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Item No. 11 <br />Memorandum <br />TO: Mayor, Mayor Pro -Tem, & City Council <br />Grayson Path, City Manager <br />FROM: Gene Anderson, Finance Director <br />SUBJECT: CITY DEPOSITORY 2023-25 <br />DATE: February 27, 2023 <br />BACKGROUND: Under Chapters 105 and 131 of the Local Government Code, the City of Paris <br />may receive bids from financial institutions to serve as the depository and custodian of City funds. <br />The City has historically operated under two year agreements. The current depository agreement <br />expires February 28, 2023. <br />STATUS OF ISSUE: The City advertised in the Paris News on January 24th and 31 st of 2023 that <br />it would receive bids to serve as the City's depository bank for a two year period beginning March <br />1, 2023 and ending February 28, 2025. In addition, email notification was sent to local banks who <br />have expressed interest in the past. Requests for additional information were received from two <br />banks. Liberty National Bank and Farmers Bank & Trust submitted bids. Liberty Bank's bid is the <br />most favorable to the City. <br />BUDGET: Not affected by this selection. <br />RECOMMENDATION: Motion to select Liberty National Bank to serve as the City of Paris <br />depository bank for the period March 1, 2023 through February 28, 2025. <br />