HomeMy WebLinkAboutItem 11 - Bank Depository Contract CC ITEM#11
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: MAY 7, 2013
SUBJECT: APPROVAL TO RENEW THE BANK DEPOSITORY CONTRACT
WITH LEGACY TEXAS BANK FOR ONE YEAR
RECOMMENDATION:
City Council to consider approval to renew the City's bank depository contract with
Legacy Texas Bank for one year.
FUNDING SOURCE:
Funding for servicing the an depository is not necessary because the bank bid a no
cost of service.
BACKGROUND:
Chapter 105 (Sub Chapter B 105.011) oft a Texas Local Government Code authorizes
municipalities to establish depositories for banking services. The City currently has a
depository contract with Legacy Texas Bank.
to recommends that the City's bank depository contract with Legacy Texas Bank be
renewed for one year. The contract renewal will b e e ffective June 1, 2013 and expire
May 31, 2014.