HomeMy WebLinkAboutRES 1998-021 .. ,.
RES{�LUTION N4. 98-21
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, AUTHORIZING THE CITY MANAGER
TO EXECUTE A CITY DEPOSITORY CONTRACT AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the Texas Locai Government Code, Chapter 105 authorizes
municipalities of the State to establish depositaries for the deposit of City funds and for
banking services to be provided to the City; and
WHEREAS, the current City of Grapevine depository contract is expiring and a
r�ew contract needs to be approved; and
VVHEREAS, the City of Grapevine has advertised for applicants for consideration
as a City depository in accardance with the requirements of the Texas Local
Governmer�t Code, Sectian 105.012 and has evaluated the applications sa received.
�3- m NOW, THEREFORE, BE IT RESOI.VED BY THE CITY COUNCIL OF THE CITY
(3F GRAPEVINE, TEXAS:
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Sectian 1. That all matters stated in the preamble are true and carrect as if
copied herein in their entirety.
Section 2. That the Ciiy of Grapevine does hereby authorize the City Manager
to execute a City Depositary Contract with the TexasBank of Grapeuine and to execute
and deliver a safekeeping agreement and any and a!! documents, agreements or
contracts necessary to complete the impiementation of said Depository Contract.
Section 3. That the term of said Depasitory Contract shall be ta commence
on or before 12.01 A.M., May 1, 1998 and expire at 12:OQ A.M. (Midnight), April 30,
2003; except that if the City is actively involved in soliciting appficants for a new
depositary contract this contract shall continue in force unti! such new contract is fully
executed by all parties.
Section 4. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPR4VED BY THE CITY COUNCIL 4F THE CITY {�F
'�' ` GRAPEVINE, TEXAS on this the �th day of April , 1g98.
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APPROVED:
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William D. Tate
Mayor
ATTEST:
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Lin a Huff
City Secretary
APPROVED AS TO FORM:
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John F. Boyle, Jr. �'
City Attorney
RES. NO. 98-21 2