HomeMy WebLinkAboutItem 13 - Depository Banking Services
DEPOSITORY SERVICES AGREEMENT
This Depository Services Agreement (this “Agreement”) is effective as of the 1st day of July, 2024, and is
entered into by and between the CITY OF GRAPEVINE, TEXAS (the “City”) and JPMORGAN CHASE
BANK, N.A. (the “Bank”).
Recitals
WHEREAS, the City issued a Request for Depository Banking Services Proposal RFP 27-24, as supplemented
and/or amended, relating to the provision of certain banking services as described therein (the “RFP”).
WHEREAS, the Bank’s proposal, inclusive of all exhibits and appendices attached thereto, dated April 25, 2024,
was submitted in response to the RFP (the “Proposal”).
WHEREAS, the City has reviewed the Proposal and determined that it best fulfills the City’s requirements for
certain services described in the RFP (the “Services”) and accordingly has awarded the performance of the
Services to the Bank.
WHEREAS, the City and the Bank desire to enter into this Agreement under which the Bank will provide the
Services, and establish and maintain certain depository accounts for the City.
NOW, THEREFORE, in consideration of the mutual agreements set forth hereafter and for other good and
valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1. Performance of the Services. The Bank agrees to perform the Services for the City, at the prices specified
or described in the Proposal, as supplemented and/or amended or as otherwise agreed.
2. Description of the Agreement. This Agreement contains the terms and conditions and respective
obligations of the parties with respect to the Services and is comprised of the following documents (the
“Contract Documents”): (i) this Depository Services Agreement (the “Main Agreement”); and (ii) the
following documents incorporated herein by reference: (a) the RFP (as it relates to the Services); (b) the
Proposal, inclusive of applicable exhibits and appendices attached thereto; (c) the Account and
Consolidated Service Terms, and related Bank documentation and such supplements, amendments, and
additional service terms as may be provided from time to time (the “Account Documentation”). In the
event of any inconsistencies between the terms in the documents described in the preceding sentence,
the order of precedence shall be as follows: the Main Agreement, the Proposal, the Account
Documentation, and the RFP.
3. Term of this Agreement. This Agreement will commence July 1, 2024 and will continue for an initial
term of five (5) years, expiring June 30, 2029, inclusive (“Term”). Upon the expiration of the Term, the
Parties agree that there may be an extension period not to exceed ninety (90) days to grant the City time
to secure a new Depository contract.
4. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be
deemed an original and all of which taken together shall constitute one and the same instrument.
5. Amendment of this Agreement. This Agreement may be amended upon mutual written agreement of
the City and the Bank, as contained within a writing executed by each of them.
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6. Notice. Any notice required or permitted under this Agreement shall be in writing. Each such notice
shall be effective when delivered by hand or, if mailed, shall be mailed postage prepaid, return receipt
requested, and shall be effective when received. Each such notice shall be addressed or delivered,
if to the City, at: or, if to Bank, at:
City of Grapevine, Texas JPMorgan Chase Bank, N.A.
__________________________ 420 Throckmorton Street, Fl. 4
Fort Worth, Texas 76102
Attn: _____________________ Attn: Brett Harper, Authorized Officer
Or such other address and contact person as the Bank may specify in a written notice to the City.
7. Miscellaneous.
a. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
legal representatives and successors.
b. In case 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 any other provisions thereof, and this Agreement shall be construed as if such invalid, illegal
or unenforceable provisions had never been contained.
c. This Agreement and the exhibits, schedules, and attachments constitute the sole and only agreement of
the parties hereto and supersedes any prior understanding or written or oral agreement between the
parties respecting the within subject matter.
d. This Agreement shall be construed and governed by the laws of the State of Texas.
\[Signature Page Follows\]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective
authorized officers as of the date above.
CITY OF GRAPEVINE, TEXAS
By: _____________________________________
Name: _____________________________________
Title: _____________________________________
JPMORGAN CHASE BANK, N.A.
By: _____________________________________
Name: Brett Harper, Relationship Executive
Title: Authorized Officer
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