1785 RES CITY COUNCIL ADVERTISED FOR BIDS IN ACCORDANCE WITH LAWS OF ST OF TX AND CHARTER OF COPRESOLUTION NO. 1785 .
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 1, 1977 through February 28, 1979; which
bids were received until 10:00 0' clock A. M. , Wednesday,
February 9, 1977; 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, That the bid of The Liberty National Bank in Paris, to act as
city depository, beginning March l, 1977 through February 28, 1979,
is hereby accepted and let; and,
BE IT FURTHER RESOLVED, That the Mayor of the City of
Paris, James M. Brunette, be, and he is hereby authorized and
directed to execute on behalf of the City of Paris the contract with
The 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.
Passed and adopted this 14th day of February, 1977.
QQ-2 je) 44-4
J s M. Bru ett ayor
A TTEST:
H. C. reene, ity C erk
APPROVED TO FORM:
T. K. ` a es, lty ttorney
I'
Maximum 1 oan Z lml t 400,000.00
d. Rate of interest on tivarrants 6.00e
e. Gharges, if any, for furnishing of all
printed checks and vouchers based on o
City of Paris needs and specifications ~
In addition to thQ riormal services and supplies furnished by the depository bank,
the -Foliovring services are standard and common to most depository contracts.
The City of Paris needs these services and expects them to be furnis,hed at no
charge as a part of this proposal. Triplicate forn Deposit Slips
Paying Agent for 6onds
Bond and Coupon Service
alire Transfer Service ' - - .
Parking Facilities
Safe D4posit Boxes
Coi n 1Jrappers ;
Night Depository Service including Sags and Keys
Traveler's and Cashier's Checks
Dai1y Ba7ance on Each Account
Bidders are requested to submit any further concessions or services in the
space provided herein, which they may vrant to offer to the City of Paris and make
any comr,ient as further consideration in selecting the City's depasitory.
All monies which are deposited into the depository under the pravisions of this
proposal shall be continuously secured, in accordance with the laats of the State
of Texas applicable thereto, by a valid pledge of direct abligations having a par
value or market value when less than par, exclusive of accrued interest, at all
times at least equal td the total amount of money on deposit in said several
funds on deposit ir ihe depository.
All tine- deposits or time certificates of deposit vrhich have not elapsec4 on the
terminatian date of the finally approved depository contract, shall remain on
d-posit with the samz depQSitory und-er the sarre terms and conditions in effect
during said contract untii tne date such time deposits have elapsed.
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hlOTICE TG BA. .PIG ?NSTI7UTIOiIS l!IiflIN "PIE CI OF f'ARt`
Notice is hereby given that the Governing Body of the City of Paris, subjECt to
the provision of Article 2559 to /Irticle 2566A, f'.evised Civil Statutes of 7exas,
as am2nded, tvill receive Gids 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 h4arch 1, 1977 through February 28, 1979. Any such applications shall be
delivered to the office of the City Glerk in the City Hall prior to 10:00 A. h'.,
February 9, 1977.
It is requested that each bank bid by filling in a11 blanks and agreeing to
the following specifications: .
INTEREST P.ATES
1. Demand Deposits
2. Time Deposits
Multiple Maturities
30 days to 89 days
90 days to 1 year
1 year to 2 years
Compounded when: not compounded
Fixed Maturities and/or C.O.'s
30 days to 89 days
90 days to 1 year
1 year to 2 years
Compounded whe11: not compounded
3. Char es
a. Handling checks and deposits
b. tlandlina temporary overdrafts
c. Rate of interest on loans
Rate
Under
$100,000
100,000
& over
5.25
5.25
6.00
6.00
6.25
6.25
5.25
5.25
6.00
6.00
6.25
6.25
0
0
6.00%
EXHIBIT A
~ .
The City oF Paris reserves the right to accept or reject any or all bids, to
vlaive formalities, and to accent the bid the City considers the most advanta-
geous. The City also reserves the right to place or invest part or all of any
of its s!irplus or excess funds autside the designated depository, in any laviful
r^anrer as rnay be determined by the City Council, from time to tine throughout
the tern of the contract.
.
NdT112 ofi Bank LIBERTY NATIONAL BANK IN PARIS
B y^ P. R. Ceci 1
7itle / President
.
Ddte February 9, 1977
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