HomeMy WebLinkAboutResolution 3509-08-2007A Resolution
NO 3509-08-2007
A Resolution for the Employment of Dana Stayton and Dan Settle
with the law firm Kelly, Hart & Hallman LLP as Outside Legal
Counsel to Advise the City Regarding the Management of Gas Well
Revenue.
WHEREAS, the City of Fort Worth requires legal assistance and advice regarding issues related to the
management of gas well- revenue, and
WHEREAS a specific need has arisen that requires the services of an attorney with experience in
investment law• and
WHEREAS Dana Stayton and Dan Settle with the law firm of Kelly Hart & Hallman, LLP have
substantial expertise m the area of investment law and have agreed to assist the City m this
matter
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS
That the City Attorney is hereby authorized to retain Dana Stayton and Dan Settle with the law
firm of Kelly Hart & Hallman LLP as outside counsel pursuant to Chapter VI Section 3 of the City
Charter to assist and advise the City Attorney in the undertaking of certain procedures related to the
management of the City's gas well revenue
That, as far as practicable, the compensation to be paid to the law firm of Kelly Hart & Hallman
LLP shall not exceed $25 000
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ADOPTED this 9th day of August 2007
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Marty Hendrix
City Secretary~r~~
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APPROVED
CITY COUNCIL
AUG 0 9 2007
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City Secretary of the
City of Forl Worth, Texas
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 8/9/2007 Res No 3509-08-2007 and Ord No 17682-08-
2007
DATE Thursday August 09 2007
LOG NAME 12GASREVMANAG REFERENCE NO **G 15803
SUBJECT
Adopt Resolution Authorizing the Employment of Outside Counsel to Assist and Advise the City
regarding the Management of Gas Well Revenue and Adopt Appropriation Ordinance
RECOMMENDATION
It is recommended that the City Council
1 Adopt the attached appropriation ordinance increasing appropriations in the General Fund in the amount
of $25 000 and decreasing the unreserved undesignated fund balance by the same amount;
2. Authorize the City to retain Dana Stayton and Dan Settle with the law firm of Kelly Hart and Hallman
LLP as outside counsel pursuant to Chapter VI Section 3 of the City Charter to assist the City Attorney
with legal issues regarding the City's management of the City's gas well revenue and
3 Adopt the attached resolution fixing in advance as far as practicable the amount to be paid to Kelly Hart
and Hallman LLP in an amount not to exceed $25 000
DISCUSSION
On April 17 2007 the City Council approved Resolution No 3475-04-2007 creating the Gas Well
Revenues Financial Management Strategies Ad Hoc Committee. The Committee was charged with
considering and making recommendations to the City Council on gas well revenue management strategies
that would maximize the impact of the City's gas revenues create the most effective expenditure and
investment model to provide substantial benefits to the citizenry in perpetuity and design a productive
effective and dependable endowment management plan which would ensure the perpetual growth of the
fund's corpus
The City Attorney anticipates that numerous complex legislative and investment issues will arise related to
addressing the Committee's charge from the City Council As a result, it is recommended that the law firm of
Kelly Hart & Hallman, LLP be retained to assist the City Attorney in these matters
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that, upon approval of the above recommendations and the adoption of the
attached appropriation ordinance the unreserved undesignated fund balance of the General Fund will be
$2 896 081 which is the amount available above the minimum reserve fund balance of $46 845 951
required by the City's Financial Management Policy Statements (i a 10 percent of the current-year adopted
Logname 12GASREVMANAG Page 1 of 2
budget expenditures less the annual transfer from the General Fund to the Debt Service fund)
TO Fund/Account/Centers
FROM Fund/Account/Centers
Submitted for City Manager's Office ~ Karen Montgomery (6222)
Originating Department Head David Yett (7623)
Additional Information Contact: Sarah Fullenwider (7619)
Logname 12GASREVMANAG
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