R-80-327 - 9/25/1980RESOLUTION NO. allR
WHEREAS, Chapter 1', Section 13, Code of Ordinances, City
of Round Rock, Texas, provides that the City Council shall
select a City Depository for the custody of City funds, and
WHEREAS, the City has duly advertised for bids from
banking firms authorized to submit such bids, and
WHEREAS, %,ut,Q , �Q LLOlta �, 1� has submitted
the most favorable bid, and
WHEREAS, the City Council desires to accept the bid of
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS, pp � ��//�
That the bid of &A / a2I IIZL 4vtA- is
hereby accepted and said firm is hereby selected as the
official depository of the City of Round Rock, Texas, for the
period beginning October 1, 1980, through September 30, 1982.
RESOLVED this 25th day of Septe ,. r, 1980.
, Now Therefore
LARRY L. iNN, ' ayor
City of Round Rock, Texas
CITY COUNCIL
CITY OF ROUND ROCK
ROUND ROCK, TEXAS
DEPOSITORY BID FORM
Gentlemen:
The undersigned, a (state) (national) banking corporation, 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, 1980, and ending September 30, 1982, 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. / /..S 2 ointerest 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. / /..aoX 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 $100,00p.00 and having a maturity date less than 90
days, we will pay rates as allowed by Federal law.
3. For all bond sale proceeds in excess of $2,000,000 received by the City
during the applicable period covered by this contract, the above stated
rates in item #1 or item #2 would not apply. In such cases, the depository
will, at no charge, assist the City in investing at the highest legal
interest rate available with U.S. Government Securities or secured
investments acceptable to the City.
4. — � 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.) /
5. Bidder will charge City a simple interest rate of ` % 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.
6. 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.
7. 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.
8. 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 cz.2S P day of .1 eej , 1980.
BIDDER:
BY:
TITLE:
F AST #14 7/b #13L 8ctA/i 67e /["d uN%0 c/
i(et- t7CN
•
CITY COUNCIL
CITY OF ROUND ROCK
ROUND ROCK, TEXAS •
DEPOSITORY 'BID FORM
Gentlemen:
The undersigned, a (state) (national) banking corporation, 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, 1980, and ending September 30, 1982, 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. 7.6% 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.
interest per annum compounded monthly on time deposits of
$10 00.00 or more and having a maturity date of 30 to 89 days afte he
(SEE ATTACHED
AMENDMENTS date of deposit or payable upon written notice of less than days. On
FOR 2 & 3) time deposits less t an $100 000.00 and having a mat
� g y date less than 90
days, we will
3. For all bond sale proceeds in
6. Bidder will charge City
pay rates a llowed by Federal
2,000,000 received by the City
during the applicable period • ered by t 's contract, the.above stated
rates in item #1 or it 02 would not apply. In such cases, the depository
will, at no ch••'e, assist the City in investing at the legal .
interes ate available with U.S. Government Securities or sec ed
vestments acceptable to the City.
4. - 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.)
5. Bidder will charge City a simple interest rate of 5 % per annum on all
i
advances made to the City in the form of properly executed promissory notes
for any legal purposes, as stated under present Texas laws.
- 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:
'MENDED PARAGRAPHS 2 & 3
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 at 8 percent.
3. For all bond sale proceeds received by the City during the applicable period
covered by this contract, the above stated rates in item #1 or item #2 would
not apply. The depository bank will negotiate CD rate on bond proceeds at
the time of receipt of funds. If this can't be done acceptable to both
parties, then the depository will, at no charge, assist the City in investing
at the highest legal interest rate available with U.S. Government Securities
or secured investments acceptable to the City.
•
•
(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 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.
7. 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 on 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.
8. 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 25th day of September , 1980.
BIDDER:
BY:
• TITLE:
Farmers State Bank
Sr. Vic
esident