R-78-174 - 10/12/1978ROUND ROCK, TEXAS, THAT:
Texas.
ATTEST:
y Secretary
RESOLUTION NO. 174R
WHEREAS, Ordinance No. 560 provides that the City Council shall
select a City Depository for the custody of City Funds;
and
WHEREAS, First National Bank of Round Rock has submitted the most
favorable bid; and
WHEREAS, the bid of First National Bank of Round Rock complies
with all state statutes and City Ordinances;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
The bid of First National Bank of Round.Rock is hereby
selected as the official depository of the City of Round Rock,
,
APPROVED this 12th day of'October, 1978.
L rr
City
ayo 'r -tem'
d Roc Texas
f to
CITY COUNCIL
CITY OF ROUND ROCK
ROUND ROCK, TEXAS
DEPOSITORY B I D FORM
Gentlemen:
The undersigned, a (alit) (national) banking coporation, hereinafter called
Bidder, for the privilege of acting as Depository of the City of Round Rock,
Williamson County, Texas, hereinafter called City, for a term of 2 years,
beginning 10 12 , and ending 9 - 30 — & , and
for the further privilege of receiving all funds, at its option to place on demand
or interest bearing time deposits, Bidder will pay City as follows:
1. 9.1% interest per annum compounded quarterly on time deposits of
$100,000.00 or more and having a maturity date of 90 days or more after
the date of deposit or payable upon written notice of 90 days or more.
2. 8 • 6 %interest per annum compounded monthly on time deposits of $100,000.00
or more and having a maturity date of 30 to 89 days after the date of
deposit or payable upon written notice of less than 90 days. On time
deposits less than $100,000.00 and having a maturity date less than 90
days, we will pay rates as allowed by Federal law.
3. — interest rate to be paid by City to Bidder on overdrafts or their
equivalent. (Overdraft as used in this paragraph shall mean that City
does not have a compensating balance in other funds or accounts in the
then current year in Bidder's bank.)
4. Bidder will charge City a simple interest rate of 3.7% per annum on all
advances made to the City in the form of properly executed promissory
notes for any legal purposes, as stated under.present Texas Laws.
5. Bidder will charge City —0— for keeping City's deposit records
and accounts for the period covered by this bid. Included in and required
as a part of this duty are the following:
(a) Preparation of Monthly Statements showing debits, credits and
balance of each separate fund.
(b) Preparation of all accounts, reports, and records.
(c) Preparation of such other reports, accounts and records which
may, from time to time, be required by City in order to properly
discharge the duties as provided by law of Depository.
(d) Furnishing of the quantity, quality and type of checks necessary
for City's use during the period for which this bid is submitted.
. 1 i
6. Bidder shall furnish to City a bond, or in lieu thereof pledged approved
securities in an amount sufficient as determined by the City Council of
City to adequately protect the funds of the City deposited with Bidder.
City reserves the right to alter from time to time the required amount
of securities to be sufficiently adequate to protect said funds and to
approve or reject the securities so pledged. Acceptable securities may
include bonds of the United States, or bonds of the State of Texas, or
bonds of any county, city, town, or independent school district in the
state. Bidder shall have the right and privilege of substituting se-
curities upon obtaining the approval of City, provided the total amount
of securities deposited is adequate as herein provided.
7. This bid was requested by City and is made by Bidder with the expressed
agreement and understanding that City reserves the right that if any
portion or provision of this bid and /or any contract between Bidder and
City entered into by •virtue thereof is invalid, the remainder of this
bid and /or resulting contract at the option of the City shall remain in
full force and effect, and not be affected by said invalid portion or
provision.
Dated, this the 12th day of October , 19 78
BIDDER:
BY
TITLE Frank D. Norris, President
N - ional Bank of Round Rock, Texas
i
— - D E P O S I T O R Y . 8 1 0 FORM
CITY COUNCIL .
1 CITY OF ROUND ROCK
ROUND ROCK, TEXAS
Gentlemen:
The undersigned, a (state) (national) banking coporation, hereinafter called
Bidder, for the privilege of acting as Depository of the City of Round Rock,
Williamson County, Texas, hereinafter called City, for a term of two years,
beginning October 1, 1978 , and ending September 30, 1980
, and
for the further privilege of receiving all funds, at its option to place on demand
or interest bearing time deposits, Bidder will pay City as follows:
1. 8.125% interest per annum compounded quarterly on time deposits of
$100,000.00 or more and having a maturity date of 90 days or more after
the date of deposit or payable upon written notice of 90 days or more.
2. 7.75% interest per annum compounded monthly on time deposits of $100,000.00
or more and having a maturity date of 30 to 89 days after the date of
deposit or payable upon written notice of less than 90 days. On time
deposits less than $100,000.00 and having a maturity date less than 90
days, we will pay rates as allowed by Federal law.
3. -0- interest rate to be paid by City to Bidder on overdrafts or their
equivalent. (Overdraft as used in this paragraph shall mean that City
does not have a compensating balance in other funds or accounts in the
then current year in Bidder's bank.)
4. Bidder will charge City a simple interest rate of 4.5% per annum on all
advances made to the City in the form of properly executed promissory
notes for any legal purposes, as stated under present Texas Laws.
5. Bidder will charge City -0-
for keeping City's deposit records
and accounts for the period covered by this bid. Included in and required
as a part of this duty are the following:
(a) Preparation of Monthly Statements showing debits, credits and
balance of each separate fund.
(b) Preparation of all accounts, reports, and records.
(c) Preparation of such other reports, accounts and records which
may, from time to time, be required by City in order to properly
discharge the duties as provided by law of Depository.
(d) Furnishing of the quantity, quality and type of checks necessary
for City's use during the period for which this bid is submitted.
6. Bidder shall furnish to City a bond, or in lieu thereof pledged approved
securities in an amount sufficient as determined by the City Council of
City to adequately protect the funds of the City deposited with Bidder.
City reserves the right to alter from time to time the required amount
of securities to be sufficiently adequate to protect said funds and to
approve or reject the securities so pledged. Acceptable securities may
include bonds of the United States, or bonds of the State of Texas, or
bonds of any county, city, town, or independent school district in the
state. Bidder shall have the right and privilege of substituting se-
curities upon obtaining the approval of City, provided the total amount
of securities deposited is adequate as herein provided.
7. This bid was requested by City and is made by Bidder with the expressed
agreement and understanding that City reserves the right that if any
portion or provision of this bid and /or any contract between Bidder and
City entered into by •virtue thereof is invalid, the remainder of this
bid and /or resulting contract at the option of the City shall remain in
full force and effect, and not be affected by said invalid portion or
provision.
Dated, this the 12th
BIDDER: Farmers State Bank of Round Rock, Texas
BY
TITLE Sr
owan
ce President
day of October , 19 78 .
FIRST
NATIONAL
BAN
OF ROUN D ROCK
POST OFFICE 80X 5
ROUND ROCK, TEXAS
78664
•
BID
City Council
City of Round Rock
FSB
FM:WnEPS STATE eanW
P. O. BOX 368 ROUND ROCK, TEXAS 78664
City Council
City of Round Rock
Round Rock, Texas 78664