Loading...
HomeMy WebLinkAboutCity Council Resolutions (R-89-521-2)-10/17/1989 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 1 2 RESOLUTION R-89-521-#2 3 A RESOLUTION AUTHORIZING THE EXECUTION OF A CONTRACT AND AGREEMENT BETWEEN THE CITY OF COLLEYVILLE AND FIRST CITY NATIONAL 4 BANK OF COLLEYVILLE. 5 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: 6 Sec. 1. THAT the Mayor of the Ci ty is hereby authori zed to execute, on behalf of the City, a contract and agreement with Fi rst Ci ty National Bank of Colleyville. Said contract and agreement is for the purpose of providing banking services for the City's funds. 7 8 Sec. 2. THAT the City Secretary is hereby authorized to attest the execution of said contract and agreement, and to affix the seal of the City thereto. 9 AND IT IS SO RESOLVED: PRESENTED AND PASSED by a vote of 5 to 0 at a regular meeting of the City Council of the City of Colleyville held on the 17th day of October, 1989. CITY OF COLLEYVILLE ~~;- Chris Hawkins Mayor ~~ LaVada Johnson City Secretary ~...~.p.' .D AS TO FORM AND LEGALITY: -dl?7~ oss T. Foster City Attorney L/A/2 26 . OFFICIAL BID FORM CITY OF COLLEYVILLE DEPOSITORY CONTRACT BID SEPTEMBER 29. 1989 Submitted By: First CitYt Texas-Colleyville Bank 5000 Colleyvi'le Blvd. Address Colleyville, Texas 76034 City Telephone 817-485-0700 The Bank indicated above does herewith solicit to act as the Official Depository for the City's Fund in accordance with the following: 1. Tena - of Depository Agreement to begin November 1. 1989 through September 30. 1991. 2. Statutory Compliance - the Bank agrees to comply with all local. state. and federal statutes and regulations governing Municipal depos i tori es and agrees to recei ve and process a 11 funds set forth from ~hatever source as may be di rected by the Ci ty of Colleyville. 3. Pledged Securities - as security for the deposits of the City. the Bank will pledge to the City of Colleyville securities at fair market value. including F.D.I.C. Deposit Insurance. at least equal to the largest balances the City maintains in the Ban k. Subs t i tut i on for secu ri ties or change of tota 1 amounts of securities may be made only by and with proper written authority approved by the City Manager. Pledged securities shall be deposited for joint safekeeping with the Federal Reserve Bank of Dallas. The Bank agrees to provide securities rated as to investment quality by a nationally recognized investment rating finn and having a rating of not less than "A" or its equivalent. * See Addendum #1. . Page 2 4. *T1.. DIDos1ts under $100.000 - the Bank agrees to pay the fol10~ing minilllUll rates: (minimum Time Deposit amount is $10,000) Maturity Period (Calendar Days) AnnualS Rate 30 to 59 T Bill Rate Minus .10% 60 to 89 T Bill Rate minus .05% 90 to 119 180 to 364 T Bill Rate Plus T Bill Rate Plus .00% +.10% 5. *Tf.. Deaos1ts over $100.000 - the Bank agrees to pay the follo~ing minimum fates: Maturity Period (Calendar Days) Annual S Rate 14 to 29 30 to 59 60 to 89 90 to 119 180 to 364 T Bill Rate Plus +. 00 % T Bill Rate Plus +.20% T Bill Rate Plus +.25 % - +. 30% : : T Bill Rate Plus ~ T Bill Rate Plus +.40% 6. Deland Accounts: Type of Account Minimum Balance Annual S Rate Paid/Credited C.h~rkini with into $1.000 Der Acct. 5.00% ** Credited Monthly (Interest calculated on collected balance) 1. Money Market Securit1es - the Bank agrees to offer the Ci ty Money Market Certificates of Deposit issued in minimum denomination of $10.000.00 with 26 week maturity date at the following minimum rate: N/A - S.. tim. deposit rates 8. U.S. Direct Debt Secur1t1es - as provided by State Statue; the Bank as the City's Depository ackno~ledges the right of the City to invest 1n the direct debt of the Un1ted States of Government. See Addendum 3 and 4. "** Current rate. CWI accounts will be paid the current posted First City rate. which may change from time to time (higher or lower). with prior notice being provided to the City. * T Bill rate shall be defined as the published average auction (discount) rate for 13 week U.S. Treasury Bills at the last sale preceding the date of issuance of the time deposit (C.D.). .~.,.~---^,...,~----,---....__.",>-_._-"._~,.~,-_.__.",,',.,..._-~_.,-~~-~.. . Page 3 9.