09-H City Depository
DRAFT
ALICEIRESWORKICURRENTI City Depository Res 2005
January 5, 2005
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS,
PARIS, TEXAS, AWARDING THE BID FOR CITY DEPOSITORY FOR THE
PERIO D BEG INNIN G MARCH 1, 2005 AND END IN G FEBRUARY 28, 2007;
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 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 1,2005, and ending February 28, 2007, which bids
were received until 3:00 o'clock P,M" Tuesday, January 4 2005; 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, 2005, and ending February 28, 2007, 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 10th day of January, 2005,
Curtis Fendley, Mayor
ATTEST:
Sherian Dixon, Assistant City Clerk
APPROVED AS TO FORM:
Larry W, Schenk, City Attorney
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 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, 2005 through February 28,2007. Any such application shall be delivered to the office
of the City Manager located in City Hall prior to 3:00 P. M., Tuesday January 4, 2005.
It is required that each bank bid by filling in all blanks and agreeing to the following
specifications:
REceiVED
r
Bank will pay to City interest on time deposits in accordance with the following schedule: "2005
JAN 04
CERTIFICATES OF DEPOSIT UNDER $100,000 CITY MANAOE~R
PARIS, TEXAS -
.,
.
MA TURITY
RATE
7-13 days
14-29 days
30-59 days
60-89 days
90-1 79 days
180-365 days
T-bill plus ð~NJi.R~~ 75
T -bill plus 0JtluiJal.'5 75
T-bill plus ð~ftJifæ~ 75
T -bill plus Umdt11]& 75
T -bill plus u.RI~JfI~Ul 85
T -bill plus ~Jt.Jniflii&100
basis points
basis points
basis points
basis points
basis points
basis points
CERTIFICATES OF DEPOSIT OVER $100,000
7-13 days
14-29 days
30-59 days
60-89 days
90-1 79 days
180-365 days
T -bill plus ~1'H'ifltl! 90
T-bill plus ~luiN~& 90
T -bill plus ~lIkHI 90
T -bill plus ~jH4tOtØ3 90
T -bill plus ~~nÅlYUJ. 100
T -bill plus æxmirU\8 110
basis points
basis points
basis points
basis points
basis points
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.
Certificate 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
Treasury Bills most closely approximating the maturity of the Certificate of Deposit to be
purchased. Certificate of Deposit rates 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 Â