11-22-2005-13.13 - Resolution - 11/22/2005RESOLUTION NO. 11-22-2005-13.13
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 THIRD PARTY CUSTODIAN 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 Citibank Texas, NA, is being recommended to provide
banking depository services to the City of College Station, Texas, after an extensive review
and selection process after taking into consideration the best interest of the City; 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 Citibank Texas, NA 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 finds that the selection of Citibank Texas, NA as
the City's Depository Bank is in the best interest of the City.
PART 2: That the City Council hereby designates Citibank Texas NA as the City's
Depository Bank.
PART 2: That the City Council hereby approves the Bank Depository Contract with
Citibank Texas, NA 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 Third Party Custodian Agreement between the City, Bank
of America, and Bank of New York.
RESOLUTION NO. 11-22-2005-13.13 Page 2
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 Third Party
Collateral Agreement.
PART 5: That the funding for this project shall be as budgeted from the General Fund in
the amount of $ 13 5,000.00.
PART 6: That this resolution shall take effect immediately from and after its passage.
ADOPTED this 22nd day of November, A.D. 2005.
ATTEST:
APPROVED:
IE HOOKS, City Secretary RON SI ,IIA, Mayor
APPROVED:
City Attorney