R-82-472 - 8/26/1982WHEREAS, 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, }_,U�1f / y� .a.kpPaL /r has submitted the most
favorable bid, and
WHEREAS, the City Council desires to accept the bid of LJIA4 t
, Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS,
is hereby
accepted and said institution is hereby selected as the official depository of
the City of Round Rock, Texas, for the period beginning October 1, 1982, through
September 30, 1984.
RESOLVED this 26th day of August, 1982.
ATTEST:
That the bid of
411 1041. AI
'NNE L'ND, City ecretary
RESOLUTION NO. 4/7.0M
, M or
City of Round Rock, Texas
r
CITY COUNCIL
CITY OF ROUND ROCK
ROUND ROCK, TEXAS
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, 1982, and ending September 30, 1984, 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:
)24(a nterest 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. /. j5& 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. 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 W2 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. -0— interest rate to be paid by City to Bidder on overdrafts or their
1.
D E P O S I T O R Y B I D FORM
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
advances made to the City in the form of properly
6.0 le per annum on all
executed promissory notes
for any legal purposes, as stated under present Texas laws.
6. Bidder will charge City $' 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 26th day of August , 1982.
BIDDER: �' st of '. .,Rock
BY:
TITLE:
Vice President & Cashier
August 26, 1982
1110111111R
NITIONAL RANK
ROUND ROCK
Honorable Mayor Larry Tonn
and Members of the City Council
City of Round Rock"
214 East Main Street
Round Rock, Texas 78664
Dear Mayor and Council Members:
Thank you for considering Frontier National Rank as a
depository for the- nCity's funds. We sincerely appreciate the
opportunity to review the depository . bid form and the Citys
financial statements.
`The size of our City's deposits would represent thirty
percent (30%) of Frontier National Bank's total assets and
we feel this percentage is too high for a - bank of our current
size. We are definitely looking forward to continued growth
in the Round Rock area - and expect to make competitive bids_, in
the future.
Again, we appreciate the consideration and look forward
to a close relationship.
Sincerely,
Bob E. Li
President
BEL :nr
P.O. BOX 38 Round Rock, Texas 78664 (672) 255-0796
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, 1982, and ending September 30, 1984, 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% interest per annum compounded quarterly on time deposits of
* ADDENDUM
ATTACHED $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% 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. 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. 8% 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 8 % 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 0 Z6 .-3(-- day of / , 1982.
BIDDER: FARMERS STATE BANK Qf ROUND ROCK
BY:
TITLE:
TO THE CITIZENS OF ROUND ROCK:
PUB DATES: July 29, 1982
August 5, 1982
PUBLIC NOTICE
NOTICE IS HEREBY GIVEN THAT THE CITY COUNCIL OF THE CITY OF
ROUND ROCK, TEXAS, WILL ACCEPT APPLICATIONS FOR THE CUSTODY OF CITY
FUNDS AT THE REGULAR MEETING OF THE COUNCIL TO BE HELD AUGUST 26,
1982 AT 7:00 P.M. IN THE COUNCIL CHAMBER, 216 EAST MAIN STREET.
SAID APPLICATIONS MAYBE OBTAINED IN THE OFFICE OF THE CITY
SECRETARY, 214 EAST MAIN STREET, ROUND ROCK, TEXAS ON OR BEFORE
AUGUST 26, 1982. BID APPLICATIONS SHALL BE DELIVERED IN A CLEARLY
MARKED SEALED ENVELOPE TO THE CITY SECRETARY BEFORE 5:00 P.M.
ON THURSDAY, AUGUST 26, 1982.
CERTIFICATE
I certify that the above public notice was posted on the bulletin board at
the City Hall of the City of Round Rock, Texas, on the 26th day of July,
1982, at 5:00 P.M.
Q 21/nir, /Y! � \c"!12/I J JNE LAND, City-Secretary
ADDENDUM TO DEPOSITORY BID
In order to give the City of Round Rock a flexible alternative in the
investment of public money, the Farmers State Bank of Round Rock offers the
following proposal in lieu of Items 1 & 2 on bid forms:
We propose to pay the City on all Time Accounts of 100M or more .6%
below the American National Bank of Austin Federal Fund rate to be adjusted
on a daily basis and payable on the 1st of each month.
This method will enable the city to earn high rates of return without
tying up funds for extended periods of 30 days or more. In most instances,
the "Fed Fund" rate is higher than the 91 day U.S. Treasury Bill rates as
the chart below indicates during the month of July 1982. In the event that
the "Fed Fund" rate should drop below the T -Bill rate or the fixed rate bid
submitted, the City could apt to switch investments into T -Bills or CDs. By
having this option, the City will be assured of receiving the highest rate of
return during the next two year period.
91 Day Bills Fed Funds Diff
July 1 13.01 14.62 1.61
July 2 13.01 14.87 1.86
July 6 13.01 14.50 1.49
July 7 12.55 14.75 2.20
July 8 12.55 13.87 1.32
July 9 12.55 13.00 .45
July 12 12.55 13.00 .45
July 13 12.55 13.37 .82
July 14 11.54 13.00 1.46
July 15 11.54 12.75 1.21
July 16 11.54 13.00 1.46
July 19 11.54 12.00 .46
July 20 10.89 11.25 .36
July 21 10.89 10.75 - .14
July 22 10.89 11.00 - .11
July 23 10.89 10.87 - .02
July 26 10.89 10.75 - .14
July 27 10.30 11.25 - .95
July 28 10.30 11.37 1.07
July 29 10.30 11.62 1.32
July 30 10.30 11.37` 1.07
Avg. .91