R-12-05-24-F2 - 5/24/2012 RESOLUTION NO. R-12-05-24-F2
WHEREAS, the City of Round Rock ("City") has previously entered into a Depository and
Banking Services Contract with Bank of America, N.A., dated April 26, 2007 ("Contract"), said
Contract providing for expiration on May 31, 2009; and
WHEREAS, Section II of the Contract authorizes the parties to extend the existing Depository
and Banking Services Contract, by mutual agreement, for a period not to exceed the period allowed by
City's Comprehensive Investment Policy; and
WHEREAS, by Resolution No. R-09-05-14-9E2 dated May 14, 2009, said Contract was
extended until May 31, 2011; and
WHEREAS, by Resolution No. R-11-04-14-10A1 dated April 14, 2011, said Contract was
extended until May 31, 2012; and
WHEREAS, City and Bank now wish to extend the Contract monthly, on a month-to-month
basis, until such time as all depository services are in place with a different entity,Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS,
That the Mayor is hereby authorized and directed to execute on behalf of the City an
Agreement Extending Depository and Banking Services Contract with Bank of America, N.A., a copy
of same being attached hereto as Exhibit"A" and incorporated herein for all purposes.
The City Council hereby finds and declares that written notice of the date, hour, place and
subject of the meeting at which this Resolution was adopted was posted and that such meeting was
open to the public as required by law at all times during which this Resolution and the subject matter
hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act,
Chapter 551, Texas Government Code, as amended.
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RESOLVED this 24th day of May, 2012.
ALAN MCGRAW, Mayor
City of Round Rock, Texas
ATTEST:
SARA L. WHITE, City Clerk
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AGREEMENT EXTENDING
DEPOSITORY AND BANKING SERVICES CONTRACT
WHEREAS, the City of Round Rock, Texas (hereinafter referred to as "City/Depositor")
and Bank of America, N.A. (hereinafter referred to as "Bank") entered into that one certain
agreement dated April 26, 2007 (hereinafter referred to as the "Contract") by duly-passed
Resolution No. R-07-04-26-12D1; and
WHEREAS, Section II of said Contract authorizes the parties to extend the existing
Depository and Banking Services Contract, by mutual agreement, for a period not to exceed the
period allowed by City/Depositor's Comprehensive Investment Policy; and
WHEREAS, the terms of the initial Contract provided for an expiration date of May 31,
2009, unless extended by mutual agreement of the parties thereto; and
WHEREAS, by Resolution No. R-09-05-14-9E2 dated May 14, 2009, said Contract was
extended until May 31, 2011; and
WHEREAS, by Resolution No. R-11-04-14-10A1 dated April 14, 2011, said Contract
was extended until May 31, 2012; and
WHEREAS, City/Depositor and Bank now wish to extend the Contract monthly, on a
month-to-month basis, until such time as all depository services are in place with a different
entity;
Now,therefore,the parties agree as follows:
I.
In accordance with the terms of the Contract, the Contract is hereby extended and shall
remain in full force and effect monthly, on a month-to-month basis, until such time as all
depository services are in place with a different entity.
11.
All other terms and provisions of the Contract shall remain unchanged and in full force
and effect.
Executed in multiple originals to be effective on May , 2012, by the undersigned duly
authorized officers of the parties to the Contract.
CITY OF ROUND ROCK,TEXAS FOR CITY,ATTEST:
By: By:
Printed Name: Alan McGraw Sara L. White, City Clerk
Title: Mayor
Date Signed:
FOR CITY,APPROVED AS TO FORM:
By:
Stephan L. Sheets, City Attorney
00248804/jkg
BANK OF AMERICA,N.A.
Printed Name: Kathaleen Ford-Smith
Title: Sr. Vice President
Date Signed: yy���/� Zy J Z
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'fROUNDROCK,TEMS City Council Agenda Summary Sheet
PURPOSE.PASSION.PROSPERITY.
Agenda Item No. F2.—CONSENT AGENDA
Consider a resolution authorizing the Mayor to execute an Agreement extending
Agenda Caption: Depository and Banking Services Contract.
Meeting Date: May 24, 2012
Department: Finance
Staff Person making presentation:
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Item Summary:
The City has entered into a new depository contract with JPMorgan Chase Bank, N.A. effective June 1, 2012. The old
agreement with Bank of America expires on May 31, 2012. This agreement with Bank of America allows the City to
maintain services with Bank of America on a month to month basis until all depository services have been
transitioned over to JPMorgan Chase Bank, N.A.
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Cost: Approximately$13,500 R
Source of Funds: General Fund & Utility Fund
Date of Public Hearing(if required):
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Recommended Action: Approval
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AGREEMENT EXTENDING
DEPOSITORY AND BANKING SERVICES CONTRACT
WHEREAS, the City of Round Rock, Texas (hereinafter referred to as "City/Depositor")
and Bank of America, N.A. (hereinafter referred to as "Bank") entered into that one certain
agreement dated April 26, 2007 (hereinafter referred to as the "Contract") by duly-passed
Resolution No. R-07-04-26-12D1; and
WHEREAS, Section II of said Contract authorizes the parties to extend the existing
Depository and Banking Services Contract, by mutual agreement, for a period not to exceed the
period allowed by City/Depositor's Comprehensive Investment Policy; and
WHEREAS, the terms of the initial Contract provided for an expiration date of May 31,
2009, unless extended by mutual agreement of the parties thereto; and
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WHEREAS, by Resolution No. R-09-05-14-9E2 dated May 14, 2009, said Contract was
extended until May 31, 2011; and
WHEREAS, by Resolution No. R-11-04-14-10A1 dated April 14, 2011, said Contract
was extended until May 31, 2012; and
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WHEREAS, City/Depositor and Bank now wish to extend the Contract monthly, on a
month-to-month basis, until such time as all depository services are in place with a different
entity;
Now, therefore,the parties agree as follows:
1.
In accordance with the terms of the Contract, the Contract is hereby extended and shall
remain in full force and effect monthly, on a month-to-month basis, until such time as all
depository services are in place with a different entity.
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All other terms and provisions of the Contract shall remain unchanged and in full force
and effect.
Executed in multiple originals to be effective on May_*_' 2012, by the undersigned duly
authorized officers of the parties to the Contract.
CITY OF OUND ROCK, TEXAS FOR CITY, ATTEST:
By: By:
Printed ame: Alan McGraw Sara E White, City Cler
Title: Mayor �- �//
Date Signed: �'�(•12,
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FOR CItYj APPROVE AS TO FORM:
By:
Stephan . SheeL.ts, City Attorney
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00248804/jkg
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BANK OF AMERICA,N.A.
By:
Printed Name: Kathaleen Ford-Smith
Title: Sr. Vice President
Date Signed:
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