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HomeMy WebLinkAbout2001-225SI rU ummuWWWn "JWnmbiv Rsovm Sa 1. dac ORDINANCE NO 001-, AN ORDINANCE OF THE CITY OF DENTON, TEXAS AUTHORIZING THE CITY MANAGER TO EXECUTE A PERSONAL SERVICES AGREEMENT FOR ASSET RECOVERY SERVICES WITH GREENBRIAR RECOVERY, INC TO ASSIST DENTON IN RECOVERING DORMANT ASSETS TO WHICH THE CITY IS APPARENTLY ENTITLED, AND PROVIDING AN EFFECTIVE DATE WHEREAS, Greenbnar Recovery, Inc (Greenbnar) has located dormant cash assets in the amount of $42,520 71 which Greenbriar indicates rightfully belongs to the City of Denton, and WHEREAS, the City Council deems it in the public interest to employ Greenbnar on a contingent fee basis of 10% of any cash recovery of the assets if Greenbnar is successful in assisting Denton in recovering those assets, NOW, THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS S CTION 1 That the City Manager is hereby authorized to execute a Personal Services Agreement for asset recovery services with Greenbnar Recovery, Inc to assist the City in recovering dormant cash assets, in substantially the form of the Agreement attached hereto and incorporated herewith by reference SECTION 2 That the City Manager is hereby authorized to make any payments and to take any actions that may be authorized under the attached Agreement S C I N 3 That this ordinance shall become effective immediately upon its passage and approval 4 PASSED AND APPROVED this the — day of 1 Qi , 2001 EULINE BROCK, MAYOR ATTEST JENNIFER WALTERS, CITY SECRETARY 1 APP"VED AS TO LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY BY mv) sw T. um.nWcnm Mw rcmedunxovmr DI C&c STATE OF TEXAS COUNTY OF DENTON PERSONAL SERVICES AGREEMENT FOR ASSET RECOVERY SERVICES This Agreement is made and entered into on the 1 i day of , 2001, by and between the City of Denton, a Texas Municipal Corporation with it principal office at 215 E McKinney Street, Denton, Denton County, Texas 76201 (hereinafter referred to as "Claimant") and Greenbnar Recovery, Inc, P O Box 361358, Los Angeles, CA 90036-9998 (hereinafter referred to as "Greenbnar") WHEREAS, Greenbnar has located dormant cash assets in the amount of $42,520 71 which Greenbnar indicates rightfully belongs to the City of Denton, and WHEREAS, the City of Denton (Claimant) desires to engage Greenbnar to assist it in recovering these cash assets Now, Therefore, in consideration of the promises and mutual undertakings herein contained, the parties agree as follows Upon receipt of this executed agreement, Greenbnar will disclose to the City of Denton the source and nature of exactly $42,520 71 in dormant assets to which claimant is apparently entitled In consideration of Greenbnar's location of and assistance in the recovery of these dormant assets Claimant and Greenbnar agree to the following (a) Greenbnar will at Claimant's discretion use its best efforts to assist the Claimant in the recovery of these assets (b) The Claimant may forego recovery at any time and for any reason and may terminate this Agreement without cause upon giving notice in writing to Greenbnar by faxing such notice to Greenbnar at (323) 936-1088 or by sending said notice to Greenbnar Recovery, Inc at P O Box 361358, Los Angeles, CA 90036-9998 (c) All expenses pertaimng to the recovery process shall be the sole responsibility of Greenbnar (d) No fee commission or other consideration will be due Greenbnar unless the dormant assets, or any part of them, are recovered and delivered to Claimant (e) If Claimant has attempted to obtain or recover these assets within the previous six (6) months of the date of this Agreement and provides reasonable documentation to Greenbnar evidencing this, then Greenbnar will be due no fee or commission regardless of whether it assists in the recovery of the dormant assets or not s Wvr Oocemmu�Caw�wal`Anenbrla Raovery Conbeclau (f) If recovery is pursued on Claimant's behalf by Greenbnar, or as a result of Claimant's or Greenbriar's action and any cash or cash equivalent is received, then Claimant agrees to pay 10% of any cash or cash equivalent recovered to Greenbnar within 30 days of the Claimant's receipt of the funds 2 Greenbnar shall comply with all federal, state, local laws, rules, regulations, and ordinances applicable to the services performed pursuant to this Agreement, as they now may read or hereinafter be amended 3 Greenbriar shall not assign any interest to this Agreement and shall not transfer any interest in this Agreement (whether by assignment, novation or otherwise) without the prior written consent of the Claimant 4 This Agreement, including all exhibits and amendments annexed hereto and made a part hereof, constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all other oral or written representations, understandings or agreements relating to the subject matter hereof The only exhibit attached to this Agreement is the Limited Power of Attorney Letter which is attached to and made a part of this Agreement for all purposes authorizing Greenbnar as its agent for Claimant to collect funds due Denton Venue of any suit or cause of action under this Agreement shall lie exclusively in Denton County, Texas This Agreement shall be governed by and construed in accordance with the laws of the State of Texas 6 This Agreement may be returned to Greenbnar or Claimant by facsimile transmission, in which case the signed facsimile shall be deemed an original Each party represents that it is authorized to enter in to this agreement and that the individual executing this agreement on behalf of the party is authorized to enter into this agreement IN WITNESS WHEREOF, the City of Denton, Texas, has caused this Agreement to be executed by its duly authorized City Manager, and Greenbnar has executed this agreement by its duly authorized official EXECUTED on this the Aday of 2001 CITY OF DENTON, CLAIMANT BY d MICHAEL A CO TY MANAGER Page 2 of 3 S Wur DxummlM'onVVIHA1�OrtmMiv Rmovmy Conyml Eoc ATTEST JENNIFER WALTERS, CITY SECRETARY BY /J)h au idl--, APPROVED AS TO LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY BY GREENBRIAR RECOVERY, INC BY r rf C1iR r /LAA /� /✓rt I I D P"^�` Page 3 of 3