HomeMy WebLinkAbout10-24-2005-14.09 - Resolution - 10/24/2005RESOLUTION NO.10-24-2005-14.09
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS, SELECTING A DEPOSITORY BANK, APPROVING A BANK DEPOSITORY
CONTRACT, SELECTING A CUSTODIAN BANK AND APPROVING A TRI -PARTY
COLLATERAL AGREEMENT, DESIGNATING THE CITY MANAGER OR HIS
DESIGNEE AS THE DESIGNATED OFFICER TO ADMINISTER THE DEPOSITORY
SERVICES FOR THE CITY, AND AUTHORIZING THE MAXIMUM EXPENDITURE
OF FUNDS FOR THE TERM OF THE CONTRACT.
WHEREAS, the City of College Station, Texas, solicited applications for a Bank Depository
Contract pursuant to Chapter 105 of the TEXAS LOCAL GOVERNMENT CODE; and
WHEREAS, the selection of Bank of America is being recommended to provide banking
depository services to the City of College Station, Texas, after an extensive review and selection
process; and
WHEREAS, the City of College Station, Texas, has selected the Bank of New York as the City's
Custodial Bank to hold securities pledged by Bank of America to the City in trust for the benefit
of, and subject to the control of, the City; and
WHEREAS, Chapter 105 of the TEXAS LOCAL GOVERNMENT CODE and the terms of the Bank
Depository Contract require the designation of a municipal officer to represent and act on behalf
of the City on all matters arising from the Bank Depository Contract; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS:
PART 1: That the City Council hereby designates Bank of America as the City's
Depository Bank.
PART 2: That the City Council hereby approves the Bank Depository Contract with
Bank of America for an amount not to exceed $135,000.00 over a three-year
term for bank depository services.
PART 3: That the City Council hereby selects Bank of New York as the City's
Custodial Bank and approves a Tri -Party Collateral Agreement between the
City, Bank of America, and Bank of New York.
PART 4: That the City Council hereby designates the City Manager or his Designee to
serve as the City's Designated Officer to represent and act on the City's behalf
on all matters arising under the Depository Services Contract and Tri -Party
Collateral Agreement.
RESOLUTION NO. 10-24-2005-14.09
PART 5: That the funding for this project shall be as budgeted from the General Fund
in the amount of $ 135,000.00.
PART 6: That this resolution shall take effect immediately from and after its passage.
ADOPTED this 24day of October, A.D. 2005.
ATTEST:
APPROVED:
City Attorney
APPROVED:
U3'7 _-LCC/1 G,k. ..
CONI`IE HOOKS, City Secretary RON SIL A, Mayor
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