HomeMy WebLinkAboutOrdinance 21021-11-2013 Ordinance No. 21021-11-2013
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS IN VARIOUS FUNDS LISTED BELOW IN THE AMOUNT OF
$146,178.41, FROM AVAILABLE FUNDS, FOR THE PURPOSE OF BANKING AND
CONSULTANT SERVICES PROVIDED IN CONJUNCTION WITH THE CITY'S GAS
LEASE PROGRAM; PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS
ORDINANCE CUMULATIVE OF PRIOR ORDINANCES; REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE
DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2012-2013 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Lake
Worth Gas Lease Capital Improvement Fund in the amount of$14,490.49; the Park Gas Lease Project Fund
in the amount of$3,759.71; the Capital Projects Reserve Fund in the amount of$18,028.69; in the Airports
Gas Lease Capital Project Fund in the amount of$40,460.29; in the Golf Gas Lease Capital Project Fund in
the amount of $1,739.12, in the Water and Sewer Gas Lease Capital Projects Fund in the amount of
$1,340.92; in the Park Systern Endowment Gas Lease Fund in the amount of$3,099.70; in the Water and
Sewer Endowment Gas Lease Fund in the amount of$444.86; in the Aviation Endowment Gas Lease Fund
in the amount of$44,904.48 and the General Endowment Gas Lease Fund in the amount of$17,910.15 for a
total amount of $146,178.41, from available funds, for the purpose of banking and consultant services
provided in conjunction with the City's Gas Lease Program.
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or
void for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way
impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining
provisions shall be and remain in full force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance No. 20411-09-2012 and all other ordinances and
appropriations amending the same except in those instances where the provisions of this ordinance are in
direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions
of said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
APPROVED AS TO FORM AND LEGALITY:
N
Assist'2-'t1CLity Attorii-e� Mary J. Kays r�,�
S retary
43�
ADOPTED AND EFFECTIVE: November 5, 2013
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 1115/2013 - Ordinance No. 21021-11-2013;
DATE: Tuesday, November 05, 2013 REFERENCE NO.: G-18056
LOG NAME: 06062050 GAS LEASE CONSULTANT FEES
SUBJECT:
Adopt Appropriation Ordinance to Record Fees in the Amount of$146,178.41 Paid to JPMorgan Chase
Bank, N.A., and Wells Fargo Bank, N.A., in Fiscal Year 2013 for Banking Services Provided in Conjunction
with the City's Gas Lease Program (ALL COUNCIL DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council adopt the attached appropriation ordinance increasing estimated
receipts and appropriations in Fiscal Year 2013 in the following funds in the amount of$146,178.41 from
available funds for banking services provided in conjunction with the City's Gas Lease Program:
1. Lake Worth Gas Lease Capital Improvement Fund in the amount of $14,490.49;
2. Park Gas Lease Project Fund in the amount of$3,759.71;
3. Capital Projects Reserve Fund in the amount of$18,028.69;
4. Airports Gas Lease Project Fund in the amount of$40,460.29;
5. Golf Gas Lease Capital Project Fund in the amount of$1,739.12;
6. Water and Sewer Gas Lease Capital Projects Fund in the amount of$1,340.92;
7. Park System Endowment Gas Lease Fund in the amount of$3,099,70;
8. Water and Sewer Endowment Gas Lease Fund in the amount of$444.86;
9. Aviation Endowment Gas Lease Fund in the amount of$44,904.48; and
10. General Endowment Gas Lease Fund in the amount of$17,910.15.
DISCUSSION:
Since the inception of the City's Gas Lease Program in 2004, the City has entered into banking services
contracts in support of the activities of the program. Fees associated with these contracts have been taken
from bonus and royalty revenues. Periodically, it is necessary to appropriate these previously approved
contract fees as part of the City's financial management activities. The action of this Mayor and Council
Communication (M&C) will be to appropriate the fees for accounting purposes only and will not further
reduce gas lease program revenues.
