HomeMy WebLinkAboutResolution - 4549 - Contract - American State Bank - Municipal Depository Services - 07/14/1994Resolution No. 4549
July 14, 1994
Item 435
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 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:
(-\ "a -L
Betty M. John t,T Secretary
APPROVED AS TO CONTENT:
Treasurer
APPROVED AS TO FORM:
Attorney
DGV js/DESIGCON.RES
ccdocs/July S, 1994
Resolution No. 4549
July 14, 1994
Item #35
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 14th day of July
1994, 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 August,
1994, and ending on the 31st day of July, 1997.
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, §§105.031 and 105.072. Such securities so pledged shall be approved
as to kind and value by the governing body of the City of Lubbock.
M.
Bank will honor all overdrafts of the City to an amount not exceeding Three NMon
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 hereto and made a part hereof, 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 limi-
tation 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 transaction 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 will 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.
DESIGNATION OF DEPOSITORY & CONTRACT
AMERICAN STATE BANK - PAGE 2
5. Bank will deliver to City monthly bank statements on all accounts
maintained by City with Bank.
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.
►O
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 Depart-
ment, State of Texas, the Board of Governors of the Federal Reserve System, and the Board of
DESIGNATION OF DEPOSITORY & CONTRACT
AMERICAN STATE BANK - PAGE 3
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, 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
day of 'X Jul
PON
ATTEST:
-C)�Ud't"t' C5ax'IL5�-
Secr ary
ATTEST:
tty MO Johnson, Secretary
APPROVED AS TO CONTENT:
.v
zpbbeft Massengale, Assistant Ci er/
'Treasurer
APPROVED AS TO FORM:
r'
e
4d�G.afidiver, First Assistant City
Attorney
DESIGNATION OF DEPOSITORY & CONTRACT
AMERICAN STATE BANK — PAGE 4
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
BEFORE ME, the undersigned authority, a Notary Public in and for said County and
State, on this day personally appeared DAVID R LANGSTON, 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
July . 1994.
LOO BETH VOU R
��IM96
THE STATE OF TEXAS
COUNTY OF LUBBOCK
14th
Notary Public in and for the State of Texas
My Commission Expires: 10/23/96
day of
BEFORE ME, the undersigned authority, a Notary Public in and for said County and
State, on this day personally appeared IT 16 N//fi n -rH ORNR ORR Y
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 American State Bank,
Lubbock, Texas, and as Executive Vice President, for the purposes and consideration therein
express, and in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this ( tk day of
Jul1994.
t� •y i rigi ' i �r� 4
j .♦
DGV:js/DESIGCON.DOC
1)7 -Cos AWWrev. July 7, 1994
Notary Public in in-cT fort a of Texas
My Commission Expires:
DESIGNATION OF DEPOSITORY & CONTRACT
AMERICAN STATE BANK — PAGE 5
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EARNINGS
CHARGES
NET EARNINGS
TOTALS APRIL 1993 THRU MARCH 1994
ASB
3 -YEAR 5 -YEAR
166,466.87 166,466.87
90,735.74 105,821.18
75 731.13 60 645.69
FNB
3 -YEAR
5 -YEAR
80,777.11
85,383.41
80,777.11
85,383.41
(4,606.301
(4,606.30
3 -YEAR 5 -YEAR
132,190.96 132,190.96
89,350.64
.32