HomeMy WebLinkAbout(0004) 06-23-2020 Special Called Trust MINUTESCITY OF FORT WORTH, TEXAS
SPECIAL CALLED MEETING TO DISCUSS AMENDMENTS
TO THE TRUST AGREEMENT FOR THE FORT WORTH PERMANENT FUND
JUNE 23, 2020
PRESENT:
Mayor Betsy Price (Virtual)
Mayor Pro Tem Jungus Jordan, District 6
Council Member Carlos Flores, District 2
Council Member Brian Byrd, District 3
Council Member Cary Moon, District 4
Council Member Gyna Bivens, District 5 (Virtual)
Council Member Dennis Shingleton, District 7
Council Member Kelly Allen Gray, District 8 (Virtual)
Council Member Ann Zadeh, District 9 (Virtual)
STAFF PRESENT:
City Manager David Cooke
Sr. Assistant City Attorney, Denis McElroy
City Secretary, Mary J. Kayser
1) Call to Order
With a quorum of the City Council Members present, Mayor Pro Tem Jordan called the
special called meeting of the Fort Worth City Council to order at 6:43 p.m. on Tuesday,
June 23, 2020, in the City Council Conference Room 290, Fort Worth City Hall, 200 Texas
Street, Fort Worth, Texas.
Mayor Pro Tem Jordan noted that Heidi Coombs, Vice President Wells Fargo, N.A.,
trustee of the Fort Worth permanent Fund was present.
2) Presentation of Proposed Amendments to the Trust Agreement for the Fort Worth
Permanent Fund.
Mayor Pro Tem Jordan turned the meeting over to Reggie Zeno, Chief Financial Officer
for the City of Fort Worth.
Mr. Zeno reviewed the proposed amendment to the Trust Agreement for the Fort Worth
permanent Fund to authorize a one-time distribution of corpus of up to $16, 000.000 with
the intent of funding open space acquisition. The distribution will come from the Park &
Recreation (restricted and unrestricted), Water & Sewer and General endowment sub -
portfolios.
He also reviewed the timeline of the actions necessary to amend the Trust.
CITY OF FORT WORTH, TEXAS
SPECIAL CALLED MEETING
JUNE 23, 2020
Page 2 of 2
3) Discussion of Proposed Amendments to the Trust Agreement for the Fort Worth
Permanent Fund
Council Member Bivens wanted to be sure that property in her district would be eligible
for the funds if it became available.
Council Member Shingleton asked how much would be remaining in the trust after this
disbursement. The answer was $ 56,100,000.
4) Adjourn
There being no further questions or business, Mayor Pro Tem Jordan adjourned the meeting
at 6:50 p.m. on Tuesday, June 23, 2020.
Attest: Approved:
Mary J. Kayser Betsy Price
City Secretary Mayor