list. The use percentage is based on the total number of Products used without applicable liscense rights (as described above) compared to the total Product use. If it is verified that Product use is sufficiently licensed, Microsoft will not require the Enterprise to engage in another verification for at least one year. By exercising the rights and procedures described above, Microsoft does not waive its rights to enforce its rights under these Additional Use Rights and Restrictions or to protect its intellectual property by any other legal or contractual means. 14. Miscellaneous. a. Use of contractors. Microsoft may use contractors to perform services but will be responsible for their performance subject to the terms of this Agreement. b. Microsoft as independent contractor. The parties are independent contractors. Enrolled Affiliate and Microsoft each may develop products independently without using the other’s Confidential Information. c. Notices. Notices to Microsoft must be sent to the address on the signature form. Notices must be in writing and will be treated as delivered on the date shown on the return receipt or on the courier or fax confirmation of delivery. Microsoft may provide information to Enrolled Affiliate about upcoming ordering deadlines, services, and subscription information in electronic form, including by email to contacts provided by Enrolled Affiliate. Emails will be treated as delivered on the transmission date. d. Agreement not exclusive. Customer is free to enter into agreements to license, use or promote non-Microsoft products. e. Amendments. Any amendment to this Agreement must be executed by both parties, except that Microsoft may change the Product Terms and the Use Rights from time to time in accordance with the terms of this Agreement. Any conflicting terms and conditions contained in an Enrolled Affiliate’s purchase order will not apply. Microsoft may require Customer to sign a new agreement or an amendment before an Enrolled Affiliate enters into an Enrollment under this agreement. f. Assignment. Either party may assign this Agreement to an Affiliate but must notify the other party in writing of the assignment. Any other proposed assignment must be approved by the non-assigning party in writing. Assignment will not relieve the assigning party of its obligations under the assigned agreement. Any attempted assignment without required approval will be void. g. Applicable law; dispute resolution. The terms of this Agreement will be governed by the laws of Customer’s state, without giving effect to its conflict of laws. Disputes relating to this Agreement will be subject to applicable dispute resolution laws of Customer’s state. Town Council Page 67 of 92 November 17, 2020 h. Severability. If any provision in this agreement is held to be unenforceable, the balance of the agreement will remain in full force and effect. i. Waiver. Failure to enforce any provision of this agreement will not constitute a waiver. Any waiver must be in writing and signed by the waiving party. j. No third-party beneficiaries. This Agreement does not create any third-party beneficiary rights. k. Survival. All provisions survive termination or expiration of this Agreement except those requiring performance only during the term of the Agreement. l. Management and Reporting. Customer and/or Enrolled Affiliate may manage account details (e.g., contacts, orders, Licenses, software downloads) on Microsoft’s Volume Licensing Service Center (“VLSC”) web site (or successor site) at: https://www.microsoft.com/licensing/servicecenter. Upon the effective date of this Agreement and any Enrollments, the contact(s) identified for this purpose will be provided access to this site and may authorize additional users and contacts. m. Order of precedence. In the case of a conflict between any documents in this Agreement that is not expressly resolved in those documents, their terms will control in the following order from highest to lowest priority: (1) this Enterprise Agreement, (2) any Enrollment, (3) the Product Terms, (4) the Online Services Terms, (5) orders submitted under this Agreement, and (6) any other documents in this Agreement. Terms in an amendment control over the amended document and any prior amendments concerning the same subject matter. n. Free Products. It is Microsoft's