Res 1460 9/18/1973r
RESOLUTION NO. 0
RESOLUTION APPROVING DEPOSITORY CONTRACT
BETWEEN THE CITY OF WICHITA FALLS AND THE
CITY NATIONAL BANK IN WICHITA FALLS.
BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF
WICHITA FALLS, TEXAS, THAT:
That certain depository contract, a copy of which is
attached hereto, between the City of Wichita Falls and City
National Bank in Wichita Falls is hereby approved, and the
City Manager is authorized to execute the same for the City
of Wichita Falls.
PASSED AND APPROVED THIS THE 18TH DAY OF SEPTEMBER, 1973.
f i4
4.1 1/(1/11
Cit Clerk
DEPOSITORY CONTRACT
This contract made and entered into this the 18th day
of September, 1973, between the City of Wichita Falls, Texas,
hereinafter called "City" and the City National Bank in Wichita
Falls, hereinafter called "Bank" ,
WITNESSETH:
For and in consideration of the mutual convenants contained
herein, City and Bank do hereby agree that Bank shall serve as
depository for City and maintain custody of the funds of City
for a period of two years from October 1, 1973 through September
30, 1975, in accordance with the covenants and provisions con-
tained in the Proposal for Depository Contract and the Addendum
to Proposal for Depository Contract which are attached hereto
and incorporated herein by reference.
In witness whereof, the parties have caused this contract
to be executed as of the day and year first above stated.
CITY OF WICHITA FALLS, TEXAS
By:
ATTEST: Gerald G. Fox, City Manager
City Clerk
CITY NATIONAL BANK IN WICHITA FALLS
By:
ATTEST: Harold Jones, President
NOTICE TO PANRINC INSTITUTIONS WITHIN
THE CITY OF WI(_II1T.A FALLS, TEXAS
PROPOSAL FOR DEPOSITORY CONTRACT
Notice is hereby given that the Governing Body of the City of
Wichita Falls, Texas, subject to the provisions of Article 2559 to
Article 2566A, inclusive, Revised Civil Statutes of Texas, as amended,
will receive proposals from all interested banking institutions
within the City of Wichita Falls to serve as prime depository of the
City of Wichita Falls and maintain custody of the funds of the City
for a period of two years from October 1, 1973, through September 30,
1975. Any such proposals shall be delivered to the office of the
City Clerk in the Municipal Auditorium prior to 10:00 a.m. , Septem-
ber 10, 1973.
It is requested that each bank bid by filling in the blanks and
agreeing to the following specifications. All blanks must be filled
in for your bid to be properly evaluated.
Name and address of Bank City National Bank in Wichita Falls,
P. 0. Drawer 60, Wichita Falls, Texas 76307
Interest Rates
Rate
Demand Deposits 0
Banking laws in the U .S. do not permit payment of
interest on demand deposits.
Time Deposits
Multiple Maturities: - See provision as listed in addendum.
Thirty (30) Days
Sixty (60) Days
Ninety (90) Days
One Hundred Eighty (180) Days
Three Hundred-Sixty (360) Days
Compounded When?
Interest rates on all multiple maturity time deposits contracts
regardless of size are subject to Federal Regulation Q as it
relates to time certificates of less than $1fl0,000.00
Certificates of _Deposit Under $100,000: - Refer rn Addendum
Thirty (30) Days
Sixty (60) Days
Ninety (90) Days
One Hundred-Eighty (180) Days
Three Hundred-Sixty (360) Days
Compounded When?
r
Certificates of Deposit Over $100,000: - Refer to Addendum
Thirty (30) Days
Sixty (60) Days
Ninety (90) Days
One Hundred-Eighty (1.80) Days
Three Hundred-Sixty (360) Days
Compounded When?
Charges, if any, for handling of checks and deposits none
Charges, if any, for handling of temporary overdrafts none
Rate of Interest, if any, to be charged on loans and maximum
loan limit . 4 l /27 - Haximum loan limit approximately $°00,000,00
Rate of Interest, if any, to be charged on tax warrants 4 l/2%
Rate of Interest, if any, to be charged on certificates of
obligation 4 1 /2%
Charges, if any, for providing cremation certificates on bonds
and bond coupons None for bonds and coupons raid during contract
period 10/1/73 thru 9/30/75.
Charges , if any, for handling Letters of Transfers between
accounts none
Charges, if any, on remittances to various paying agents for
principal. and/or interest on bonds none
Charges, if any, on counting and depositing of Parking Meter
collections none
In addition to the normal services and supplies furnished by the
depository hank, the following services are considered standard and
common .to most depository contracts. The City of Wichita Falls needs
and expects these services to be furnished at no charge as a part of
this proposal.
Foreign and Domestic Exchanges
Wire Transfer. Service
Night Depository Service
Traveler's and Cashier's Checks
Safe Deposit Boxes
Coin Wrappers
Bidders are requested to submit any further concessions or services
which they may want to offer to the City of Wichita Falls and make any
comments as further consideration in selection of the City's depository.
The City reserves the right to reject any and all bids.
ADDED STIPULATIONS REFER TO ADDENDUM.
