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Item 7MItem 7M Ordinance No. 903 Amend Existing Franchise Ordinance Between the City of Southlake and TXU Electric Delivery Company Agreement to Resolve Outstanding Franchise Issues TXU Steering Committee and TXU agreement dated January 27, 2006 TXU required to amend existing franchise ordinance between TXU and Cities Revision of Payment Frequency November, 2006 final annual payment for basis period ending 08/31/2006 February 1, 2007 1st Quarterly payment due date for basis period ending 11/30/2006 Extension of Term Agreement term is extended to 5 additional years Expiring October 31, 2011 Questions?