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Home My WebLink AboutResolution - 4548 - Amendment #1 To Depositor Contract - American State Bank - City Funds - 07_14_1994Resolution No. 4548 July 14, 1994 Item #34 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the Mayor of the City of Lubbock BE and is hereby authorized and directed to execute for and on behalf of the City of Lubbock a First Amendment to a Depository Contract with American State Bank for the custody of the funds of the City of Lubbock, attached herewith, which shall be spread upon the minutes of the Council and as spread upon the minutes of this Council shall constitute and be a part of this Resolution as if fully copied herein in detail. Passed by the City Council this ATTEST: etty Ni. Jo so ty Secretary APPROVED AS TO CONTENT: ,&Ant 1�0-0CL Betsy Wood, Chief Accountant APPROVED AS TO FORM: Attorney DGV:js/FWTAMD.RES ccdocs/July 7, 1994 FIRST AMENDMENT STATE OF TEXAS § DEPOSITORY CONTRACT COUNTY OF LUBBOCK § Paragraph I of the Contract for Designation of Depository and Contract for the Custody of the Funds of the City of Lubbock, Texas, entered into upon the 21 st day of December, 1990, by and between the City of Lubbock, Texas, and American State Bank, is hereby amended to read as follows: The term of this Contract shall commence upon the 1 st day of June, 1991, and end upon the 31 st day of July, 1994. EXECUTED this 14th day of AMERICAN STATE BANK: ATTEST: ATTEST: &JU'r- - A C�; Betty k. Johnso City Secretary APPROVED AS TO CONTENT: Betsy Wood, Chief Accountant APPROVED AS TO FORM: D ald G. Vandiver, First Assistant City Attorney d&oW epwn.aoc June 22, 1994 DGV:js GOP`/ of PR•'a K RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: Resolution 4 3506 BID #10929 December 6, 1990 Item #29 THAT the Mayor of the City of Lubbock BE and is hereby authorized and directed to execute for and on behalf of the City of Lubbock a Contract by and between the City of Lubbock and American State Bank for Municipal Depository Services, attached herewith, which shall be spread upon the minutes of the Council and as spread upon the minutes of this Council shall constitute and be a part of this Resolution as if fully copied herein in detail. Passed by the City Council this ATTEST: anefte Boy i y Secretary APPROVED S ene Eads,anager APPROVED AS TO FORM: a G. Van ever, �rst Assistant City Attorney 6th day of December , 1990. B. C. McMINN, MAYOR C o P'e c F P.-- ors C o vi/CAGT DESIGNATION OF DEPOSITORY AND CONTRACT FOR THE CUSTODY OF THE FUNDS OF THE CITY OF LUBBOCK, TEXAS THE STATE OF TEXAS COUNTY OF LUBBOCK THIS CONTRACT made and entered into on this the —')/ day of ��,,G� ✓ 1990, by and between American State Bank, Lubbock, Texas, a Banking Corporation, acting by and through its duly authorized officers (hereinafter referred to as Bank), and THE CITY OF LUBBOCK, a Home Rule Municipal Corporation, chartered under the laws of the State of Texas, with its domicile in Lubbock County, Texas, acting herein by and through its duly authorized officers (hereinafter referred to as City); WITNESSETH: The governing body of the City of Lubbock does hereby designate the Bank as depository of the City funds and the City of Lubbock has deposited, and will deposit from time to time funds of such City with Bank and Bank does hereby agree to accept such deposit or deposits; and such deposits shall be made on the following terms and conditions: I. The term of this Contract shall be three (3) years commencing on the 1st day of June, 1991, and ending on the 31st day of May, 1994. II. All funds deposited with American State Bank, Lubbock, Texas, by the City of Lubbock will be secured by U.S. Government Securities in accordance with the provisions of V.T.C.A., Local Government Code, Sec. 105.072. Such securities so pledged shall be approved as to kind and value by the governing body of the City of Lubbock. III. Bank will honor all overdrafts of the City to an amount not exceeding Three Million Dollars and Bank may elect to honor overdrafts exceeding Three Million Dollars. Bank will charge City a rate of interest, as set forth in Exhibit A attached C_c)eq CaF pe-:00p- Co-N hereto and made a part thereof, for handling any and all overdrafts. Overdrafts will be considered temporary, unless they exceed ten (10) calendar days, at which time the overdrafts will be cleared. IV. Loans, when requested by City, will