In March 2004, the City of Fort Worth entered into an Alternative Assets Agency Account Agreement (City
Secretary Contract No. 29698) with Bank One Trust Company which was succeeded by JPMorgan Chase
Bank, N.A. for banking and leasing consultant services to be provided in conjunction with the City's Gas
Lease Program. Since 2004, the JPMorgan Chase Bank, N.A. contract has been renegotiated and revised
on several occasions and currently the contract provides only banking services.
In October 2008, (M&C C-23126) the City Council authorized the JPMorgan Chase banking services
contract (City Secretary Contract No. 41146) in which fees for asset management are $10,000.00 per
month during the term of the contract. This contract was amended in December 2012 (M&C P-11428) and
again in April 2013 (M&C C-26196) to extend the period of banking services until the new contract for
banking and trust services was finalized.
Logname: 06062050 GAS LEASE CONSULTANT FEES Pagel of 3
In December 2012, (M&C P-11467) the City Council approved an Agreement with Wells Fargo Bank,
National Association for banking and trust services for gas and oil mineral assets for five years in which
fees for asset management are $16,000.00 per month.
In June 2013, the banking transition from JPMorgan Chase Bank, N.A., to Wells Fargo Bank was
completed.
In Fiscal Year 2013, total Gas Lease Program revenues were $18,246,858.93 as of August with an
additional $2,997,444.19 received in September, making a total of $21,244,303.12. For accounting
purposes only, this M&C appropriates $146,178.41 for the banking services provided by both banking
institutions as part of the Gas Lease Program through the end of Fiscal Year 2013.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that upon approval of the above recommendations
and adoption of the attached appropriation ordinance, funds will be available in the current capital project
budgets, as appropriated, of the Lake Worth Gas Lease Capital Improvement Fund, Park Gas Well
Leases Fund, Capital Projects Reserve Fund, Airports Gas Lease Project Fund, Golf Gas Lease Capital
Project Fund, Water and Sewer Gas Lease Capital Projects Fund, Park System Endowment Gas Lease
Fund, Water and Sewer Endowment Gas Lease Fund, Aviation Endowment Gas Lease Fund and General
Endowment Gas Lease Fund.
FUND CENTERS:
TO Fun d/Accou nt/C enters FROM Fund/Account/Centers
C246 446200 601159990100 $14,490.49
C246 531260 601159990100 $14,490,49
C282 446200 801929932500 $82.12
C282 531260 801929932500 $82J2
C282 446200 801929964800 $604.92
C282 531260 801929964800 $604.92
C282 446200 801929990300 $3,019.60
C282 531260 801929990300 $3,019.60
GC10 446200 006060001000 $18,028.69
GC10 531260 006060001000 $18,028.69
P240 446200 551929990100 $40,460.29
P240 531260 551929990100 $40,460.29
P243 446200 801929990100 $1,739.12
P243 531260 801929990100 $1,739.12
P245 446200 601149990100 $895.24
P245 531260 601149990100 $895.24
P245 446200 601149990300 $445.68
P245 531260 601149990300 $445.68
T122 446200 080192003371 $3,017.60
T122 531260 080192003371 $3,017.60
T122 446200 080192993251 $82.10
Logname: 06062050 GAS LEASE CONSULTANT FEES Page 2 of 3
T122 531260 080192993251 $82.10
T124 446200 060124099901 $444.86
T124 531260 060124099901 $444.86
T125 446200 055125099901 $44,904.48
T125 531260 055125099901 $44,904.48
T127 446200 006127099901 L17,910.1
1-127 531260 006127099901 11-7,910.1
C282 446200 801929968700 $53,07
C282 531260 801929968700 $5107
CERTIFICATIONS:
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Randle Harwood (6101)
Jean Petr (8367)
Additional Information Contact: Alphonsine Kabasele (8183)
Logname: 06062050 GAS LEASE CONSULTANT FEES Page 3 of 3