12 - CITY DEPOSITORY - Laserfiche WebLink

Home Browse Search

NOTICE TO BANKING INSTITUTIONS WITHIN THE CITY OF PARIS Notice is hereby given that Governing Body of the City of Paris, subject to the provision of Chapters 105 and 131 of the Texas Local Government Code, will receive bids and applications from all interested banking institutions within the City of Paris to serve as prime depository of the City of Paris and maintain custody of the funds of the City for a period of two years from March 1, 2015 through February 28, 2017. Any such application shall be delivered to the office of the City Manager located in City Hall prior to 3:00 P. M., Friday January 2, 2015. it is required that each bank bid by filling in all blanks and agreeing to the following specifications: Bank will pay to City interest on time deposits in accordance with the following schedule: CERTIFICATES OF DEPOSIT UNDER $100,000 MATURITY RATE -0- basis points 14 -29 days 7 -13 days T -bill plus or minus -0- basis points 14 -29 days T -bill plus or minus -0- basis points 30 -59 days T -bill plus or =h= 20 basis points 60 -89 days T -bill plus or>s 30 basis points 90 -179 days T -bill plus ors 4o basis points 180 -365 days T -bill plus ors 5o basis points CERTIFICATES OF DEPOSIT OVER $100,000 7 -13 days T -bill plus or minus -0- basis points 14 -29 days T -bill plus or minus -0- basis points 30 -59 days T -bill plus or rAm 25 basis points 60 -89 days T -bill plus or mj= 35 basis points 90 -179 days T -bill plus or nvhm 45 basis points 180 -365 days T -bill plus or mamma 55 basis points All investment services offered to other bank customers will be available to the City. The City will accept bids only on the basis herein after described. Each day, the Wall Street Journal publishes the 26 week treasury-bill yield based on the results of the most recent treasury-bill auction. Rates for certificates of deposit under this contract must be tied to this 26 week treasury -bill yield. The rates should be quoted either plus or minus a given number of basis points from this 26 week treasury-bill yield. Using the Wall Street Journal dated the same day as the certificate of deposit is purchased, the certificate of deposit rate will be the 26 week T -bill rate published that day in the Wall Street Journal plus or minus the basis points listed above.