be made to City to an amount not to exceed Three Million Dollars. On any loan in excess of Three Million Dollars, Bank shall have full discretion on whether or not to grant such loan and will notify City as soon as possible of its decision in this regard. Loans are to be direct indebtedness of the City of Lubbock, to be made within each fiscal year of the City. This is not intended for long term indebtedness. Bank will charge City interest on all loans as set forth in Exhibit A attached hereto and made a part hereof. V. For and in consideration of the agreements contained in Exhibit A, Bank will furnish to City all necessary and customary banking services including, by way of illustration but not limitation of the following: 1. Bank will handle all foreign and domestic exchange for the City. 2. Bank parking lot facilities which are immediately adjacent to Bank building will be available for use by the City in its transactions of banking business. 3. Bank agrees to furnish to City coin wrappers, night depository services including bags and keys, Cashier's checks and deposit slips. 4. Bank trill furnish City a detailed monthly statement of securities pledged against City deposits as of the last business day with an aggregate total of the pledged amount. 5. Bank will deliver to City monthly bank statements on all accounts maintained by City with Bank. Copq of pK:oR Ca.irAl 6. Bank will furnish daily balance of each account, including total collected balance. VI. The City will have the right to place any amount of its funds in any demand account or accounts maintained by City with Bank and Bank agrees to accept any amount of City funds placed in said demand deposits. VII. The City will have the right to invest any amount of its funds in the Bank at a rate set forth in Exhibit A or in any other financial institution or investment in which the City is legally authorized to invest. VIII. It is agreed by the parties hereto all time deposits or certificates of deposit which have not elapsed on the termination date of this Depository Contract, shall remain on deposit with the same depository under the same terms and conditions in effect during said Contract until the date such time deposits have elapsed. IX. Notwithstanding anything to the contrary contained in this Agreement the City will be at all times free to forward funds to any bank which is serving as a paying agent for the City on bonds issued by the City. X. This Agreement is made subject to the statutes of the Congress of the United States and the State of Texas and subject to the rules and regulations promulgated by the Banking Department, State of Texas, the Board of Governors of the Federal Reserve system, and the Board of Directors of the Federal Deposit Insurance Corporation, as are now in existence and such other statutes, rules and regulations of these entities as may hereafter become effective during the term of this Agreement; and if this Agreement should be or become in conflict with such statutes, rules and regulations then such statutes, CoPv of Co.,-r^^c-r rules and regulations shall control to the extent they are in conflict with this Agreement. XI. Failure of the Bank to consummate investments on a timely basis shall constitute a breach of contract. Such breach, or any other breach of a material provision of this contract, shall be cause for immediate cancellation of this contract by the City or such other action as shall be appropriate. Said termination shall be effective upon the expiration of ninety (90) days from the date of notification of the Bank of such breach. EXECUTED this the -2i day of , 1990. AMERICM STATE ANK Richard Thornberry Vice President ATTEST: THE CITY OF LUBBOCK 'B. C. McMINN MAYOR ATTEST: Ra City Secretary APPROVED AS TO CONTENT: APPROVED AS TO FO lJ V l C o•de.... S' C.�-- . Robert Massengal ld G. andiver Assistant City Manager for First Assistant City Attorney Financial Services THE STATE OF TEXAS COUNTY OF LUBBOCK BEFORE ME, the undersigned authority, a Notary Public in and for sAid County, Texas, on this day personally appeared B. C. McMINN, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he executed the same as the act and deed of the City of Lubbock and as Mayor, for the purposes and consideration therein express, and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of 3.990. Notark Public, Lubbo k County, Texas My Commission Expires: - 5