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File #: BL2022-1173    Name:
Type: Bill (Ordinance) Status: Passed
File created: 3/25/2022 In control: Metropolitan Council
On agenda: 5/5/2022 Final action: 5/5/2022
Title: An ordinance approving a master agreement between The Metropolitan Government of Nashville and Davidson County and JPMorgan Chase Bank, N.A., for purpose of stabilizing the net expenses incurred in the purchase of gasoline and/or diesel fuel.
Sponsors: Burkley Allen
Attachments: 1. Agreement
title
An ordinance approving a master agreement between The Metropolitan Government of Nashville and Davidson County and JPMorgan Chase Bank, N.A., for purpose of stabilizing the net expenses incurred in the purchase of gasoline and/or diesel fuel.
body
WHEREAS, pursuant to T.C.A. ? 7-51-911, the Metropolitan Government is authorized to enter into a negotiated contract with other financial institutions for the purpose of stabilizing the net expenses incurred in the purchase of gasoline and/or diesel; and,
WHEREAS, it is contemplated that each transaction pursuant to a master agreement will not exceed eighty percent of the annual gasoline and/or diesel fuel quality usage; and,
WHEREAS, it is contemplated that the Director of Finance, the Treasurer or their respective designees will execute each transaction pursuant to the terms of the master agreement, this Ordinance, and the Fuel Cost Management Policy; and,
WHEREAS, it is prudent and advisable for the Metropolitan Government to enter into a master agreement for which the purpose is to acquire bids for a set cost for the purchase of gasoline and diesel fuel which will benefit the budget process of the Metropolitan Government; and,
WHEREAS, in accordance with the Fuel Cost Management Policy, the Fuel Cost Management Program Advisor performed a competitive search to engage financial institutions as counterparties to a master agreement; and,
WHEREAS, it is in the interest of the public welfare of The Metropolitan Government of Nashville and Davidson County to enter into such fuel stabilization agreements.
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That the master agreement and schedule between The Metropolitan Government of Nashville and Davidson County and JPMorgan Chase, N.A., in the form attached hereto is hereby approved and the Director of Finance is authorized to execute the same on behalf of the Metropolitan Governm...

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