2009-008-RES-AWARDING BID FOR CITY DEPOSITORY FROM 03.01.09 - 02.28.11RESOLUTION N0. 2009-008
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS,
AWARDING THE BID FOR CITY DEPOSITORY FOR THE PERIOD BEGINNING
MARCH 1, 2009 AND ENDING FEBRUARY 28, 2011; 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 A1V EFFECTIVE DATE.
WHEREAS, the City of 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, 2009, and ending February 28, 2011, which bids were received
unti13:00 o'clock P.M., Monday, January 12, 2009; 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, 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, 2009, and ending February 28, 2011, 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 City
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 26th day of January, 2009.
,
,
; ~-1L.€_.-
esse Jame Freelen, Mayor
ATTEST: ~
)ice Ellis, City Clerk
APPROVED AS TO ORM:
W. Kent M lyar Ci Attorney
-4
NOTICE TO BANKING INSTITUTIONS WITHIN THE CITY OF PARIS
Notice is hereby given that Governing Body of the City of Paris, subject to the provision of
Chapters 105 and 131 of the Texas Local Government Code, will receive bids and applications
from all interested banking institutions within the Ciry of Paris to serve as prime depository of
the Ciry of Paris and maintain custody of the funds of the City for a period of two years from
March 1, 2009 through February 28, 2011. Any such application shall be delivered to the office
of the City Manager located in City Hall prior to 3:00 P. M., Mondaj+ January 12, 2009.
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
7-1 3 days
T-bill plus omnhnm 20
basis points
14-29 days
T-bill plus orMMM 30
basis points
30-59 days
T-bill plus orUMM 40
basis points
60-89 days
T-bill plus illi'lliF 70
_
'
_
basis points
_
90-179 days
T-bill plus od0M=
T2
6
basis points
180-365 days
T-bill plus or"I'llU 200
basis points
CERTIFICATES OF DEPOSIT OVER $100,000
7-13 days
T-bill plus or Mi= 30
basis points
14-29 days
T-bill plus or AMM 40
basis points
30-59 days
T-bill plus or AEW 50
basis points
60-89 days
T-bill plus or r1010 $o
basis points
90-179 days
T-bill plus or AM= 130
basis points
180-365 days '
T-bill plus or tilil"li 210
basis points
All investmeni services offered to other bank customers will be available to the City.
Thc City will acccpt bids oniy on thc bases hcrcin lftcr described.
Each day, the Wal) Street Journal publishes ihe 26 week treasury-bill yield based on the results of
the most recent treasury-bill auction. Rates for certificates of deposit under this contract must be
tied to ihis 26 week treasury-bill yield. The rates should be quoted either plus or minus a given
number of basis points from this 26 week treasury-bill yield. Using the Wall Street Journal dated
the same day as the certificate of deposit is purchased, the certiFcate of deposit rate will be the
26 week T-bill rate published that day in the Wall Street Journal plus or minus the basis points
listed above.
EXH(BIT _L
.t
CHARGES
List below any service charges that will be levied against the City:
NONE
In addition to the normal services and suppIies fumished by the depository bank, the foltowing
services are standard and common to most depository contracts. They are to be furnished to the
City at no charge:
deposit slips
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
stop payment orders
wire services
checking and savings accounts
all bank accounts will be interest beazing accounts
on line banking
checking and savings accounts
overdraft protection
~
f
Bidders are requested to submit a list of 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 deository. If needed, piease add additional pages.
Bank will pay interest on Citq s Consolidated Cash Account at a rate equivaleat to the
auction rate for 26-week Treasury bills plus 68 basis points. The rate will be changed
each calendar quarter aad calculated using the most recent Treasury bill suctian.
IIsing the Treasurq bill suction of January S. 2009 a rate of 1.02 vouZd result.
IIpan notification to Bank, city would have the option to bring other City transaction
accounts under a rate plan payiag the auction rate for 26-week Treasury bille plus 18
basis poiats.
Dsing the Treasury bill suction of January 5, 2009 a rate of .SOx would result.
Bank vilZ originate City's ACH paymeats, both debits and credits without charge.
Bank will furnish to City without charge at t6e end of esch year CD's contaiaiag
a s-ary of each transactioa.account activity.
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 102% of the
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 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 atl 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.
The undersigned bank official represents that he is authorized by the Bank's Board of Directors
to sign this document and legally obligate the Bank to tlie tcnns stated in this agreement.
NAME OF B.~NK The Liberty National Bank in Paris
BY:
/Philip R. ec
TITLE: Chairman of the Board
DATE: O 1-09-2009
Depository Agreement Comparison
Certlficates of Denosit Under $100 000
Maturi
Rate Current
o osed
T-bill plus
basis points
7-13 days
10
20
14-29 days
30
30
30-59 days
40
48
60-89 days
45
70
90-179 days
50
120
180-365 days
55
200
Certiflcates of Denosit Over $100.000.
7-13 days
10
30
14-29 days
30
40
30-59 days
40
50
60•89 days
45
80
90-179 days
50
130
180-365 days
55
210
Service Charges
none nvne
lnterest rate on Consolidated Cash Account 12 68
Bank Depository Bid list
Michael Rhodes
Lamar National Bank
200 S. Collegiate Drive
Paris, Texas 75460
Rhodes("~a lamarnakional.com
Phillip Cecil
Liberty National Bank
305 Lamar Avenue
Paris, Texas 75460
pcecil(a?Inbparis.eorn
Richard Amis
First Federal Community Bank
630 Clarksvilie Street
Paris, Texas 75460
dar7iis(h~lst-Fed.com
Terry Christian
People's National Bank
35 S. Plaza
Paris, Texas 75460
tehristianPpbparis.eom
Ken Dority
Guaranty Bond Bank
3250 Lamar Avenue
Paris, Texas 75460
kdaritv(@gnty.com