* Current Consumer Rates - provide schedule of Consumer Interest Rates offered the general public on September 23, ~ as follows: 1989 Investment Accountant Rate 5.25% Money Market Savings Money Market Checking 5.00% 32 - 89 days 90 - 179 days 180 - 364 days $ 5.00 Minimum: Rate, 7.70% Fixed Certificates of Deposit Maturity 7.80% 7.90% 1 year to less than 2 years 8.10% **C D's Over $100,000 Per Rate 14 30 60 90 120 180 210 270 7.40 8.10 8.10 8.10 8.10 8.10 8.10 8.15 365 days 8.25 * Rates are for deposits not requiring collaterization. ** First City Insured Time Deposit program as described in Addendum 2 Rates were the same as CD's over $100,000. These rates were as of 9/23/89 and the rates are not always the same. Page 4 10. Short Tenl Loans - the Bank agrees to the City UP. to the following: See Addendum 116. Max. Annual S Rate Max. Amt. Less/6 mo. S $ More/6 mo. S $ to offer monies on loan Security Collateral ReQuired 11. Inves~nt of Bond Proceeds - the Bank wi 11 accept the Ci ty IS deposit of all funds over which the City has control. The Bank agrees that the Ci ty reserves the ri ght to invest the proceeds from bond sales in lawful securi ti es in other than depository issued certificates of deposit with the full cooperation of the depository bank. If requested by the City, the bank agrees as the City's deposi tory, to assi st the Ci ty in investing bond funds which are not invested in the depository bank issued certificates of deposit. See Addendum #1,2,3, & 4. 12. Tenlination of Certificates of Deposits and/or Loans - the Bank agrees to continue until maturity of any certificates of deposits issued or loans outstanding should the City subsequently change bank depositories. See Addendum #6. 13. Financial Stability - the Bank agrees to provide the City with Quarterly and Annual Statements of Condition including an Annual Auditor's opinion letter. Herewith the bank provides the following: (See enclosed financial statements for First City Bancorporation of Texas, Inc.) A. Most Recent Statement of Condition B. Ratio of: Return on average assets = income before securies gains or losses average total assets (year end to year end) $ $ = $ C. Ratio of: Equity to assets total eQuity capital = total assets $ = $ $ -"'---,.r---"-~'-' ,.,.------~,-~ Page 5 Overdrafts to be honored when a compensating cash balance First City exists in other demand cash accounts. The bank agrees to Prime Rate allow overdrafts in demand accounts for a period not to See Addendun exceed ~ banking days. To the extent that overdrafts K<< #5. ~)t((~ >>~lfan't_l X'tnX X .~X K~Xacd'dlXl~l~.x we wi 11 cha rge exist in any 1ndividua~'-interest bearing account. First Cit B. To act as paying agent for all outstanding and future bonds t d d Y as may be. required by the City unless otherwise mandated by ~ an ar ordinance. orporate T.Lu~L Fc::es. Provide monthly statements reflecting last day of the month balances for all accounts and daily collected and ledger balances by telephone. Furnish all City checks and deposit slips printed in accordance with City specifications. Provide Stop Payment Services as requested. Furnish adequate coin wrappers. Sell or purchase any lawful securities the City desires for investment purposes if requested by the City. H. Furnish sufficient zipper locking type depository bags. I. To pledge approved securities as required in the Local Government Code of the State of Texas, Chapter 105, See Addendu Depositories for Municipal Funds with the exception of 1 the brokerage fee to cover all funds deposited with the /'1. Bank by the City. Handle all foreign and domestic exchange. Furnish travelers and cashiers. D. Ratio of: Net charge offer to average loans losses charged to allowance = for recoveries average total loans $ = $ $ E. Is the institution currently subject to any type of regulatory oversight mandated to bring the institution into full compliance with applicable regulations. F. Is the institution a branch bank? 14. Miscellaneous Service - THE BANK AGREES TO FURNISH FOR: A. C. D. E. F. G. J. K. L. Furnish adequate safety deposit boxes. Yes* * N *Exp1ain - * Yes * N Fee for Service * At Cost * * See Addendur 3 /HuH At cost * * * . Page 6 M. Other Bank services except those prohibited by State or Federal law or regulation. Specify: * N. Provide ledger credit in the same day as deposits occur (holidays and weekends excepted). This includes same credit credit or wire transfers as funds from the Federal and State Governments. See Addendum #7 * See Attached price schedule for Bank Service Charges. 