2001-002-RES AWARDING BID FOR CITY DEPOSITORY FOR PERIOD BEGINNING MARCH 1 2001 AND ENDING FEBRUARY 28 2003
RESOLUTION NO. 2001-002
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS,
PARIS, TEXAS, A WARDING THE BID FOR CITY DEPOSITORY FOR THE
PERIOD BEGINNING MARCH I, 2001 AND ENDING FEBRUARY 28, 2003;
AUTHORIZING THE EXECUTION OF A CONTRACT UPON THE TERMS
AND CONDITIONS SET OUT IN THE INSTITUTION'S BID; MAKING
OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND
PROVIDING AN EFFECTIVE DATE.
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
Depositoryforthe period beginning March 1, 2001, and ending February 28, 2003, which bids were
received until 3:00 o'clock P.M., Tuesday, January 2, 2001: 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, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS,
TEXAS:
Section 1. That the findings set out in the preamble to this resolution are hereby in all things
approved.
Section 2. That the bid of the Liberty National Bank in Paris to act as City Depository for
the period beginning March 1,2001, and ending February 28, 2003, be, and the same is hereby,
accepted.
Section 3. That the Mayor 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.
Section 4. That this resolution shall be effective from and after its date of passage.
PASSED AND APPROVED this 8th day of January, 2001.
ATTEST:
~~~\u~..~.__~
Mattie Cunningham, City Clerk
APPROVED AS TO FORM:
Larry,
RECEIVED
JAN 02 2001
CITY MANAGER
NOTICE TO BANKING INSTITUTIONS WITHIN THE CITlABF lfHfis
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,
2001 through February 28, 2003. Any such application sh~ll be delivered to the office of the City
Manager located in City Hall prior to 3:00 P. M., January 2, 2001.
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
7-13 days
14-29 days
30-59 days
60-89 days
90-179 days
180-365 days
T-bill plu~JOO{ 35 basis points
T-bill plu~ 35 basis points
T-bill plu~1\1il} 35 basis points
T-bill plu~ 15 basis points
T-bill plu~ 35 basis points
T -bill pluSOO<:IDI1OO( 35 basis points
CERTIFICATES OF DEPOSIT OVER $100,000
7-13 days
14-29 days
30-59 days
60-89 days
90-179 days
180-365 days
T -bill plus (i{Q(}lliIDlx 50 basis points
T-bill plus ~iffiM~ 50 basis points
T-bill plus I1OOIl4IDlX 50 basis points
T-bill plus QJl{IlNIDIlX 50 basis points
T-bill plus ~l!:IiIDiX 50 basis points
T-bill plus \lrn:HIDmx 50 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.
Rates bid must be tied to the Treasury Bill rate effective at the time the certificate is to be
purchased. The Bill rate to be used will be the quoted yield in the Wall Street Journal for Bills
most closely approximating the maturity ofthe 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.
EXHIBIT A
CHARGES
List any service charges that will be levied against the City:
NONE
,
,
RECE\\lEO
JM\ 02 2001
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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. They are to be furnished to the
City at no charge:
triplicate form deposit slips
bond and coupon services
parking facilities
one large safe deposit box
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 below
which they may want to offer to the City of Paris and make any comment as further consideration
in selecting the City's depository.
Bank will pay interest on City's Consolidated Cash Account at a rate
equivalent to the Discount Rate for 13-week Treasury Bills. This rate would be
changed each calendar quarter and calculated using the most recent Treasury
Bill Auction.
Using the most recent Treasury Bill Auction today would result in an interest
rate of 5.70% for this account.
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 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 certificates of deposits 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. 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 dr 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 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.
NAME OF BAl')K.
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TITLE: President
Libertv National Bank in Paris
BY:
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DATE:
12-29-00
RECEIVED
JAN 02 2001
ap:,~AGER
,=,s, TEXAS