Title
Approving an extension to the agreement with Wells Fargo Bank for depository services, and authorizing the City Manager to execute the same.
Summary
Depository bank services is governed by the State of Texas Local Government Codes: Chapter 105 Municipal Depository Act; Chapter 176 Conflict of Interest Act; Chapter 2256 Public Funds Investment Act; and Chapter 2257 Public Funds Collateral Act.
The city selected Wells Fargo Bank for depository services through an RFA process in October of 2021. The current agreement commenced on December 31, 2021, and is to terminate on December 31, 2023, allowing for 3 additional one-year extension options. This extension request will be the first of three additional one-year options. This extension will go into effect January 1, 2024 and commence on December 31, 2024.
Prior City Council Action
On October 12, 2021, City Council approved an Initial agreement
Deadline for City Council Action
December 31, 2023
Funding Expected: Revenue __ Expenditure _x__
Budgeted Item: Yes x_ No ____
Amount: _$0 (offset by interest)_______
1295 Form Required? Yes x_ No __
Legal Review Required: N/A __ Required _x_ Date Completed: _11.21.2023_
Supporting documents attached:
Agreement Extension
Recommended Action
Approve an extension to the agreement with Wells Fargo Bank for depository services, and authorize the City Manager to execute the same.