2083 RES CITY COUNCIL ADVERTISE FOR BIDSKESOLUTIC7N NO. 2083 .
WHEREAS, the City Council oE the C;ity of Paris did heretofo.re
advertise for bids in accardance with the laws of the State of Texas
and the Chartex- of the City ot Paris for a city deposirorv for the
period beginning March l, 1981 through February 28, 1983, which
bids were received until 10:00 a'clock A. Iv1. , Wecinesday,
February 4, 1981; and.,
WHEREAS, the besr bid for c.it_y depositor_y was rnade by "I'he
Liberty Natioclal Bank in Paris, and it should be awarded the contract
for such deposi.tor_y; NOW, "I`HERETOKL,
BE IT RESOL,VEll BY THE CITY COUNCIL OF 111E CITY OF
PARIS, That the bid of The T_liberty Natianal Bank in Paris, to act as
city depository, beginning March l, 1981 r.hrough February 28, 1.983,
is hereby accepted and let; and,
BE IT FURTEIER RESOLVED, 17hat the Mayor of the City of
Paris, Michael E. Malone, be, and he is hereby authorized and di-
rected to execute on behalf of the City of Paris the contract with
flle Liber. ty National Bank in Pari s, to act as depository far the
City of Paris upon the terms .and conditio«s set out in tYiat institu--
tion's bid attacfied hereto as F:xhiYait A.
Passed and adopted this 9th day of rebruary, 1981.
,
Billy J~. urnett, Mayor Pra Tem
A TTEST:
~~_kA -e
I-3, C. -Gre .ne, irk
jAPP UVED - TO FORM:
T. K, aynes, City Attornev
NOi IF„E TO gjV,jh:INC INSTITUTIONS UITHlN
~~otice i 1 hereby aiven that Goyc:rnirg Body o?F the Cit.,; of PariS., Sub,iect
to ihe provi si on o{- Arti cl e 2559 to Arti c l e?5b6A, REVi sed Ci vi 1 Statutes
of TexaS, as amended, will receive Bids and Ar;Plications from ali interested
banki ng i ns ti tutior;s wi thi n`he C i ty of Pari s t- serve 3s prime deposi tory
of the City of Paris and rTaintain custody of the runds of the City for a
period of two y:.~ars froni March 1981 thrOuqh F~bruary 28, 1983. Any
sur.h apnl i cariops snal1 be del i vered to the ofifi ce of the Ci ty Cl er•k i n
the City Hali prior to 10:00 A. M., February 4, 1982.
It is requested that each ban;; bid b_y tilling in a11 blanks and agreeinq
to the follcwing specifications:
NdTERLEST pQ,TES
Rate
1. Demarld Depos i ts
2. Time Deposi ts_
.f~~l-~-:,-~i-~c- t•" d t U t' 1 t 1 t c
14 to~29 aays
30 days tc 89 days
90 cia, s to 1 ~year
i year tc 12, years
Connpounded when:
3. Charnes
lJ n d e r
~100,~~0.
& over
Rat:e
Effective
Yield
8.00%
8.00%
14.75%
15. 25 0
8.00% _
15.75%
8.00%
15,95%
_daily
not compounc.'
a,
Nana;ir~ca
Checks an~ De~~osits
o
b.
Hardlinn
;F,;npora~~~,f overdrafts
o
c.
Rates of
irterest on loans
8.00r
fllaxir,ium.
loan 1 imi t
600,000.00
d.
2ates of
interest cn war°r°anzs
8.00%
e.
Char(les,
if an_y, for furnishing of all
printed
checks and vc,uchers basEd on
City ol'
Par-is needs and specificatiors
o
In addition ta the norr),al s-rvices and suPplies fur•rished by the depository
bank, the fol I ow7rq `ervices are standard and common to most depository
contracts. ihe City of ?ari~~~~ rieeds tnese services and expects them to
be furni shed a t no c.fiaroe as a ~ ~ ~ i r t of th i s:?ropGS a1 .
* In addition to the quoted rate, Ci.ty would tiave option of purchasing C/Ds
in miniraum amounts of $10,000.00 with a I82-day maturity at the prevailing
money market certificate of deposit rate at the time of purchase.
EXHIBIT A
RESOLU1t?ON NO. 2083
• T 1 i cate for°m Depos i t S 1 i ps
Paying Anent for Bonds
Qond and Coupon Sirvice
Hi re Transfer Servi ce
Parking Facil;ties
Safe Depo si t Boxes
Coin i,irappers
Ni yht Depos i tory Servi ce i ncl udi ng
I; aveler's anci Cashier's Checks
Daily Balance on Each ,Account
Qacs and Ke,ys
Bidders ace requesteca to suhmit any further concessions or services in the space
provided herein, which tney may want to offer to the City of Paris and make any
comment as further COl1SiCIEY'dtlCfl in selectiny the City's ciepository.
All monies vahich are deaosited 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 dirert oblications having a par
value of market value when less than oar, exclusive of accrued interest, at all
times at least equal to the total ariount of money on deposit in said several
funcls on deposit in the depositorv.
A)1 time deposits or i.:ime certificate> of deposit which have not elansed on the
termination date of the finally approvc,c; depository contract, sha11 remain on
depos i t wi th the sarne depos i tory under the ,ame terms and condi ti ons i n effect
during said contract unti i the date such time deposits have elapsed.
The Citv of Paris reserves the
waive for-maiities, and to acce
geous. The Ci1;y al;o reserves
of its surplus or excess funds
mnrner as may be determi ned b.y
the term of the contract,
rir7ht tc accept or reject any or al1 bids, to
;?t the hid trie City cansider; the most advanta-
the right to place oi- invest part or all of any
out5ide the designated depository, in any lawful
ihe Ci ty Counci 1, from time to t;ime throughout
Ndrr;e of f3dtlk Liberty Nationa4 Bank in Paris
~Y
7it1e President
pate February 3, 1981