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05-K City Depository Bid DRAFT G:kAttorney\LisakResolutions\CURRENT\City Depository 2002 Adv Res.wpd December 6, 2002 RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, AUTHORIZING THE ADVERTISEMENT FOR BIDS FOR CITY DEPOSITORY FOR THE PERIOD BEGINNING MARCH 1, 2003 AND ENDING FEBRUARY 28, 2005; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, it is deemed appropriate that the City of Paris advertise for bids for the City depository for the period beginning March 1, 2003 and ending February 28, 2005; 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 City depository services for the period beginning March 1, 2003 and ending February 28, 2005, be advertised for bids to be received after due notice at the office of the City Manager of the City of Paris, City Hall, 135 1st Street S.E., Paris, Texas 75460, until 3:00 o'clock p.m. on Tuesday, January 7, 2003, or at such other date and time as the City Manager may direct, at which time said bids will be opened in the City Council Chamber, City Hall, 135 1 st Street S.E., Paris, Lamar County, Texas, and bids will thereafter be tabulated and presented to the City Council for the purpose of letting such bid. Section 4. That this resolution shall be effective from and after its date of passage. PASSED AND APPROVED this 9th day of December, 2002. Michael J. Pfiester, Mayor ATTEST: Mattie Cunningham, 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 l~aris, subject to the provision of Article 105, Revised Civil Statutes of Texas, as amended, Will receive bids and applications from all interested banking institutions within the City of Paris t~ 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, 2003 through February 28, 2005. Any such application shall be delivered to the of'flee of the City Manager located in City Hall prior to 3:00 P. M., January 712003. It is required that each bank bid by filling in all blanks and ~greeing to the following specifications: Bank will pay to City interest on time deposits in accordan~e with the following schedule: CERTIFICATES OF DEPOSIT UNDER $100,000 MATURITY RATE I 7-13 days T-bill plus or ~ninus __ basis points 14-29 days T-bill plus or ~ninus __ basis points 30-59 days T-bill plus or minus - basis points 60-89 days T-bill plus or ~ninus __ basis points 90-179 days T-bill plus or minus __ basis points 180-365 days T-bill plus or minus .__ basis points CERTIFICATES OF DEPOSIT OVER $100,000 7-13 days T-bill plus or ~' a~nus __ basis points 14-29 days T-bill plus or ~ amus __ basis points 30-59 days T-bill plus or ~ amus __ basis points 60-89 days T-bill plus or ] alnus __ basis points 90-179 days T-bill plus or ] mnus __ basis points 180-365 days T-bill plus or ~ amus .__ basis points All investment services offered to other bank customers wi'. 1 be available to the City. The City will accept bids only on the basis herein after descdbed. Rates bid must be tied to the Treasury Bill rate effective at' he time the certificate is to be purchased. The Bill rate to be used will be the quoted yield in the Wall Street Journal for Bills most closely approximating the maturity of the Certificate ~.f Deposit to be purchased. Bonds should be quoted either plus or minus a given number ofb~ sis 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. CHARGES List any service charges that will be levied against the City: In addition to the normal services and supplies furnished by the depository bank, the following services are standard and common to most depository contrac :s. They are to be furnished to the City at no charge: triplicate form deposit slips bond and coupon services parking facilities 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 Bidders are requested to submit any further concessions or services in the space provided below which they may want to offer to the City of Paris and make a~y comment as further consideration in selecting the City's depository. 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 Stat~: of Texas applicable thereto, by a valid pledge of par, exclusive of accrued interest, at all times at least equal to the total amount of money on deposit in said several funds on deposit in the depository. All time deposits or certificates of deposits which have not el~ ,psed on the termination date of the finally approved depository contract, shall remain on deposit vith 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 :lepository or placed in outside investments. The City of Paris reserves the fight to accept or reject any or ~ill 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 all of its surplus or excess funds outside the ~tesignated depository, in any manner permitted by law, from time to time throughout the t~rm of the contract. NAME OF BANK BY: TITLE: DATE: