HomeMy WebLinkAboutResolution - 2008-R0327 - Amendment To Bank Depository Contract - Wells Fargo Bank - 08/28/2008Resolution No. 2008-80327
August 28, 2008
Item No. 5.3
RESOLUTION
WHEREAS, the City Council finds that it would be in the public interest to
amend its Bank Depository Contract with Wells Fargo Bank N.A. to provide for one two-
year renewal period instead of two one-year renewal periods and to authorize a two-year
extension of said Contract upon approval of this Resolution; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT the City Council of the City of Lubbock hereby authorizes
and directs the Mayor of the City of Lubbock to execute the Amendment to the Bank
Depository Contract executed September 21, 2005, with Wells Fargo Bank N.A. to
provide for one two-year renewal rather than for two one-year renewals, a copy of which
Amendment is attached hereto and made a part hereof for all intents and purposes.
SECTION 2. THAT following approval of this Resolution by the City Council,
the City Manager or her designee is authorized and directed to notify Wells Fargo Bank
N.A. of the City Council's desire to extend said Bank Depository Agreement for two
years.
Passed by the City Council this 28thday of August , 2008.
TOM MARTIN, MAYOR
ATTEST:
— X) 6 -
Rebec Garza, City Secretary
APPROVED AS TO CONTENT:
L e Ann Dumbauld, City n
APPROVED AS TO FORM:
Don Vandive?, Assistanl-City Attorney
DDres/Wel Is Fargo DepCon Amend08 Res
July 30, 2008
Resolution No. 2008-RO327
AMENDMENT
THE STATE OF TEXAS
Bank Depository Contract
COUNTY OF LUBBOCK
WHEREAS, the City of Lubbock ("Depositor" hereinafter) and Wells Fargo
Bank, N.A., formerly known as Wells Fargo Bank (Texas), N.A. ("Bank" hereinafter)
did heretofore on the 21st day of September, 2005, enter into a Bank Depository
Contract; and
WHEREAS, it is the desire of the Depositor and the Bank to amend said Bank
Depository Contract; NOW THEREFORE:
WITNESSETH:
Section I of said Bank Depository Contract entered into on September 21, 2005,
by and between the Depositor and the Bank is hereby amended to read as follows:
DEPOSITOR, through action of its governing Board, hereby designates BANK as
a depository for the period beginning November 21, 2005, and continuing through
November 20, 2008, with one possible two-year extension dependent upon
Council approval.
This Amendment to the September 21, 2005, Bank Depository Contract between
the Depositor and the Bank is executed this 28ffiday of August , 2008.
FOR DEPOSITORY BANK:
ATTEST:
Allr
Secretary
THE CITY OF LUBBOCK:
TOM MARTIN, MAYOR
ATTEST:
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Rebecc Garza, City Secretary
APPROVED AS TO CONTENT:
1a
Lee Ann Dumhauld, City Manager
APPROVED ASO FORM:
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,�, - �Q Y
Don. Vandiver, Assistan City Attorney
ddcon/W el IsFargoConAmend08
July 30, 2008