HomeMy WebLinkAboutItem 07 - Bank Depository Agreement ITEM '7
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER 73(z
MEETING DATE: MARCH 2, 2010
SUBJECT: BANK DEPOSITORY AGREEMENT
RECOMMENDATION:
City Council to consider, at staff recommendation, to extend the existing Bank Depository
Agreement with Legacy Texas Bank for three years.
BACKGROUND:
The City's Bank Depository Agreement with Legacy Texas Bank is due to expire May 31,
2010. The current agreement has a provision that allows the current contract to be
extended. The City has had excellent service from Legacy Texas Bank.
The initial term was for one year so that we could determine the performance before
locking into a longer period. As you recall, we had multiple year agreements with Texas
Bank,who served as our depository for a 10-year period in the past, so the extension
recommended is consistent with our past practices.
Staff recommends that the current Bank Depository Agreement with Legacy Texas Bank
be extended for three years.
February 25,2010(11:53AM)