intent that the terms of this Agreement and the Use Rights be in compliance with all applicable federal law and regulations. Any free Product provided to Enrolled Affiliate is for the sole use and benefit of the Enrolled Affiliate and is not provided for use by or personal benefit of any specific government employee. o. Voluntary Product Accessibility Templates. Microsoft supports the government’s obligation to provide accessible technologies to its citizens with disabilities as required by Section 508 of the Rehabilitation Act of 1973, and its state law counterparts. The Voluntary Product Accessibility Templates (“VPATs”) for the Microsoft technologies used in providing the Online Services can be found at Microsoft’s VPAT page. Further information regarding Microsoft’s commitment to accessibility can be found at http://www.microsoft.com/enable. p. Natural disaster. In the event of a “natural disaster,” Microsoft may provide additional assistance or rights by posting them on http://www.microsoft.com at such time. q. Copyright violation. Except as set forth in the section above entitled “Transferring and reassigning Licenses”, the Enrolled Affiliate agrees to pay for, and comply with the terms of this Agreement and the Use Rights, for the Products it uses. Except to the extent Enrolled Affiliate is licensed under this Agreement, it will be responsible for its breach of this contract and violation of Microsoft’s copyright in the Products, including payment of License fees specified in this Agreement for unlicensed use. Town Council Page 68 of 92 November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-326-T Name: Status:Type:Agenda Item Draft File created:In control:10/19/2020 Town Council On agenda:Final action:11/17/2020 Title:Take appropriate action adopting Ordinance 2020-20 Canvassing the Official Returns and declaring the Election Results of the Town’s General/Special Elections held on November 3, 2020 for the purpose of electing one (1) Mayor, one (1) Council Member for Place No. 1, and one (1) Council Member for Place No. 2 for full terms of office expiring May 2023 (L. Vacek). Attachments:Staff Report - Canvassing Election Results.pdf ORD. 2020-20 Canvassing November 3, 2020 General Election.pdf Action ByDate Action ResultVer. Take appropriate action adopting Ordinance 2020-20 Canvassing the Official Returns and declaring the Election Results of the Town’s General/Special Elections held on November 3, 2020 for the purpose of electing one (1) Mayor, one (1) Council Member for Place No. 1, and one (1) Council Member for Place No. 2 for full terms of office expiring May 2023 (L. Vacek). Town Council Page 69 of 92 November 17, 2020 To: Mayor and Town Council From: Leticia Vacek, Town Secretary/RMO CC: Steve Norwood, Town Manager Re: Ordinance 2020-20 and Ordinance 2020-21 – Canvassing Election Results November 17, 2020 Agenda Item: Consider and take appropriate action regarding the adoption of the Ordinances Canvassing the Official Election Returns. Strategic Link: Administrative & Financial Services – Exercise Administrative processes after Election Day. Background and Explanation: Please note that the Official Results from Denton County will be provided during the weekend, thus we have not included unofficial returns. Tarrant County has provided their Official Report and those results are included. Financial Considerations: Not applicable Legal Review: Not applicable Staff Recommendation: Staff will provide the Official Returns upon receipt. At November 17, 2020 Town Council Meeting, we will also provide copies of the Denton County Official Returns. Attachments: • Ordinance 2020-20 and Ordinance 2020-21 Town Council Page 70 of 92 November 17, 2020 Town CouncilPage 71 of 92November 17, 2020 Town CouncilPage 72 of 92November 17, 2020 Town CouncilPage 73 of 92November 17, 2020 Town CouncilPage 74 of 92November 17, 2020 Town CouncilPage 75 of 92November 17, 2020 Town CouncilPage 76 of 92November 17, 2020 Town CouncilPage 77 of 92November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-337-T Name: Status:Type:Agenda Item Draft File created:In control:10/27/2020 Town Council On agenda:Final action:11/17/2020 Title:Take appropriate action adopting Ordinance 2020-21 Canvassing the Official Returns and declaring the Election Results of the Town’s Special Charter