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HomeMy WebLinkAboutResolution No. 85-05 RE SOLUI'ION NO. R5-85 A RE90LUTION OF THE CI'I'Y COUNCIL OF THE CITY OF FRIENDSWOOD, TEXAS, AUTI�fJRIZING THE MAYOR TO EXECUTE A CONTRACT AND AGREEMEDTI' BY AND BETWEEN THE CTTY OF FRIENDSinl00D AND TEXAS CONI�'IER(� BANK BE TT RE90LVED by the City Cotmcil of the City of Friends�od, Texas, that the Mayor be, and he is hereby authorized to execute for and in behalf of the City, a Contract and Agre�nent, a copy of which is attached hereto and made a part hereof, by and between the City of Friendswood and Texas Carcrerce Bank - Friendswood, whereby such bank will serve as official depository for city funds. PAS�D, APPR�VED AND ADOPTED this 14th day of Janua.ry, A.D. , 1985. CITY OF FRIENDST,v'OOD, TEXAS B ,� �� �.�.� Ra p L. Lowe, Mayor ATTE S'I': . � City cretary DEPOSITORY CONTR.ACT FOR THE CITY OF FRIENDSWOOD, TEXAS STATE OF TEXAS � X., COUNTIES OF GALVESTON X AND HARRIS X This Contract is made and entered into on this 14th day o�; January , 198 5 , by and between the City of Friendswood, Texas , hereinafter referred to as "City" , acting by and through the City Council of the City of Friendswood , and Texas Comrerce Bank - Friendswood , lo c at e d within the City of Friendswood , Counties of Galveston and Harris , Texas , hereinafter referred to as "Depository Bank" or "Bank". W I T N E S S E T H: WHEREAS , the City Council of the City of Friendswood requested and received Requests for Proposals , hereinafter referred to as "bid", for the depository of City funds ; and, WHEREAS, Depository Bank, submitted the most advantageous bid and was , therefore , duly designated City Depository by Resolution dated January 14 , 1985 , to serve as depository from January l, 1985 , through DecenUer 31, 1986 , and thereafter until, at the sole discretion of the City of Friendswood , a successor depository shall be duly selected and qualified according to state law; now therefore : 1 . That pursuant to Resolution No . R5-85 , passed and approved on the 14th day of January , 1985 , Depository Bank is designated as Depository Bank for the time and demand deposits of the City of Friendswood, Texas , for a period commencing on Jarivary l, 1985 and cont inuing through December 31 , 1986 , and thereafter until , at the sole discretion of the City of Friendswood, a successor depository shall have been duly selected and qualified according .to state law. 2 . Depository Bank agrees to follow, abide and be bound under the terms of the bid which it submitted to , and which was accepted by, the City Council of the City of Friendswood, a copy of said bid is attached hereto as Exhibit "A" and is incorporated herein by reference as if fully set forth verbatim herein. 3 . Aepository Bank states that it is a banking institution chartered under the laws of the United States or of the State of Texas and that its banking house i�. located within the city limits of the City of Friendswood, Texas . 4. Depository Bank agrees to faithfully perform all of the duties hereof, as provided by the laws of the State of Texas , and will safely keep and disperse all funds coming into it as depository, and faithfully pay over to the successor , all funds remaining in the depository, and does guarantee and indemnify the City against all loss , cost or expense, including reasonable attorney's fees , arising out of or related to the failure to perform duties imnosed by law or this Contract . The term "funds" shall be considered to mean all cash, securities and investments , sinking funds , trust funds and other funds or assets that may come into the possession of said Bank by virtue of this Contract . 5 . Bank states that it is not now, nor will it become , delinquent in the p ayment of any taxes , fees , assessments or any other sum due and owing to the City of Friendswood. Bank further states that it is not in default or in noncompliance with any agreement or contract with the City of Friendswood . 6. The City shall not be required under the terms and con- ditions of this Contract , to place with the Bank, time deposits which carry a maturity date beyond the term of this Contract ; however , the City may, at its option, do so . In the event the City places time deposits with the Bank that mature subsequent to the term of this Contract , all deposits previously invested may, at the sole election and discretion of the City, remain an deposit until maturity. 7 . In the event the City shall desire to convert a part or all of the public funds invested under this Contract , to cash or in such other manner as the City desires , the Bank agrees to make -2- such funds available without delay, subject to regulations imposed by appropriate bank regulatory authorities ; City agrees that upon payment of said funds to the City, it shall provide a release of bonds or securities as provided for in the bid. 8. The Bank covenants and agrees that in the event any of the terms , covenants or conditions of the bid document , this Contract document or the safekeeping agreement , are in any way breached or violated or, for any reason, the Bank has failed to perform under the terms and conditions of said documents and/or agreements , the City Council of the City of Friendswood reserves the right to ter- minate this Contract or any agreement entered into subsequent to or by reason of the bid previously submitted by the Bank and shall have the option of withdrawing all or part of the time and demand deposits from the Bank, including principal and accrued interest , or in the alternative , to allow said funds to remain on deposit until maturiby. However, nothwithstanding whatever election the City Council of the City of Friendswood may make, the said City Council shall have the ri�ht at all times during the term hereof following any such breach or violation to terminate this Contract and any other agree - ment or contract executed subsequent to the bid heretofore previously submitted by Bank. 9 . Notwithstanding the provisions set forth herein for the term or termination of tr�is Contract , in the event the City shall elect to leave on deposit with the Bank, time deposits which mature after the expiration of the term or after termination of this Contract , then all the terms , provisions and conditions of this Contract , which shall be for the benefit and protection of the City, as shall be determined by the City, shall continue and be binding until all funds have bee� paid tc the City, and the final 7�elease of the City of Friendswood has been duly executed by the Director of Finance and delivered to Bank. -3- SIGNED AND EXECUTED in duplicate originals on this ` -r� day of ���,,�..�d,ti.-� , 1985 . TEXAS COMMERCE BANK-FRIENDS�900D ..w.-... � _„„. BV�r l�- U " 'iG9'�° ! �..,��5��L� Title ATTEST : � � ^ � �' , � CITY OF FRIENDSWOOD, TEXAS � � �, '� Mayor ATTEST : C City Secretary -4-