1997-001-RES WHEREAS, CITY COUNCIL DID ADVERTISE FOR BIDS
RESOLUTION NO. 97-001
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. 1997, and ending
February 28, 1999, which bids were received until 3:00 o'clock P.M., Tuesday, December
3, 1996; and,
WHEREAS, the best bid for City Depository was made by Liberty National Bank
in Paris, and it should be awarded the contract for such depository; NOW, THERE}1'ORE,
BE IT RESOLVED BY THE CITY COUNCIL O}' THE CITY O}' PARIS, that
the bid of the Liberty National Bank in Paris to act as City Depository, for the period
beginning March I, 1997, and ending February 28, 1999, be, and the same 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 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 13th day of January, 1997.
Eric S. Clifford, Mayor
ATTEST:
~~~\~ \>><\~4;)
Mattie Cunningham, City Cler
APPROVED AS TO FORM:
~. -."'",
T. K. Haynes, City Attorney
/
\~r~
\l.tCt IIC ~ '996
\' 1 ,~Sl
~~\\ ' CITY MANAGER
1',~G~~ . pARIs. TEXAs
t~~ BANKING INSTITUTIONS WITHIN THE CITY OF PARIS
QECE\~f.O
cyr~
?~
Notice is hereby given 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 maintain custody of the funds of the City for a period of two years
from March 1, 1997 through February 28, 1999. Any such application shall
be delivered to the office of the City Clerk in the City Hall Annex prior
to 3:00 P. M., December 3,1996.
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 5100,000.00
Maturity RATE
7-13 days T-B111 (.p~~) (Minus) 15 Bas i c Poi rig ,.
14-29 days T-B111 (.p~~) (Minus) 15 Basic Points
<- 3D-59 days T-B111 (.p~~) (Minus) 15 Basic Points
60-89 days T -Bill (.p~~) (Mi nus) 15 Basic Points
90-179 days T-Bi11 (.p~~) (Minus) 15 Basic Points
180-365 days T -Bill (.p~~) (Mi nus) 15 Basic Points
'. Certificates of Deposit over 5100,000.00
Maturity RATE
7-13 days T-Bi11 (Plus) (Minus) 0 Basic Points
14-29 days T-Bill (Plus) (Minus) 0 Basic Points
30-59 days T-8i11 (Plus) (Minus) 0 Bas i c Points
60-89 days T-5i11 (Plus) (Minus) 0 Basic Points
90-179 days T-B111 (Plus) (Minus)'O Basic Points
180-365 days T-Bi11 (Plus) (Minus) 0 Basic Points
The City will be privileged to use all investment services offered all
other customers.
The City will accept bids only on the basis herein after described.
Rates bid must be tied to the Treasur~ Bill rate effective at the time the
certificate is to be 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.
Bonds should be quoted either plus or minus a given ,number of basis points
from the T-Bill yield. The Wall Street Journal to be used will be the
paper dated the same day the certificate is purchased.
Charges
~
I
EXHIBrr f\
:<
List any service charges that will be levied against the City. NONE
1n 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
Bond and Coupon Service
Parking Facilities
Saf~ Deposit Boxes
Coin Wrappers
Night Depository Service, including Bags and Keys
Traveler's and Cashier's Checks
Daily Balance on Each Account
Money Orders
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 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 secured, in accordance with the laws of
the State of Texas applicable thereto, by a valid pledge of par, exclusive
of accrued interest. at all tjfll_es.~.a~tJ~a~...~.q~~J.,.,1o.:~to~}...amount of
!Oney on oeposit in said severaT funds on deposit fn the depository.
.AJl time deposits or time Certificates of DeQosit 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 contfact until the date such time deposits
have elapsed.
Funds from Bond sales may be deposited in the City Depository or placed in
outside investments.
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 manner permitted by law, from time to time throughout
the term of the contract.
BY:
T lTL E:
DATE: 12-2-96
Cecil
%tCt\\lt\)
~ ~~~
f$. . ~~GP?-
rt'l }.\t\ ttj~~S
C ?~\\\~
iberty National Bank in Paris