HomeMy WebLinkAbout2015/06/16-Minutes-City Council-Special Called CITY OF FORT WORTH, TEXAS
SPECIAL CALLED MEETING
JUNE Ib, 2015
PRESENT:
Mayor Pro Tem Sal Espino, District 2
Council Member Zim Zimmerman, District 3
Council Member Cary Moon, District 4
Council Member Gyna Bivens, District 5
Council Member Jungus Jordan, District 6
Council Member Dennis Shingleton, District 7
Council Member Kelly Allen Gray, District 8
Council Member Ann Zadeh, District 9
ABSENT:
Mayor Betsy Price
STAFF PRESENT:
City Manager David Cooke
City Attorney, Sarah Fullenwider
City Secretary, Mary J. Kayser
1) Call to Order
With a quorum of the City Council Members present, Mayor Pro Tem Espino called the
special called meeting of the Fort Worth City Council to order at 5:10 p.m. on Tuesday,
June 16, 2015, in the Pre Council Chamber of the Fort Worth City Hall, 1000
Throckmorton Street, Fort Worth, Texas.
2) Opening Comments
City Manager David Cooke turned the meeting over to Aaron Bovos, Chief Financial
Officer for the City of Fort Worth.
3) Presentation of Proposed Amendments to the Trust Agreement for the Fort Worth
Permanent Fund.
Mr. Bovos introduced Heidi Coombs, Vice President—Fiduciary Advisory Specialist
with Wells Fargo. Mr. Bovos indicated that Ms. Coombs and Charles Watson—Vice
President & Senior Investment Strategist with Wells Fargo (not present) are the trustees
for the Gas Lease Trust.
Mr. Bovos reviewed the recommendation for changes to the Trust.
0 Re-defining Income to include realized net gains from the sale of trust assets
CITY OF FORT WORTH, TEXAS
SPECIAL CALLED MEETING
JUNE 16,2015
Page 2 of 2
• Clarifying the distribution provisions to align with the budget adoption process.
Council will adopt a Trust distribution plan which will be included in the budget
ordinance that includes a distribution schedule. The Trustee will follow the Council
adopted plan and schedule.
He also reviewed the Trust modification process noting that the final step will be a formal
vote on the proposed amendment at the August 25, 2015 Council meeting.
4) Discussion of Proposed Amendments to the Trust Agreement for the Fort Worth
Permanent Fund
It was confirmed that the method of distribution was not proposed for change only the
definition of income.
5) Adjourn
There being no further business, Mayor Pro Tem Espino adjourned the meeting at 5:19
p.m. on Tuesday, June 16,2015.
Attest: Approved:
r
Mary J. Ka&V �' ice
City Secretary Mayor