1987-017-RES WHEREAS, the City Council of the City of Paris, Paris, Texas, did heretofore advertise for bids in
RESOLUTION NO. 87-017
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, 1987 through February 28, 1989, which bids were
received until 10:00 o'clock A.M., Friday, February 6, 1987;
and,
WHEREAS, the best bid for city depository 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, 1987, through
February 28, 1989 is hereby accepted and let; and,
BE IT FURTHER RESOLVED, that the Mayor of the City of
Paris, Billy Joe Burnett, 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 9th day of February, 1987.
~,
ATTEST:
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Matt~e unning am, Cit er
APPROVED AS 0 FORM:
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T. K. Haynes, City Attorney
RECEiVED
FEB 6 1937
.CITY MANAGEf~
Notice is hereby given that C,overning Body of the City of Paris, s~tmxAs
the provision of Article 2559 to Art.icle 2566A, Fevised civil Statutes of
Texas, as arrended, will receive Bids ane 1\pplications fran all interested
banking institutions within the City of Paris to serve as prilre depository
of the City of Paris and maintain custody of the funds of the City for a
period of bOO years fran "'.arch 1, 1987 through February 28, 1989. My such
application shall be delivered to the office of the City Clerk in the City
Hall prior to 10:00 A. M., February 6, 1987.
NCIl'ICE OF PJ\NI<ING INSTITIJTIONS WITHTIT ':'HB CITY OF PAFIS
It is required- that each bank bid by filling in all blanks and agreeing to
the following specifications:
flank will pay to City interest on time deposits in accordance with the
following schedule:
Certificates of Dep:lsit under SlOO,OOO.OO
Fate
Maturitv
.
7-13 days
14-29 days
30-59 days
60-89 days
90-179 days
180-365 days
T-Bill (Plusl ~
T-Bill (Plus) ~
T-Bill (Plus) ~
T-Bill (Plus) ~
T-Bill (Plus)~)
T-Bill (Plus) ~
29
29
29
29
29
29
Basis Points
Basis Points
Basis Points
Basis Points
Basis Points
Basis Points
Certificates of Deposit over $100,000.00
Fate
Maturity
7-13 days
14-29 Days
30-59 days
60-89 days
90-179 days
180-365 days
T-Bill (PlUS) ~i:boo&l 34 Ba.sis Points
T-Bill (Plus) ~ 34 Basis Points
T-Bill (Plus) ~1A') 34 Basis Points
T-Bill (Plus) ~ 34 Basis Points
T-Bill (Plus) ~ 34 Basis points
T-Bill (Plus) (M:ious<l 34 Basis Points
In no event will the rate be less than that currently offered at t:iJre of
purchase to any custC1!'er.
The City will be privileged to use all investIrent services offered all
other custaners.
The City will accept bids only on the basis herein after described.
Fates bid must be tied to the Treasury Bill rate effective at the tilre the
certificate to purchased. The Bill rate basis to be used will be the
quoted yield in the Wall street Journal for Bills nest 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
fran this T-Bill yield. The wall Street Journal to be used will be the
paFCr dated the SaIre day the certificate is purchased.
EXHIBIT "A"
Charqes
a. Handling Checks and Deposits
b. Fann1ing Temporary Overdrafts
c. Rates of Interest on lA),1l'lS
~aximum loon liInits
d. Rates 0:'" Interest on Warrants
e. Charges, if any, for furnishing
all prL-lted checks and voucl1ers
based on City of paris needs and
specifications
- 0 -
- 0 -
Liberty National Bank Base Lending rate
Liberty National Bank Base Lending rate
Actual Cost
In addition to the normal services end supplies furnished by the depository
bankr the following services are standard and camon to most depository
contracts. The following services are to be furnished at no charge to the
City of Paris:
Triplicate form Deposit Slips
Paring Agent for Bonds
Bond and Coupon Service
wire Transfer Service
Parking Facilities
Safe Deposit Boxes
Coin ~)rappers
Night Depository Servicer including Bags and Keys
Trave1er'~ and Cashier's Checks
Daily Balance on Each Account
Money Orders
Bidders are requested to sul:mit any further concessions or services in the
space provided herein which they may ~laIlt to offer to the City of Paris and
make any carment as fur+..her consideration in selecting the Ci.ty's
Depository.
All rronies which are deposited into the depository under the prons~ons of
this proposal shall be continuously securedr in accordance with the laws of
the State of Texas applicable thereto, by a valin pledge of direct
obligations paving a par value or market value when less than par r
exclusive of accrued interest, at all times at least equal to the total
arrount of money on deposit in said several funds on deposit in the
depository.
All time deposits or time Certificates of Deposit \mch have not elapsed on
the tennination date of the finally approved depository contract, shall
remain on deposit witi'. the same depositor] under the same terms and
ccnditions in effect duri.ng said contract until tlle date such time deposits
have elapsed.
Funds frcm Bond sales may be de['Osited in the City Deposit.ory or outside
investments at the option of the Depository.
It is unCerstood that the depository will assist the City in investing 1:000
fund investments other than Bank-issued Certificates of Deposit. The Bank
reserves the last right of refusal on all outside investments. 'n1e
Depository will handle bond funds during construction of projects in
arrounts not to exceed $1,000,000.00 either in checking accounts or
Certificate of Deposits
The City of Paris reserves the right to accept or reject any or all bidsr
to waive formalities, and to accept the bid the City consic'er the roost
advantagecus. 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,
frrm time to time throughout the term of the contract.
By
Liberty National Bank in Paris
~~~J
;/reSident
Name of Bank
Title
Date
February 4, 1987