1920 RES CITY COUNCIL ADVERTISED FOR BIDSRESOLUTION N0. 1920 ,
WHEREAS, the City Council of the City of Paris 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 l, 1979 through February 28, 1981, which bids
were received until 10:00 o'clock A. M. , Wednesday, February 7,
1979; and,
WHEREAS, the best bid for city depository was made by The
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, lhat the bid of The Liberty National Bank in Paris, to act as
city depository, beginning March l, 1979 through February 28, 1981,
is hereby accepted and let; and,
BE IT FURTHER RESOLVED, That 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
The Liberty National Bank in Paris, to act as depository fflr the
City of Paris upon the terms and conditions set out in that institu-
tion's bid attached hereto as Exhibit A.
Passed and adopted this 12th day of February, 1979.
v ~
ichael E. Malone, Mayor
A TTEST:
-
H. C. Gr ne, City Clerk
APP OVED TO FORM:
T. K. Haynes, City Attorney ~
„ • NUTICE TO Bi ING INSTITUTIONS WITHIN THL C' ' OF PARxS.
Notice is hereby given that the Governing Body of the City of Paris, subject to ,
the provision of Article 2559 to Article 2566A, Revised Civi1 Statutes of Texas,
as amended, wi11 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 fuuds of the Citp for a period of two years
from March 1, 1979 through February 28, 1981. Any such applications sha11 be .
delivered to the office of the City Glerk in the City Hall prior to 10c00 A. M.,
February 7, 1979.
It is requested that each bank bid by fiYling in a11 blanks and agreeing to
the following specifications: • : •
INTEREST RATES
- : : . .
. ,
, Rate. • . - _ - Undex $10U,00Q. . ,
. . - $100,000.
.
Rate _ Effective..
Yield 4~ -
0 -
1. Demand Deposits '
2. Time Deposits
,
• . -
Multiple Maturities
.
30 days to 89 days
8.00%
-9:61%
same .
r 90 days to 1 year
8.00%* .
9.76%
same
1 year to 2 years :
8.00% :
.IO.OOq
same
Not
_
Compounded when:
claxzv
compound
.
~ - -
- Fixed Maturities and/or C.D.'s
- 30 days to 89 days '
8.00%
9.61%
samd`
90 days to 1 year
.8.00%*
9.76%
same
,
1 year ta 2 years
8.00%
10.00%
~
same
Compounded when:
3. Charges . .o .
a.' Handl.ing checks and deposits
b. Handl.i.no tetaporary overdrafts
da.ili) Icorppqund I >
0 .
0
c. Rate of interest on loans 6.00%
* In addition to the quoted rate, City wouZd have option of purchasing C/Ds
in minimum amounts of $10,000.00 with a 182-day maturity at the prevai.Zing
Treasvey BiII rate existing at the time of purchase.
EXHIBIT A -
. .
Maacimum loan Limit _ . OJO0/000.00
d. -Rate of interest on warrants
e. Charges, if any, for furnistliaag of aIl ,
'printed checks and vouchers based on
City of Paris needs and specifications In addition to the'normal serv3ces and supplies furnished by the depository bank;
the following services are standard and common to most depos3tory,contracts.
The City of Paris needs these services.and expects them to be furnished at no .
charge as a part o€ this proposal..
Tr3.plicate forra Deposit S1ips
payiag Agent £or Bonds : .
Bond and CougQn Service : • "
Wire Transfer Service
.Park3.ng Fac3lities . Saf e DeposiC Boses
~ Co3n Wrappers
; Night Depos3.tory Service includ3.ng Bags and Reys
Traveler•s an.d Cashier's Checks :
Daily Balance on Each Account . . .
. Bidders are requested to submit any further concessions
Ci~ofSParishand make
space provided herein, which they may taant to
any comment as further consideration in selecting the Gity's depository. -
_ . . . -
AI1 monies which are deposited i.nto the depository accordancedwith'~h~rIawsiofgthe State °
proposal shall be continuously secured, in
of Texas applicable thereto, by a valid pledge of direct obligations.having a par.
value or market val.ue whea less thaa par, exclusive of acerued i.nterest, at a11
times,at Ieast equal to the total amount of money on deposit 3n said several
funds on deposit in the depository. -
• All t3me deposits or ti.me certificates of depos3.t which have not elapsed an the
terminatioa date of the f inally approved depositor5* contract9 sfia:1l remain on
. deposit with the same depositorp under the same terms and conditions in effect,
during said contract until the date suGh time deposits have elapsed.
G
, . •
The Citp of Para.s reserves the right to accept or reject any ir all bids, to
waive formalities, and to accept the bid the City consi.ders •the most advaztta-
geous. The City also reserves the right to place or invest part or a11 of any
af its surplus or excess funds outside the designated depository, in any lawful
manner as may be determined by the City Council, from ti.me tcr time throaghout
the term of the contract. • -