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Home My WebLink AboutR-2225-10-03RESOLUTION NO. 2225-10-03(R) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, DESIGNATING CITY REPRESENTATIVES FOR THE BANK DEPOSITORY; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council has designated The American National Bank of Texas as the City's bank depository; and, WHEREAS, from time to time, the City of Allen wishes to request The American National Bank of Texas (the "Bank"), by written instruction, telephone, terminal communication device, or otherwise, to originate one or more of the following services: • ACH transaction as provided in an ACH Agreement • Cash Management Services pursuant to Cash Management Agreement • Online Banking • Online Banking Bill Payment NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, THAT: SECTION 1. Notwithstanding any previous or post resolution which requires either multiple signatures or other signatures to transact business on behalf of the City of Allen, Texas, that any ONE of the persons listed below is hereby authorized to execute the required Agreements with the Bank and to designate those persons who may transact business on behalf of the City of Allen, Texas, for the above indicated services. Peter H. Vargas City Manager Name & Title Kevin Hammeke Finance Director Name & Title Joanne Stoehr Assistant Finance Director Name & Title A - a / SECTION 2. The authority conferred hereby will continue in full force and effect until specific written notice of modification or revocation of this Resolution by a duly appointed official of the City of Allen, Texas, is received by the Bank. SECTION 3. This Resolution shall become effective immediately upon its passage. DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN COUNTY, TEXAS, ON THIS THE 14r" DAY OF OCTOBER, 2003. ' APP D: Stephen Terrell, MAYOR ATTEST: Shelley B. Geok4, TRMC, CITY SECRETARY STATE OF TEXAS § § Bank Depository Agreement COUNTY OF COLLIN § This Agreement is made and entered into by and between the City of Allen, Texas ("City'), and The American National Bank of Texas C ANB'), acting by and through their authorized officers and representatives: WHEREAS, the City solicited bids and received proposals from banks desiring to be designated as the City depository; and WHEREAS, on October 14, 2003, the City Council has selected ANB as the depository for the City; NOW, THEREFORE, in consideration of the mutual benefits, consideration, covenants and conditions contained herein, the parties agree as follows: Article I Term 1.1 Initial term. ANB has been duly selected by the City as the depository of certain funds ' of the City for a terns of four (4) years beginning on November 1, 2003 and ending October 31, 2007, or until the successor depository shall have been duly selected and qualified according to state law. The initial term of this Agreement shall be automatically extended up to ninety (90) days if the City has not exercised its option to extend as set forth above, and proceed with the application process for the designation of a depository, but, for whatever reason, cannot finalize the depository designation prior to the end of the initial terns of this Agreement. The fees for services to be provided by ANB are fixed for the initial term as set forth herein. 1.2 Options for Extension. This Agreement may be extended for a period of one year by the City by written notice thereof ninety (90) days prior to the expiration of the initial term, provided, however, the total tens of this Agreement including any extensions shall not exceed five (5) years. The fees for services to be provided by the ANB for such extension period shall be in accordance with the terms and conditions set forth herein. 1.3 Termination. Either party may terminate this Agreement at any time upon sixty (60) days prior written notice to the other party. Article II Services A. ANB shall at all times comply with Chapter 105 Texas Local Government Code, as ' amended. 2.1 ANB shall provide depository services in accordance with the City's request for Bank Depository Agreement Page I ' proposals RFP 2003-4-77, incorporated herein for all purposes (the "RFP"), and the ANB response dated August 6, 2003, which is incorporated herein for all purposes (the "Proposal'). In the event of any conflict between the RFP and the Proposal the RFP shall control. A. Information and Service Requirements: I. General operating, controlled disbursement, payroll, and flexible spending bank accounts as outlined in the RFP. H. Each of the City's accounts shall earn interest at a rate that is equal to the top tier rate on the ANB Money Market Investment Account. III. The City's statement cycle cuts off at month-end. All statements for related accounts will be delivered to the City's Finance Department by the fifth (5ih) business day of the following month. ANB will provide the City a daily balance reporting system, which will provide the daily ending ledger and collected balances for all city accounts. IV. Provide