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07-G City Depository
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Last modified
11/8/2005 11:22:14 AM
Creation date
1/9/2003 3:18:34 PM
Metadata
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Template:
AGENDA
Item Number
7-G
AGENDA - Type
RESOLUTION
Description
Awarding the Bid for a City Depository
AGENDA - Date
1/13/2003
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NOTICE TO BANKING INSTITUTIONS WITHIN THE CITY OF PARIS <br /> <br />Notice is hereby given that Governing Body of the City of Pads, subject to the provision of, <br />Article 105, Revised Civil Statutes of Texas, as amended, will receive bids and applications from <br />all interested banking institutions within the City of Paris to serve as prime depository of the City <br />of Paris and maintain custody of the funds of the City for a period of two years from March 1, <br />2003 through February 28, 2005. Any such application shall be delivered to the office of the City <br />Manager located in City Hall prior to 3:00 P. M., January 7, 2003. <br /> <br />It is required that each bank bid by filling in all blanks and agreeing to the following <br />specifications: <br /> <br />Bank will pay to City interest on time deposits in accordance with the following schedule: <br /> CERTIFICATES OF DEPOSIT UNDER $100,000 <br /> <br />MATURITY RATE <br /> <br />7-13 days T-bill plus or minus 70 basis points <br />14-29 days T-bill plus or m~nus 70 basis points <br />30-59 days T-bill plus or m~nus 70 ~basis points <br />60-89 days T-bill plus or m~nus 70 basis points <br />90-179 days T-bill plus or m~nus 85 basis points <br />180-365 days T-bill plus or m~nus i0o basis points <br /> <br /> CERTIFICATES OF DEPOSIT OVER $100,000 <br /> <br />7-13 days T-bill plus or minus 85 basis points <br />14-29 days T-bill plus or minus 85 basis points <br />30-59 days T-bill plus or minus 85 basis points <br />60-89 days T-bill plus or minus 85 basis pmnts <br />90-179 days T-bill plus or minus 100 basis pmnts <br />180-365 days T-bill plus or minus 115 basis points <br /> <br />All investment services offered to other bank customers will be available to the City. <br />The City will accept bids only on the basis herein after described. <br /> <br />Rates bid must be tied to the Treasury Bill rate effective at the time the certificate is to be <br />purchased. The Bill rate to be used will be the quoted yield in the Wall Street Journal for Bills <br />most closely approximating the maturity of the Certificate of Deposit to be purchased. Bonds <br />should be quoted either plus or minus a given number of basis points from the T-bill yield. The <br />Wall Street Journal to be used will be the paper dated the same day the certificate is purchased. <br /> <br /> <br />
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