R-04-04-22-14F4 - 4/22/2004RESOLUTION NO. R -04-04-22-14F4
WHEREAS, the City, on April 30, 2002 entered into a Depository
and Banking Services Contract with Bank of America, N.A., said Contract
terminating 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, the City and Bank of America, N.A. desire to extend the
Depository and Banking Services Contract for a period of two years, so
that the term of said Contract shall expire on April 30, 2006, 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
public as required by law at all times during which this Resolution and
the subject matter hereof were discussed, considered and formally acted
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upon, all as required by the Open Meetings Act, Chapter 551, Texas
Government Code, as amended.
RESOLVED this 22nd day of April, 2004.
AT',SIT:
ELL, ayor
City of Round Rock, Texas
CHRISTINE R. MARTINEZ, City Secretar
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AGREEMENT EXTENDING
DEPOSITORY AND BANKING SERVICES CONTRACT
WHEREAS, the City of Round Rock, (hereinafter referred to as "City/Depositor,") and Bank
of America, N.A., (hereinafter referred to as "Bank") entered into that one certain Depository and
Banking Services Contract (hereinafter referred to as "Contract") dated the 30 day of April, 2002,
and
WHEREAS, under the terms of the Contract, it expires on April 30, 2004 unless extended
by mutual agreement of the parties thereto, and
WHEREAS, paragraph II of the Contract provides that the Contract may be extended by
mutual agreement ofthe 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, City/Depositor and Bank now wish to extend the Contract for two years until
April 30, 2006,
Now Therefore it is Agreed 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, 2006.
II.
All other terms and provisions of the Contract shall remain in full force and effect.
Executed in multiple originals to be effective on the 22nd day of April, 2004, by the
undersigned duly authorized officers of the parties hereto.
BANK OF AMERICA, N.A.
By:
, its
EXHIBIT
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ATTEST:
Christine Martinez, City Secretary
CITY OF ROUND ROCK, TEXAS
By:
Nyle Maxwell, Mayor
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DATE: April 16, 2004
SUBJECT: City Council Meeting - April 22, 2004
ITEM: 14.F.4. Consider a resolution authorizing the Mayor to execute an
Agreement Extending Depository and Banking Services
Contract with Bank of America, N.A. for a two year extension
of depository and banking services.
Department:
Staff Person:
Justification:
Finance
David Kautz, Assistant City Manager/Chief Financial Officer
Cindy Demers, Finance Director
The current depository contract with Bank of America expires
April 30, 2004. This two (2) year extension allows the City to
continue to receive the same services with no additional
increases in costs per services over this two year period.
There are no changes to the current contract other than the
time extension.
Funding:
Cost: Approx. $48,000 per year
Source of Funds: General and Utility Operating Funds
Outside Resources: N/A
Background Information:
Public Comment: N/A
The City if 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 two (2) years for a total of four (4)
years.
EXECUTED
DOCUMENT
FOLLOWS
AGREEMENT EXTENDING
DEPOSITORY AND BANKING SERVICES CONTRACT
WHEREAS, the CityofRound Rock, (hereinafter referred to as "City/Depositor,") and Bank
of America, N.A., (hereinafter referred to as "Bank") entered into that one certain Depository and
Banking Services Contract (hereinafter referred to as "Contract") dated the 30`h day of April, 2002,
and
WHEREAS, under the terms of the Contract, it expires on April 30, 2004 unless extended
by mutual agreement of the parties thereto, 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, City/Depositor and Bank now wish to extend the Contract for two years until
April 30, 2006,
Now Therefore it is Agreed 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, 2006.
II.
All other terms and provisions of the Contract shall remain in full force and effect.
Executed in multiple originals to be effective on the 22"d day of April, 2004, by the
undersigned duly authorized officers of the parties hereto.
BANK OF AMERICA, N.A.
CITY OF ROUND ROCK, TEXAS
Christine Martinez, City Secretary
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