direct deposit of payroll. V. Provide wire transfer of funds for the City. VI. Sufficient pledging, valued at market, shall be provided to ensure that City deposits are secured at 110% of the City balances less the amount of FDIC insurance at all times. A "Joint Custody Receipf' shall be provided to the City within five (5) days of all securities pledged. Acceptable securities will be provided to meet the requirements of the Collateral for Public Funds Act, Chapter ' 2257 of the Texas Government Code. VII. Provide, as of the end of each month, a monthly listing of all securities pledged, showing their current market value, par value, security type, and name. VIII. Provide pre -numbered and department coded deposit slips, deposit bags, and other necessary items at no charge up to $2,500 per year. IX. Provide internet banking access to all city accounts, set up requested city accounts, and provide training for designated City Finance and Administration staff. X. Provide additional services as outlined in the Proposal. XI. ANB shall designate one account officer with authority and responsibility for the City's entire account who shall be responsible for training and communicating the terms of this Agreement to ANB employees. In addition, the ANB shall provide a list of personnel qualified to provide product information and assistance. L B. Comneusation. ANB shall be compensated for depository services in accordance with the Proposal. All ANB account servicing fees and cash management fees are waived during the term of this Agreement. City shall maintain a balance of $500,000 in an interest bearing "sweep" account, if such account is established. Bank Depository Agreement Page -2- 59429 Article III Miscellaneous 3.1 ANB shall use its best efforts to notify the City in writing within ten (10) business days of any changes in federal or state regulations or laws that would thereafter materially affect this Agreement. 3.2 There shall be a review of the services of ANB every six (6) months to evaluate the work relationship between the City and ANB. The objective of the review shall be to address any problems and to discuss the procedures involved in protecting the City's funds and pledged collateral. 3.3 Governing Law. This Agreement shall be governed by the laws of the State of Texas; and venue for any action concerning this Agreement shall be in the State District Court of Collin County, Texas. 3.4 Notice. Any notice required or permitted to be delivered hereunder shall be deemed received three (3) days thereafter sent by United States Mail, postage prepaid, certified mail, return receipt requested, addressed to the party at the address set forth below or on the day actually received if sent by courier or otherwise hand delivered. ' If intended for City, to: Attn: City Manager City of Allen, Texas 305 Century Parkway Allen, Texas 75013 with copy to: Peter G. Smith Nichols, Jackson, Dillard, Hager & Smith, L.L.P. 1800 Lincoln Plaza 500 North Akard Dallas, Texas 75201 Telephone No. (214) 965-9900 If intended for ANB, to: American National Bank of Texas Attn: Colleen Biggerstaff 720 S. Greenville Avenue Allen, Texas 75002 Bank Depository Agreement Page -3- 59429 ' 3.5 Legal Construction. In the event any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect other provisions, and it is the intention of the parties to this Agreement that in lieu of each provision that is found to be illegal, invalid, or unenforceable, a provision shall be added to this Agreement which is legal, valid and enforceable and is as similar in terms as possible to the provision found to be illegal, invalid or unenforceable. 3.6 Entire Aereement. This Agreement embodies the complete agreement of the parties hereto, superseding all oral or written previous and contemporary agreements between the parties and relating to the matters in this Agreement, and except as otherwise provided herein cannot be modified without written agreement of the parties to be attached to and made a part of this Agreement. 3.7 Incorporation of Recitals. The determinations recited and declared in the preambles to this Agreement are hereby incorporated herein as part of this Agreement. 3.8 Exhibits. All exhibits to this Agreement are incorporated herein by reference for all purposes wherever reference is made to the same. 3.9 Amendments. This Agreement may be amended by the mutual agreement of the parties to it in writing and attach to and incorporate it in this Agreement. ' 3.10 Counterparts. This Agreement maybe executed in any number of counterparts, each of which shall be deemed an original and constitute one and the same instrument. EXECUTED this / q d- day of 6tl-Uty , 2003. City of Allen, Texas By: d--� Peter Vargas ityM ager Attest: By: Shelley B. G o ge, City Secidary Approved as to Form: ' Peter G. Smith, City Attorney Bank Depository Agreement Page -4- 59629 ' EXECUTED this Z7— day of U v , 2003. The American National Bank of Texas By: Wo em Banking Center President 1 Bank Depository Agreement Page -5- 59429