HomeMy WebLinkAboutIR 10414 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 20-10414
To the Mayor and Members of the City Council May 19, 2020
Page 1 of 2
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SUBJECT: THE FORT WORTH PERMANENT FUND TRUST AMENDMENT FOR
rrn OPEN SPACE ACQUISITION
The purpose of this Informal Report is to provide some background information on the stand-
alone Resolution on the May 19, 2020 City Council agenda that begins the process to consider a
proposed amendment to The Fort Worth Permanent Fund (the "Trust"), also known as the "Gas
Well Trust", to allow for a one-time disbursement of Trust corpus for open space acquisition.
At the December 3, 2019 City Council work session, a presentation on the "Open Space
Acquisition Program" was provided to the City Council, outlining the importance of preserving
"open space" to enhance the quality of life for the citizens of Fort Worth. In that presentation, Gas
Well Trust funds were listed as a potential funding source. A copy of that presentation
accompanies this report.
If adopted, the Resolution would serve as the required notice to Wells Fargo Bank, N.A. (the
"Trustee") and the Chief Financial Officer that City Council will consider amending the Trust to
allow for a one-time distribution of the Trust corpus totaling up to $16,000,000.00 for open space
acquisition. Providing written notice to the Trustee and CFO is the first step in the six-to-nine
month amendment process outlined in Article V of the Trust Agreement.
This one-time distribution is proposed to be taken, on a pro-rata basis, from the Trust sub-
portfolios, excluding the Aviation sub-portfolio. External restrictions applicable to the Aviation
sub-portfolio make it an unsuitable source for funding general open space acquisition.
The proposed amendment will be structured to allow staff the flexibility to effect the disbursement
when market conditions improve (to avoid realizing portfolio losses).
The process for amending the Trust, as outlined in the Trust Agreement, requires a series of
notices and public hearings. The proposed timeline is as follows:
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 20-10414
To the Mayor and Members of the City Council May 19, 2020
Page 2 of 2
i
i7 Y
SUBJECT: THE FORT WORTH PERMANENT FUND TRUST AMENDMENT FOR
rrn OPEN SPACE ACQUISITION
Proposed Date
Notify Trustee and CFO in writing of proposed amendment May 19, 2020*
(Resolution)
First Council Meeting with Trustee and CFO June 23, 2020
Public Hearing #1 August 4, 2020*
Public Hearing #2 August 11, 2020*
Public Hearing #3 August 18, 2020*
i
Second Council Meeting with Trustee and CFO September 15, 2020
Formal vote on proposed amendment** December 1, 2020*
*Regular Council Meeting
**Requires affirmative vote of at least three-fourths of all members of
the City Council
If you have any questions, please call Senior Assistant City Attorney Denis McElroy, at 817-392-
7600 or John Samford, Assistant Finance Director & City Treasurer, at 817-392-8500.
David Cooke
City Manager
Attachment
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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