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Item No. 12 <br />memorandum <br />TO: City Council <br />John Godwin, City Manager <br />FROM: Gene Anderson, Finance Director <br />SUBJECT: CITY DEPOSITORY <br />DATE: January 2, 2015 <br />BACKGROUND: Under Chapters 105 and 131 of the Local Government Code, the City of <br />Paris may receive bids from financial institutions to serve as the depository and custodian of the <br />City's funds. The City historically has operated under two year agreements. The current <br />depository agreement expires February 28, 2015. In order to allow time for transition should the <br />depository bank change, the City Council votes on this issue in January every third year. <br />STATUS OF ISSUE: The City advertised in the Paris News on November 30th and December 7th <br />of 2014 that it would be receiving bids to serve as the City's depository bank for a two year <br />period beginning March 1, 2015. In addition, email notification was sent to five local banks who <br />have expressed interest in this issue in the past. While only Liberty National Bank submitted a <br />bid, Liberty's bid is more favorable to the City than the current depository contract with Liberty <br />Bank. <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 ensuing two year period. <br />