HomeMy WebLinkAboutResolution No. 83-02 RESOLUTION �t0 . R2-83
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
FRIENDSWOOD, TEXAS , AUTHORIZING THE MAYOR TO
EXECUTE A CONTRACT AND AGREEMENT BY AND BETLJEEN
THE CITY OF FRIENDSWOOD AND TEXAS COMME�CE BANK
BE IT RESOLVED by the City Council of the City of
Friendswood, Texas , that the Mayor be , �and he is hereby
authorized to execute for and in behalf of the City, a
Contract and Agreement, a copy of which is attached hereto
and made a part hereof, by and between the City of
Friendswood and Texas Commerce Bank - Friendswood, whereby
such bank will serve as official depository for city funds .
PASSED, APPROVED AND ADOPTED this 24th day of
January, A.D. , 1983 .
CITY OF FRIENDSWOOD, TEXAS
�%'�� �
Ralph . I�owe , Mayor
ATT�ST:
l���ts'��'—"ZG.L rc � ��c-�G.L�{:
City Secretary
DEPOSITORY CONTFACT FOR THE -
CITY OF FRIE�DSI�OOD, TEXAS
STATE OF TEXAS �
§
COUNTIES OF GALVESTON �
AND HARRIS §
This Contract is made and entered into on this lst day
of February , 1983 , 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 Commerce Bank - Friendswood , located
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 24 � 1983 � to serve as
depository from Jan. l , 1983 through Dec. 31 ,1984� and there-
after 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 :
l . That pursuant to Resolution No. R2-83 ,
passed and approved on the 24th day of January , 1983 ,
Depository Bank is designated as Depasitoxy �ank for the time
and demand degosits of the City of Friendswood , Texas far a
period commencing on January l, 1983 and continuing
through December 31, 1984 , and thereafter until , at the sole
discretion of the �ity of Friendswaod , a siiccessor depository
shall have been duly selected and qualified accordin�g to state
Iaw.
2. Depository Bank agrees to follow, abide and be bound
under the terms of the bid which it submitted to, and ��hich 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 £ully set forth verbatim
herein.
3. Depository Bank states that it is a banking institution
chartered under the laws of the United States or of the State
o£ Texas and that its banking house is 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 a11 loss , cost or expense , including reason-
able attorney 's fees , arising out of or related to the failure
to perform duties imposed 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 payment 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 on
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
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or in such other manner as the City desires , the Bank agrees to
make 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 d.ocuments and/or
agreements , the City Council of the City of Friendswood
reserves the right to terminate 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 alterna-
tive, to allow said funds to remain on deposit until maturity.
However, nothwithstanding whatever election the City Council of
the City of Friendswood may make, the said City Council shall
OVR��r(o TM�'fERM 14fREqG Foi.�,o••�rwice /�Ny SuCN �EIkCN Of. 1�IotJ�Tlow�
have the right at all times�''�to terminate this Contract and any Q4-'�""
other agreement or contract executed subsequent to the bid
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heretofore previously submitted by Bank.
9. Notwithstanding the provisions set forth herein for the
term or termination of this 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 termi-
nation 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 been paid to
the City, and the final release of the City of Friendswood has
been duly executed by the Director of Finance and delivered to
Bank.
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SIGNED AND EXECUTED in duplicate originals on this ls-� day
of February , 1983.
TEXAS COMMERCE BANK - FRIENDSWOOD
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' CITY OF FRIENDSWOOD, TEXAS
Mayor
ATTEST:
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� G�"�-t--� � .: /�c:��,c:,
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ity Secretary
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