HomeMy WebLinkAboutContract 41146-A1 (2)-YSECRETARY.
WIRACT MO. No
Oil, Gas and Mineral Property Addendum
Attached and made part of that certain managed investment agency account agreement (the
"Agreement") between City of Fort Worth (the "City") and JPMorgan Chase Bank, N.A. At a
reasonable time after the City signs this Addendum, the City will, with respect to the Assets, deliver
to the Bank copies of all relevant documents and/or evidence of ownership necessary to enable the
Bank to perform its duties under this Addendum. The Bank shall be fully authorized to rely upon the
information contained in such documents furnished from time to time by the City. Title to all
properties shall remain in the City and the Bank shall administer and manage such Properties in
accordance with the duties and responsibilities as are set forth below.
§1. The Bank's Authority.
® Verify, approve, resolve discrepancies and execute oil and gas division/transfer order
interests and income received therefrom and to provide electronic copies of such
verification to the City each month.
® Receive from third parties, bonus and royalty payments or funds arising out of Property
transactions specified in the Schedule of Property "Assets".
® Process oil and gas revenues by well, property and producer.
® Maintain existing oil, gas and mineral properties account(s).
® Establish sub -accounts for accounting and distribution purposes as requested by the
City.
2. Disposition of Income. Income received with respect to the account(s) will be:
❑ Credited to the City's demand deposit account # with the Bank monthly or
as the City otherwise directs.
❑ Remitted as the City directs.
❑ Held in a separate account as the City directs.
❑ (Other)
IN WITNESS WHEREOF, the parties hereto have executed this Agreement in multiples this Drib%
day of 1/4.3`1 ,2010.
CITY OF FORT WORTH:
By:
Karen L. Montgomery
Assistant City Manager
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JPMORGACHASEANK `. .A.:
Marty Hendrix
City Secretary
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Name. Adrean M. Boyd
Title: Fiduciary Officer
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APPROVED AS TO FORM AND L )Cth
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Assistant,City Attorney
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
.11-19-10 PO4:33 IN
CONTRACT AIJiHORIZATsON:
M&C: La a3
Date Approved: `° 14108
FORT WORTH
MEMORANDUM
Date: November 17, 2010
To: Greg Jordan, Assistant Financial Management Services Direct
Forward to: Lena H. E11 s . cial Management Services Director/Chief Finan ial Officer
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Forward to: Sarah Full nwider, Senior Assistant CityAttorney
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Forward to: Karen L. Montgomery, Assistant City Manager NOV j. 8 2010
Return to: James Mauldin, City Treasurer y11/' //1L� -‘e -7,3 D
From: James Mauldin, City Treasurer
Subject: JPMorgan Chase Gas -Well Banking Documents
Attached is JPMorgan Chase Specialty Assets Investment Account Agreement and Oil, Gas and
Mineral Property Addendum.
The agreement is required for authorizing the bank to process, track, report, and distribute funds
received for gas well bonuses and royalties.
Short History/Background: The City is involved with a large number of gas well leases generating
various payment streams that must be tracked and reported. In October of 2008, City Council
authorized an agreement with JPMorgan Chase to provide such services. However, through a
communication breakdown, the contract was never executed. Chase has been providing the services
according to the terms of the agreement and staff has worked to hammer out an agreement that is
satisfactory to both sides. The attached agreement and addendum are the result of that work and
require your signature. Once executed, staff will begin immediately on drafting documents for one of
the two authorized one-year extensions.
M&C: C-23126
Attachment(s):
JPMorgan Chase Specialty Assets Investment Account Agreement and Oil, Gas and Mineral
Property Addendum
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