15. Liaison Officer - the Bank agrees to appoint one individual to act as official liaison between the Bank and the City to administer the depository agreement. Furthermore. the Bank agrees to notify the City as soon as possible ~hen the liaison officer is reassigned. Li aison Garry D. Hamil ton Submitted this the 5 day .tOber: _' By ~ ~-- . 1989. President Ti tle STATE OF TEXAS COUNTY OF TARRANT SWORN TO AND SUBSCRIBED BEFORE ME. " day of .1};t ~ . 1989 .9..a. '" V~I" II.i..f.~~f."'", OEVON DENNEY . '. jJ{ . . MY COMMiSSION EXPIRES ....?~;........\~~/ September 1, 1992 L:<:Y"~"" _~___. -~:~''''n''''':;l''I;:'S>\;;>IC___~ ADDENDA TO BID I. Pledged Securities - First City, Texas - Dallas shall pledge eligible securities as defined in the Public Funds Collateral Act (Senate Bill 1341) in amount sufficient to protect City deposits (and deposits under the City's control) as defined by the Act. Pledged securities shall be deposited in joint safekeeping with the Federal Reserve Bank of Dallas or other third parties mutually agreeable to the City and First City, Texas. The maximum amount of interest bearing deposits that First City, Texas shall be required to pledge collateral for shall be $1.5 million. The formula rates itemized in the bid shall be for collateralized deposits. 2. First City, Texas - Dallas will provide the Investment Option of the First City Insured Time Deposit program for deposits in excess of $100,000 with maturities of 14 days or more. The amount that the City may place in the program will be subject to the then current maximum allowable in the Program, which may change from time to time based on the number of First City Member Banks participating in the Program. The rate of interest paid will be the posted rate for Insured Time Deposits for the applicable maturity on the date of placement. All deposits will be placed in increments of less than $100,000 per First City Member Bank. The current number of participating First City Member Banks is 20. 3. Treasury / Agency Securities Purchased - the City shall not be charged a transaction fee for securities purchased directly from Bank, when Bank is acting as principal. If the City chooses to have purchased securities (whether purchased from Bank or other entries) safe kept with the Bank,/the City shall pay Bank for said safekeeping services at the Bank's standard safekeeping prices. Should the City use the Bank for the clearing/settlement of FRB Book Entry securities through other entities, the City shall pay Bank for said securities clearance/settlement services at the Bank's standard securities clearance/settlement prices. 4. The City shall be responsible for the cost of check and deposit slip pnntmg, and the cost of any services it engages or contracts a third party to perform (ie courier service, safekeeping of purchased securities at another bank, eel.) Any services not itemized in this price schedule which are subsequently provided by Bank to City will be included in the monthly invoice to be paid by City, and such services will be charged at the Bank's normal per service or per item price. 5. The City shall make diligent efforts to avoid collected balance overdrafts in any and all accounts. Should an overdraft occur, the City shall take prompt action to fund said overdraft. The City shall pay Bank a per annum rate of interest of Bank's Prime Rate for any collected balance overdraft in any account. Bank shall retain all rights and remedies it has with regard to overdrafts. 6. Short Term Loans (less than one year): Bank will make short term loans to City, not to exceed $500,000 in total borrowing at any point in time at the following per annum rates: 95% of Bank's Prime Rate Floating on borrowings on which the interest income is tax exempt. 