Title
Approving a resolution with the caption reading: "Resolution adopting a policy permitting the consideration of applications for primary depository bank services received from financial institutions that are not doing business within the municipal boundaries of the City".
Summary
First Texas Bank has notified the City that the current depository agreement that expires September 30, 2021 will not be renewed for a final allowed additional one-year term. The City has hired Valley View Consulting to assist in selecting a primary depository through a Request for Applications (RFA) process. During this interim, First Texas Bank and the City have entered into a 3 month extension of the depository agreement, expiring December 30, 2021.
Chapter 105 of the Texas Local Government Code requires the City to competitively solicit financial institutions located within the City's municipal boundaries to provide primary depository bank services. This chapter of the local government code (105.011) further allows the City Council to adopt a written policy permitting the consideration of applications received from financial institutions that are not doing business within the City's municipal boundaries when it is deemed to be in the best interest of the City.
It is in the best interest of the City to include financial institutions from outside the City's municipal boundaries to ensure a competitive application solicitation process. The bank, credit union, or savings association must maintain a place of business within the State of Texas and offer the services required by the depository services contract. The City will limit the selection of those financial institutions to specified locations outside of the City’s municipal boundaries, determined by the consideration of operational convenience and increased competitiveness. The specified locations will be determined by City staff and disclosed in the Notice, advertisements (local and general circulation), and the Request fo...
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