1985-018-RES WHEREAS, the City Council of the City of Paris, Paris, Texas, did heretofore advertise for bids in
RESOLUTION NO. 85-018
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 1,1985 through February 28,1987, which bids were
received until 10:00 o'clock A.M., Wednesday, February 20,
1985; 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, 1985, through
February 28, 1987 is hereby accepted and let; and,
BE IT FURTHER RESOLVED, that the Mayor of the City of
Paris, Joe Graham, 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 26th day of February, 1985.
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ATTEST:
~;fa'(~ft~)~~~i~~~A~ti)~ntty Clerk
APPROVED AS 0 FORM:
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LEGAL NOTICE
NOTICE OF BIDS AND APPLICATIONS FOR SELECTION OF CITY DEPOSITORY
Applications for the custody of Citv funds will be received by the Governinq
body of the City of Paris, Paris, Texas from any banking corporation, association,
or inrlividual banker doinG business within said City of Paris that mav desire
to be selected as depositorv of the City of Paris for the ensuing two years,
beginning March 1, 1985.
Bids and applications, which forms are available in the office of the City
Clerk. City of Paris, shall he filed with the City Clerk on or before the
20th day of February, 1985 at 10:00 A. M.
H. C. GREENE
City Clerk of City of Paris
Paris, Texas
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NOTICE OF BANKING INSTITIITIONS WITHIN THE CITY OF PARIS
Notice is hereby given that Governing Body of the City of Paris, subject to the
provlslon of Article 2559 to Article 2566A, 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
maintain custodv of the funds of the City for a period of two years from March 1,
1985 through Februarv 28. 1987. Any such application shall be delivered to the
office of the City Clerk in the City Hall prior to 10:00 A. M., February 20,1985.
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:
Maturity
Certificates of Depos it under $100,000.00
-- I
Rate
T -Bi 11 (Plus)( in s) ?'l- Basis Points
T -Bi 11 (Plus) (M" s) ~"Y Basis Points
T -Bill (PI us) (Mi s) ';-v Basis Points
T -Bi 11 (Plus)(Mi ) ,,, Basis Points
T -Bi 11 (Plus) (Mi u ) ;v Basis Points
Certificates of Deposit over $100,000.00
Rate
T -B ill (Plus){tli"I1~) 77 Basis Points
T -Bill (Plus)(t1il,I1S) 77 Basis Points
T -Bi 11 (Pl us) (t1i R113) 7? Basis Points
T -Bi 11 (Pl us) (Mi AI1S) 77 Basis Points
T -Bi 11 (Plus)tMiRw.)- 77 Basis Points
14-29 days
30-59 days
60-89 days
90-179 days
180-365 days
Maturity
14-29 days
30-59 days
60-89 days
90-179 days
180-365 days
In no event will the rate be less than that currently offered at time of purchase
to any customer.
The City wi 11 be previl i Qed to use a 11 investment servi ces offered a 11 other
customers.
The City will accept bids only on the basis herein after described.
Rates bid must be tied to the Treasury Bill rate effective at the time the
certificate is 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.
RECEIVED
FEf3 2, 0..
CITY MANA. '"
\..:l''c''e
PAllIS, TEXAS .
Charaes
d.
e.
Handling Checks and Deposits
Handling Temporary Overdrafts
Rates of Interest on Loans
Maximum loan limits
Rates of Interest on Warrants
Charges, if any, for furnishing of
all printed checks and vouchers
based on City of Paris needs and
specifications
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a.
b.
c.
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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:
Triplicate form Deposit Slips
Paring Agent for Bonds
Bond and Coupon Service
Wire Transfer Service
Parking Facilities
Safe Deposit Boxes
Coin Wrappers
Night Depository Service. including Bags and Keys
Traveler's and Cashier's Checks
Daily Balance on Each Account
Bidders are reauested to submit any further concessions or services in the space
provided herein which they may want to offer to the Citv of Paris and make any
comment as further consideration in selecting the City's Depository.
All monies which are deposited into the depository under the provisions of this
proposal shall be continuously seclJren, in accordance with the laws of the State
of Texas applicable thereto, by a valid pledge of district 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 depository.
All time deposits or time Certificates of Deposit which have not elapsed on the
t~rmination date of the finally aporoved depository contract. shall remain on
d~posit with the same depository under the same terms and condi.tions in effect
during said contract until the date such time deposits have elapsed.
Funds from Bond sales may be deposited in the City Depository or outside
investments at the option of the Depositorv.
It is understood that the depository will assist the City in investing bond
fund i~ve<tm~nts other than Bank-issued Certificates of Deposit. The Bank
reserves the last right of refusal on all outside investments. The Depository
will handle bond funds during construction of projects in amounts not to exceed
$1,000,000.00 either in checking accounts or Certificates of Deposits.
The City of Paris reserves the right to accept or reject any or all bids, to
waive formalitites, 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 Ci ty Council, from time to time throughout the term
of the contract.
Name of Bank
Title
Date
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