1991-009-RES WHEREAS, the City Council of the City of Paris, Paris, Texas, did heretofore advertise for bids in
RESOLUTION NO. 91-009
WHEREAS, the City Council of the City of Paris, Paris,
Texas, did heretofore advertise for bids in accordance with
the laws of the State of Texas and the Charter of the City of
Paris for a city depository for the period beginning March 1,
1991 through February 28, 1993, which bids were received
until 10:00 o'clock A.M., Tuesday, January 8, 1991; and,
WHEREAS, the bes t bid for ci ty depos i tory was made by
The Liberty National Bank in Paris, and it should be awarded
the contract for such depository; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS,
that the bid of The Liberty National Bank in Paris, to act as
city depository, beginning March 1, 1991, through February
28, 1993 is hereby accepted and let; and,
BE IT FURTHER RESOLVED, that the Mayor of the City of
Paris, Eric S. Clifford, be, and he is hereby authorized and
directed to execute on behalf of the City of Paris the
contract with The Liberty National Bank in Paris, to act as
depository for the City of Paris upon the terms and
conditions set out in that institution's bid attached hereto
as Exhibit A.
Passed and adopted this 14th day of January, 1991.
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Eric S. Clifford, Mayor
ATTEST:
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Mattie Cunningham, Cit
APPROVED AS TO FORM:
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Pub1ish - The Paris News
Sunday - December 23, 1990
Sunday - December 30, 1990
LEGAL NOn C E
NOTICE OF BIDS AND APPLICATIONS FOR SELECTION OF CITY DEPOSITORY
App1ication for the custody of City funds wil1 be received by the
governi ng body of the Ci ty of Pari s, Pari s, Texas from any banki ng
corporation, association, or individua1 banker doing business within
said City of Paris that w.ay desire to be selected as depository of the
City of Paris for the ensuing two years, beginning March 1, 1991.
Bids and app1ications, which forms are availab1e in the office of the
City Clerk, City of Paris, shal1 be filed with the City Clerk on or
before the 8th day of January, 1991 at 10:00 A.M.
JOE~
Assistant City Clerk, City of Paris
Pari s, Texas
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EXHIBIT A
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NOTICE OF BANKING INSTITUTIONS WITHIN THE CITY OF PARIS
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Notice is hereby 9iven that Governing'Body of the City of Paris, subject to
the provision of Article 105, Revised Civil Statutes of Texas, as amended,
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 ma i nta incus tody of the fu nds of the City for a peri ad of two years
from'March 1, 1991 through February 28, 1993. Any such application shall
be delivered to the office of the City Clerk in the City Hall prior to
10:00 A. M., January 8. 1991.
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It is required that each bank bid by filling in all blanks and agreein9 to
the followin9 specifications:
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Bank wi 11 pay to City interest
following schedule:
on. time depos its in accordance wi th the
RECEJVED
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Certificates of Deposit under $100,000.00
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Ma turi ty
Rate
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Basis Points
Basis Points
Basis Points
Basis Points
Basis Points
Basis Points
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1-6 days No Bid
7-13 days
14-29 days
30-59 days
60-89 days
90-179 days
1BO-365 days
T-Bill (Plus)(Minus)
T-Bill ~~~a~~(Minus) 15
T-Bill ~~~a~~(Minus) 15
T-Bill ~~~a~~(Minus) ,15
T-Bill ~~~a%~(Minus) 15
T-Bill ~~~a%~(Minus) 15
T-Bill ~~*a%~~Minus) 15
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1-6 No Bid
7-13 days
14-29'Days
30-59 days
60-B9 days
90-179 days
180-365 days
Certificates of Deposit over $100,000.00
Rate
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T -B ill (Plus)(Minus) Basis Points
T -Bi 11 .t~*tlS~ (Mi nus) 15 Basis Points
T -Bi 11 {l!Jtl51 (Minus) 15 Basis Points
T -Bi 11 .tfl*tl5~ (Mi nus) 15 Basis Po i n ts
T -Bi 11 ~PJtl51 (Mi nus) 15 Basis Points
T -Bill .t~*a5~ (Mi nus) 15 Basis Points
T-Bill ~PJtl51(Minus) 15 Basis Points
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The City will be privileged to use all, investment services offered all
other customers.
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The City will accept bids only on the basis herein after described.
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Rates bid must be tied to the Treasury Bill rate effective at the time the
certificate to purchased. The Bill rate basis to be used will be the
quoted yield in. the Wall Street Journal for Bills most closely
approximating the maturity of the Certificate of Deposit to be purchased.
Bids should be quoted either plus or minus a given number of basis points
from this T-Bill yield., The Wall Street Journal to be used will be the
paper dated the same day the certificate is purchased.
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Charges
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a. Hand1in9 Checks and Deposits
b. Handling Temporary Overdrafts
c. Rates of Interest on Loans
Maximum loan limits
d.' Rates of Interest on Warrants
e. Charges, if any, for furnishing
all pri nted checks and vouchers
based on City of Paris needs and
specifications
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LNB PARIS base lending rate
subject to credit aoornvrtl
neqotiable
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In addition to the normal services and supplies furnished by the depository
bank, the following services are standard and common to most depository
contracts. The following services are to be furnished at no charge to the
City of Paris: '"
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Triplicate form Deposit Slips
Paring Agent for Bonds
Bond and Coupon Service
Parking Facilities
Safe Deposit Boxes
Coin Wrappers
Night Depository Service, including
Traveler's and Cashier's Checks
Daily Balance on Each Account
Money Orders
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Bags and Keys
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Bidders are requested to submit any further concessions or services in the
space provided herein which they may want to offer to the City of Paris and
make any corrment as further consideration in selecting the City's
Deposi tory.
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All monies which are deposited into the depository under the provlslons of
thi s proposa 1 shall be continuous 1y secured, in accordance with the 1 aws of
the State of Texas applicable thereto, by a valid pledge of direct
obligations having a par value or market value when less than par,
exclusive of accrued interest, at all times at least equal to the total
amount of money on deposit in said several funds on deposit in the
depos i tory. .
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All time deposits or, time Certificates of Deposit 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.
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Funds from Bond sales may be depos ited in the City Oepos itory or placed in
outside investments.
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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 any of its surplus or excess funds outside the designated
depository, in any lawful manner as may be determined by the City Council.
from time to time throughout the term of the contract.
By
in Paris
Name of Bank
P. R. Cecil
Ti tle
Date January 8, ,1991
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