100% of Bank's Prime Rate Floating +2.00% on borrowings on which the interest income is taxable. Prior to the funding of any loan request during the term of this depository agreement, the City shall provide the Bank with: I. An independent legal opinion certifying the borrowing to be legal, authorized and binding on the Borrower (City), and the status of the borrowing as either taxable or tax exempt per applicable tax law. 2. A resolution from the Borrower's (City's) governing board authorizing the borrowing, and granting authority to specified officers or employees to execute all documents associated with the borrowing. Should a borrowing which has been classified tax exempt later be determined to be taxable, the Borrower (City) shall pay interest to the Bank at the taxable rate as of the effective date of the borrowing becoming taxable. Bank may, but shall not be required to, continue short term loans after a change in Depository Bank by the City. 7. Same day ledger credit will be given for all funds deposited by 3:00pm. Bidder agrees to pay interest on The Daily Collected Balance in the City's Accounts. Please see enclosed availability schedule. FIRST CITY, TEXAS - DALLAS COMMERCIAL SERVICES Product/O'Dtion 1. DDA Services - Account Maintenance - DDA Special Handling - Exception Statement - Duplicate Statement - DDA Audit Confirmation - Debits - stop Payment - NSF/Return Check 2. Items Deposited Class 1 - Dallas Clearinghouse Class 2 - North Texas Clearinghouse Class 3 - Dallas RCPC Class 4 - Other 11th Fed Cities Class 5 - Other 11th Fed District Class 6 - Non 11th Fed District 3. Credits 4. Encodinq 5. Return Items - Basic Service - special Handling - Phone Call - Non-Endorsement/Look Up - Automatic Reclear - Large Items (over $2,500) - Large Items/Look Up 6. Wire Transfers - Outgoing Transfer Low Priority High Priority - Incoming Wires Transfer Transfer w/Phone Call 7. Zero Balance Accounts - Master Account Single Tier Structure Multi Tier structure - Subsidiary Account single Tier Structure Multi Tier Structure - Additional Mailing Point ZBA Reports Pricina Unit Account/Month Account/Month Statement Statement Request Debit Item Item Item Item Item Item Item Item Item Item Item Item Item Item Item Item Item wire Wire Wire Wire Account/Month Account/Month Account/Month Account/Month Point/Month Revised 04/01/89 CUrrent Price $ 15.000 10.000 7.500 4.000 15.000 .120 20.000 20.000 .025 .025 .047 .038 .047 .064 .500 .035 3.000 3.000 3.000 3.000 1.500 3.000 3.000 8.000 10.000 5.000 6.250 35.000 45.000 8.000 9.000 20.000 Page 2/Commercial Services produc1:/oDtion 8. Account Reconcilication - Fine Sort Minimum Paid Item Listing (Partial) Minimum Full Reconciliation Minimum Deposit Reconiliation Minimum Range Sort Reconciliation Minimum Magnetic Tape Per Item Per Tape/Account Partial Tape Output Minimum Complete Tape Output Minimum Multiple Cycle Cutoffs courier Expense Misc. service Charge " pricinQ unit Item cycle Item cycle Item Cycle Item Cycle Item Cycle Item Account/Month Item cycle Item Account Cycle As Incurred As Incurred Revised 04/01/89 Current Price $ .030 40.000 .030 55.000 .080 55.000 .040 55.000 .060 55.000 .010 25.000 .060 55.000 .090 55.000 50.000 20% Surcharge Cost ., .. FIRST CITY. TEXAS - HOUSTON SAFEKEEPING AND SECURITIES CLEARANCE FEE SCHEDULE ~ i t i SECURITIES DEPOSIT RECEIPT 1~.00 SECURITIES WITHDRAWAL OR PARTIAL RECEIPT 1~.00 WITHDRAWAL (EXCEPT AT KATURITY) COUPON CLIPPED COUPON . ~0 SECURITY PLEDGE OR RELEASE TRANSACTION 7.00 ACCOUNT KAINTENANCE KINIKUK ACCOUNT/KONTH 2.00 ASSETS - PER RECEIPT RECEIPT/KONTH .70 ASSETS - PER .10.000.00 PAR VALUE PER .10,000.00 PAR VALUE .0S FRB - BOOK ENTRY SECURITIES PER *10,088.88 PAR VALUE .02 DISBURSEKENT CHARGE - EACH S.08 KORTGAGE BACKED PAYKENTS RECEIPT/KONTH 1~.08 1. OUTGOING COLLECTIONS 2. EACH FREE SHIPMENT 3. EACH WINDOW DELIVERY 4. TERKINAL CHARGE FOR FRB (BOOK ENTRY TRANSACTIONS SETTLEMENT INSTRUCTIONS, (IBM 327.. GEOPAC, DEX. TELEPHONE) S. BOND CLOSING - RECEIPT AUDIT AND DISTRIBUTION PER .10.88.... PER KILLION MINIMUM 6. FED FUNDS TRANSFER THRU FRB SYSTEM fJm. FURTHER INFORMATION. PLEASE '-6IJ.. (713) 6~8-6147 ..NOTE1: ALL OUT-OF-POCKET EXPENSES SUCH AS POSTAGE AND INSURANCE, EXCHANGE CHARGES, FRB CHARGES AND OTHER PROCESSING BY ANOTHER BANK OR AGENT ARE NOT INCLUDED IN THE ABOVE CHARGES. PRODUCT/OPTION SAFEKEEPING 1. 2. 3. 4. S. 6. 7. SECURITIES CLEARANCE 1. PURCHASE SETTLEMENT 2. SALE SETTLEMENT 3. MORTGAGE BACK SALE 4. KORTGAGE BACK PURCHASE S. REGISTRATION OF SECURITIES SECURITIES CLEARANCE - DRAFT SERVICE.. PRICING UNIT PRICE TRADE TRADE TRADE TRADE ISSUE 28.0. 20.8. S0.0. S8.0. 2S.08 DRAFT DRAFT TRADE TRANSACTION 20.0. 28.08 20.0. S.0. CLOSING CLOSING TRANSFER TRANSFER .38 30.0. 100.0. 6.0.