CM-07-04-069AGREEMENT EXTENDING
DEPOSITORY AND BANKING SERVICES CONTRACT
WHEREAS, the City of Round Rock, Texas (hereinafter referred to as the
"City/Depositor") and Bank of America, N.A. (hereinafter referred to as the "Bank") entered into
that one certain Depository and Banking Services Contract (hereinafter referred to as the
"Contract"), and said Contract was dated April 30, 2002; and
WHEREAS, said Contract provides that the Contract may be extended by mutual
agreement of the City/Depositor and the Bank; and
WHEREAS, the terms of the initial Contract provided for an expiration date of April 30,
2004, unless extended by mutual agreement of the parties thereto; and
WHEREAS, by Resolution No. R -04-04-22-14F4 dated April 22, 2004, said Contract
was extended until April 30, 2006; and
WHEREAS, by Resolution No. 06-03-09-9B2 dated March 9, 2006, said Contract was
extended until April 30, 2007; and
WHEREAS, the City/Depositor and the Bank now wish to extend the Contract until June
1, 2007, or monthly until such time as a new Contract is in place;
Now, therefore, the parties agree as follows:
I.
Under the terms of the Contract, the Contract is hereby extended and shall remain in full
force and effect until June 1, 2007, or monthly until such time as a new Contract is in place.
II.
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 April 27, 2007, by the undersigned duly
authorized officers of the parties to the Contract.
CITY OF ROUND ROCK, TEXAS
By:
s R. Nuse, C'ty Manager
D igned:
ATTEST:
N�{7mc, R X11
Christine R. Martinez, City Secretary
00114689/jkg
BANK OF AMERICA, N.A.
By:
Title: S� -, c ULc.k_ P S i t -
Date Signed: if a(, !o"7
FOR ITY, APPROVED:
DATE: April 11, 2007
SUBJECT: City Manager - April 27, 2007
ITEM: Consider a Resolution authorizing the extension of the
City's Depository Contract with Bank of America.
Department: Finance
Staff Person: Cindy Demers, Finance Director
Justification: The current depository contract with Bank of
America expires April 30, 2007. This provides for the contract to be
extended until a new depository services contract is approved. This
extension allows the City to continue to receive the depository
services with no additional increases in fees for services over this
extension period. There are no changes to the current contract
other than the time extension.
Funding:
Cost: Approx. $4,000 per month
Source of funds: General and Utility Operating Funds
Outside Resources:
Background Information:
Public Comment:
The city is currently in the process of
negotiating a new contact with Bank of
America. The City is required to contract
for depository services. The Local
Government Code and the City's
Investment Policy require that the City
request proposals for depository services
every five (5) years. Bank of America
submitted the winning proposal in 2002,
and was extended for an additional year
in 2006.