11 - City Depository 2023-25 - Laserfiche WebLink

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Bidders are requested to submit a list of any further concessions or services in the space provided below which they may want to offer to the City of Paris and make any comment as further consideration in selecting the City's depository. If needed, please add additional pages. The Bank will pay interest on the City's Consolidated Cash Account at a rate equivalent to the auction rate for 26 -week Treasury Bills plus 10 basis points. The rate will be changed each calendar quarter and will be calculated using the most recent Treasury Bill auction. Using the most recent Treasury Bill auction, a rate of 4.76% would result. The Bank will originate the City's ACH payments, both debits & credits, without charge. The Bank will furnish the City, without charge at the end of each year, a disk containing a summary of each transaction account activity, All monies which are deposited into the depository under the provisions of this proposal shall be continuously secured, in accordance with the laws of the State of Texas applicable thereto, by a valid pledge of par, exclusive of accrued interest, at all times at least equal to 102% of the amount of money on deposit in said several funds on deposit in the depository. In addition, the depository agrees to meet the same security pledge for all funds on deposit by the Paris Economic Development Corporation. All time deposits or certificates of deposits which have not elapsed on the termination date of the finally approved depository contract, shall remain on deposit with the same depository under the same terms and conditions in effect during said contract until the date such time deposits have elapsed. Funds from Bond sales may be deposited in the City depository or placed in outside investments. The City of Paris reserves the right to accept or reject any or all bids, to waive formalities, and to accept the bid the City considers the most advantageous. The City also reserves the right to place or invest part or all of its surplus or excess funds outside the designated depository, in any manner permitted by law, from time to time throughout the term of the contract. The undersigned bank official represents that he is authorized by the Bank's Board of Directors to sign this document and legally obligate the Bank to the terms stated in this agreement. NAME OF BANK Liberty National Bank in Pa, Vls ......... ..... ........ i BY: Bill Coleman TITLE: President DATE: �`� �, wm :�� „� .., -------� �� = m. �...._ a