R-06-03-09-9B2 - 3/9/2006RESOLUTION NO. R -06-03-09-9B2
WHEREAS, the City, on April 30, 2002 entered into a Depository
and Banking Services Contract with Bank of America, N.A., said Contract
providing for expiration on April 30, 2004, and
WHEREAS, paragraph 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 the City's
Comprehensive Investment Policy, which period expires on April 30,
2007, and
WHEREAS, by Resolution No. R -04-04-22-14F4 dated April 22, 2004,
the City and Bank of America, N.A. did extend the Depository and
Banking Services Contract until April 30, 2006, and
WHEREAS, the City and Bank of America, N.A. now desire to extend
the Depository and Banking Services Contract for a period of one
additional year, so that the term of said Contract shall expire on
April 30, 2007, Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS:
I .
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
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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.
RESOLVED this 9th day of March, 2006.
TEST)
XL, Mayor
C y of Round Rock, Texas
CHRISTINE R. MARTINEZ, City Secr tary
2
AGREEMENT 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, paragraph II of the Contract provides that the Contract may be extended by
mutual agreement of the City/Depositor and the Bank by mutual agreement for a period not to
exceed the period allowed by the City/Depositor's Comprehensive Investment Policy, which
period expires on April 30, 2007; 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, the City/Depositor and the Bank now wish to extend the Contract for an
additional year until April 30, 2007, which date falls within the period allowed by the
City/Depositor's Comprehensive Investment Policy;
Now, therefore, the parties agree as follows:
I.
Under the terms of paragraph II of the Contract, the Contract is hereby extended and shall
remain in full force and effect until April 30, 2007.
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 March 9, 2006, by the undersigned duly
authorized officers of the parties to the Contract.
CITY OF ROUND ROCK, TEXAS BANK OF AMERICA, N.A.
By:
Nyle Maxwell, Mayor
Date Signed:
ATTEST:
Christine R. Martinez, City Secretary
00096840/jkg
By:
Name:
Title:
Date Signed:
b
EXHIBIT
fl
AGREEMENT 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, paragraph II of the Contract provides that the Contract may be extended by
mutual agreement of the City/Depositor and the Bank by mutual agreement for a period not to
exceed the period allowed by the City/Depositor's Comprehensive Investment Policy, which
period expires on April 30, 2007; 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, the City/Depositor and the Bank now wish to extend the Contract for an
additional year until April 30, 2007, which date falls within the period allowed by the
City/Depositor's Comprehensive Investment Policy;
Now, therefore, the parties agree as follows:
I.
Under the terms of paragraph II of the Contract, the Contract is hereby extended and shall
remain in full force and effect until April 30, 2007.
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 March 9, 2006, by the undersigned duly
authorized officers of the parties to the Contract.
CITY OF ROUND ROCK, TEXAS BANK OF AMERICA, N.A.
By:
Nyle Maxwell, Mayor
Date Signed:
ATTEST:
Christine R. Martinez, City Secretary
00096840/jkg
By:
Name:
Title:
Date Signed:
DATE: March 2, 2006
SUBJECT: City Council Meeting - March 9, 2006
ITEM: 9.B.2. Consider a resolution authorizing the Mayor to execute an
Agreement Extending the Depository and Banking Services Contract
with Bank of America, N.A.
Department: Finance
Staff Person: Cindy Demers, Finance Director
Justification:
The current depository contract with Bank of America expires April 30, 2006. This one (1)
year extension allows the City to continue to receive the depository services with no
additional increases in fees for services over this one-year period. There are no changes to
the current contract other than the time extension.
Funding:
Cost: Approximately $48,000 per year
Source of funds: General and Utility Operating Funds
Outside Resources: N/A
Background Information:
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. This
extension takes the contract out an additional one (1) year, for a final year as permitted by
law.
Public Comment: N/A
AGREEMENT 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, paragraph II of the Contract provides that the Contract may be extended by
mutual agreement of the City/Depositor and the Bank by mutual agreement for a period not to
exceed the period allowed by the City/Depositor's Comprehensive Investment Policy, which
period expires on April 30, 2007; 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, the City/Depositor and the Bank now wish to extend the Contract for an
additional year until April 30, 2007, which date falls within the period allowed by the
City/Depositor's Comprehensive Investment Policy;
Now, therefore, the parties agree as follows:
I.
Under the terms of paragraph II of the Contract, the Contract is hereby extended and shall
remain in full force and effect until April 30, 2007.
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 March 9, 2006, by the undersigned duly
authorized officers of the parties to the Contract.
CITY OF ROUND ROCK, T
By:
...gee :4/
e , May
D ate Signed: 3-9- o [d
ATTEST:
Christine R. Martinez, City Secretary
00096840/jkg
R-01.-03.09.9132,
BANK OF AMERICA, N.A.
By: /v(
Name: e /'°se, k, ,Coin®i,
Title:,i^es f`re 4, r`
Date Signed: Aez-CG, 9 2006,