Amendment Election held on November 3, 2020 (L. Vacek). Attachments:Staff Report - Canvassing Election Results.pdf ORD. 2020-21 Canvassing Returns of November 3, 2020 Charter Amendment Election.pdf Action ByDate Action ResultVer. Take appropriate action adopting Ordinance 2020-21 Canvassing the Official Returns and declaring the Election Results of the Town’s Special Charter Amendment Election held on November 3, 2020 (L. Vacek). Town Council Page 78 of 92 November 17, 2020 Town CouncilPage 79 of 92November 17, 2020 Town CouncilPage 80 of 92November 17, 2020 Town CouncilPage 81 of 92November 17, 2020 Town CouncilPage 82 of 92November 17, 2020 Town CouncilPage 83 of 92November 17, 2020 Town CouncilPage 84 of 92November 17, 2020 Town CouncilPage 85 of 92November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-345-T Name: Status:Type:Agenda Item Draft File created:In control:11/4/2020 Town Council On agenda:Final action:11/17/2020 Title:Issuance of Certificates of Election (Mayor Sanders). *Council Member Place 1, Greg Lamont *Council Member Place 2, Greg Wilson *Mayor, Alicia L. Fleury Attachments: Action ByDate Action ResultVer. Issuance of Certificates of Election (Mayor Sanders). *Council Member Place 1, Greg Lamont *Council Member Place 2, Greg Wilson *Mayor, Alicia L. Fleury Town Council Page 86 of 92 November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-329-T Name: Status:Type:Agenda Item Draft File created:In control:10/21/2020 Town Council On agenda:Final action:11/17/2020 Title:Ceremonial Swearing-In of Greg Lamont, Town of Trophy Club Council Member Place 1 (Mayor Sanders). Attachments: Action ByDate Action ResultVer. Ceremonial Swearing-In of Greg Lamont, Town of Trophy Club Council Member Place 1 (Mayor Sanders). Town Council Page 87 of 92 November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-328-T Name: Status:Type:Agenda Item Draft File created:In control:10/21/2020 Town Council On agenda:Final action:11/17/2020 Title:Ceremonial Swearing-In of Greg Wilson, Town of Trophy Club Council Member Place 2 (Mayor Sanders). Attachments: Action ByDate Action ResultVer. Ceremonial Swearing-In of Greg Wilson, Town of Trophy Club Council Member Place 2 (Mayor Sanders). Town Council Page 88 of 92 November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-330-T Name: Status:Type:Agenda Item Draft File created:In control:10/21/2020 Town Council On agenda:Final action:11/17/2020 Title:Ceremonial Swearing-In of Alicia Fleury, Mayor of Trophy Club (Mayor Sanders). Attachments: Action ByDate Action ResultVer. Ceremonial Swearing-In of Alicia Fleury, Mayor of Trophy Club (Mayor Sanders). Town Council Page 89 of 92 November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-350-T Name: Status:Type:Agenda Item Draft File created:In control:11/12/2020 Town Council On agenda:Final action:11/17/2020 Title:Take appropriate action regarding the Mayor Pro Tem Selection (A. Fleury). Attachments: Action ByDate Action ResultVer. Take appropriate action regarding the Mayor Pro Tem Selection (A. Fleury). Town Council Page 90 of 92 November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-346-T Name: Status:Type:Agenda Item Draft File created:In control:11/9/2020 Town Council On agenda:Final action:12/8/2020 Title:Pursuant to the following designated sections of the Texas Government Code, Annotated, Chapter 551 (Texas Open Meetings Act), the Council will convene into executive session to discuss the following: a) Section 551.087 Deliberate Economic Development Negotiations regarding a commercial prospect. Attachments: Action ByDate Action ResultVer. Pursuant to the following designated sections of the Texas Government Code, Annotated, Chapter 551 (Texas Open Meetings Act), the Council will convene into executive session to discuss the following: a) Section 551.087 Deliberate Economic Development Negotiations regarding a commercial prospect. Town Council Page 91 of 92 November 17, 2020 1 Trophy Wood Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12020-347-T Name: Status:Type:Resolution Draft File created:In control:11/9/2020 Town Council On agenda:Final action:11/17/2020 Title:Take appropriate action regarding Executive Session. Attachments: Action ByDate Action ResultVer. Take appropriate action regarding Executive Session. Town Council Page 92 of 92 November 17, 2020