09-10 - Texas Opioid Settlement Documents

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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING THE TEXAS SUBDIVISION AND SPECIAL DISTRICT ELECTION AND RELEASE FORMS RELEASING TEVA, AUTHORIZING THE CITY MANAGER TO EXECUTE ALL DOCUMENTS NECESSARY TO SETTLE AND PARTICIPATION IN THE TEXAS OPIOID LITIGATION; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City of Paris, Texas has obtained information indicating that certain drug companies and their corporate affiliates, parents, subsidiaries, and such other defendants as may be added to the litigation (collectively, "Defendants") have engaged in fraudulent and/or reckless marketing and/or distribution of opioids that have resulted in addictions and overdoses; and WHEREAS, these actions, conduct and misconduct have resulted in significant financial costs to the City; and WHEREAS, on May 13, 2020, the State of Texas, through the Office of the Attorney General, and a negotiation group for Texas political subdivisions entered into an Agreement entitled Texas Opioid Abatement Fund Council and Settlement Allocation Term Sheet (hereafter, the "Texas Term Sheet") approving the allocation of any and all opioid settlement funds within the State of Texas, a copy of which is attached hereto as Exhibit A and incorporated herein by reference; and WHEREAS, Special Counsel and the State of Texas have recommended that the City Council of the City of Paris, Texas support the adoption and approval the Texas Term Sheet in its entirety; NOW, THEREFORE, BE IT RESOLVED that we, the City Council of the City of Paris, Texas: 1. Support the adoption and approval the Texas Term Sheet in its entirety; and 2. Find as follows: a. There is a substantial need for repayment of opioid -related expenditures and payment to abate opioid -related harms in and about the City of Paris; and b. The City Council of the City of Paris, Texas supports in its entirety and hereby adopts the allocation method for opioid settlement proceeds as set forth in the STATE OF TEXAS AND TEXAS POLITICAL SUBDIVISIONS' OPIOID ABATEMENT FUND COUNCIL AND SETTLEMENT ALLOCATION TERM SHEET, attached hereto as Exhibt_A. The City Council understands that the purpose of this Texas Term Sheet is to permit collaboration between the State of Texas and Political Subdivisions to explore and potentially effectuate resolution of the Opioid Litigation against Pharmaceutical Supply Chain Participants as defined therein. 1