Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas Adopting and Approving the Texas Term Sheet
Requested Action
Approve the Texas Term Sheet in its entirety.
Recommendation
Staff recommends that the City Council of the City of Mansfield, Texas approve and adopt the Texas Term Sheet.
Description/History
On May 13, 2020 the State of Texas, through the Office of the Attorney General and a negotiation group for the Texas political subdivisions negotiated a settlement with an opioid manufacturer and three major pharmaceutical distributors entitled Texas Opioid Abatement Fund Council and Settlement Allocation Term Sheet (Texas Term Sheet) for their roles in the opioid crisis. On June 16, 2021 SB 1827 entitled An Act Relating to the Creation of the Opioid Abatement Account was passed codifying the Texas Term Sheet and establishing the Texas Opioid Council to ensure the funds recovered by the State of Texas are allocated fairly and efficiently to remediate the opioid crisis in Texas.
Political subdivisions have until approximately January 2, 2022 to adopt and approve the Texas Term Sheet. The amount of the settlement received by the State of Texas will be determined by the number of subdivisions adopting the Texas Term Sheet.
Justification
The City of Mansfield, Texas will be awarded funds to assist with local efforts combat the effects of the opioid crisis.
Funding Source
N/A
Prepared By
Troy Lestina, Chief Financial Officer, 817-276-4258