CITY NATIONAL BANK IN WICHITA FALLS
BV;44 U
HAROLD JONES, •RES DENT
DATED AT WICHITA FALLS, TEXAS
THIS 7777/1 f '? 1 7•
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
SUPPLEMENT TO REGULATION Q
Effective 3uly 1, 1973
SECTION 217.7—MAXIMUM RATES OF INTEREST PAYABLE
BY MEMBER BANKS ON TIME AND SAVINGS DEPOSITS
Pursuant to Ile provisions oC section l9 o the 3) Deposits of $1,000 or more witlr ms-
Federal Reserve Act and c 217.3, the Board of (rarities of 4 years or more. There is no maximum
Governors of the Fedet a1 Reserve System hereby rate of interest presently prescribed on any single
prescribes the following maximum rates1 of in- maturity time deposit of $1,000 or more-with a
lcrest per annum payable by member banks of maturity of 4 years or more.
the Federal Reserve System on time and savings b) ATultiple maturity Bute deposits. No mem-deposits:
ber bank shall pay interest on a multiple maturity
a) Single nr:an•ity time deposits. time deposit at a rate in excess of the applicable
1) Deposits of $100,000 or more. There•is rate under the following schedule:
no maximum rate of interest presently prescribed Maturity Intervals Maximum per cent
on any single maturity time deposit of $100,000
or more.
30 days or more but
Jess than 90 days 5
2) Deposits of less than $100,000. Except 90 days or more but
as provided in subparagraph (3) of this paragraph, less than 1 year 51/2
no member hank shall pay interest on any single
maturity time deposit of less than $100,000 at 1 year or more but less
a rate in excess of the applicable rate under the than 30 months 6
following schedule: 30 months or more 61/2
Maturity Maxims m per cent• (c) Sayings deposits. No member bank shall
pay interest at a rate in excess of 5 per cent on
30 days or more but less any savings deposit.
than 90 days 5
90 days or more but less 1 The limitations on rates of interest payable by
than 1 year 51/2 member banks of the. Federal Reserve System on
time and savings deposits, as prescribed herein, are
1 year or more but less not applicable to any deposit which is payable only
than 30 months 6 at an office of a member bank located outside the
Stales of the United States and the District of
30 months or more 61/2. Columbia.
ADD E N DU`1 TO
PROPOSAL FOR DEPOSITORY CONTRACT
CITY NATIONAL BANK
BOX 60
WICHITA FALLS, TEXAS 76307
INTEREST RATES
It is the intention of the City National Bank (hereinafter referred to as the
Bank) to provide the City of Wichita Falls (hereinafter referred to as the City)
with the maximum return on Its deposits permissible under regulations of the Board
of Governors of the Federal Reserve System and in keeping with existing money market
conditions.
Accordingly, the Bank proposes to pay the following rate of interest on
Certificate of Deposit:
l. . iultiple Maturities: The Bank at the present time is issuing two forms
of multiple maturity certificates of deposit:
a. Three-month automatically renewable certificates and
h. One-year automatically renewable certificates.
Interest is compounded daily on these contracts. On certificates issued for
nnv the lu, ratemonthstheflankwillx.irain r2 e as allowed by Federal Regulation C_
or the 13-week U . S . Treasury 13i11 average rate as established at the preceeding
weeks Treasury Bill offering, whichever is less.
On one-year certificates of deposit the Bank will pay the maximum rate as
allowed by Federal Regulation Q or the 26-week U . S . Treasury Bill average rate as
established at the preceeding weeks Treasury Bill offering, whichever is less.
2. Certificates of Deposit Under $100,000.00 - Sim le Aaturity :
a. On certificates of denosit issued for 30 days to 120 days City National
Bank will nay the maximum rate as allowed by Federal Regulation Q or
the 13-week U . S . Treasury Bill average rate as established at the
ureceeding weeks Treasury Bill offering, whichever is less.
h. On certificates of deposit issued for 121 days to 240 days City National
Bank will nay the maximum rate as allowed by Federal Regulation Q or the
26-week U . S. Treasury Sill average rate as established at the preceeding
weeks Tr. asiti'y Bill offerins', whichever is less.
c . On certificates of deposit issued for 241 dm's to 365 days the City
ational Bank will nay the maximum rate as allowed by Federal Segulation Q
or the one-year Treasury Bill average rate as established
at the nreceeding monthly Treasury- Bill offering, whichever is less.
3. Certificates of• Deposit Over $100,000.00 - Single Maturity:
a. On certificates of deposit issued for 30 days to 120 days City National
Rink will pay the maximum rate as allowed by Federal Regulation Q or
the 13-week U . S. Treasury Bill average rate as established at the
preceedinc weeks Treasury Bill offering, whichever is less.
b. On certificates of deposit issued for 121 days to 240 days City National
Bank will pa;:' the maximum rate as allowed by Federal Regulation Q or
the 2()-week U . S. Treasury Bill average rate as established at the
preceedinc weeks Treasury Bill offering, whichever is less.
c. On certificates of deposit issued for 241 days to 3(15 days the City
National Bank will pay the maximum rate as allowed by Federal Regulation Q
or the one-year Treasury Bill average rate as established at the pre-
ceeding monthly Treasury Bill offering, whichever is less.
d. At the present time Federal Regulation Q does not restrict the amount
of interest that can he paid on certificates of deposit over $100,000.00.
The Bank reserves the right to purchase certificates of deposit for the City from
some other commercial hank of equal or greater capital structure as the City National
Bank on terms and conditions to be mutually agreed upon by the City and the Bank but
at the rates provided for in paragraphs a, b and c above.
SECURITIES TO BE PLEDGED FOR DEPOSIT
The Bank shall pledge to the City as security for the City' s deposits, secur-
ities of the United States Treasury, United States Government Agencies or qualifying
ilunicipal Bonds of the State of Texas and any political subdivision thereof, and the
amount of the securities to he pledged shall comply with the laws of the State of
Texas and the City Charter on a value basis of par or market value, whichever is
less. ( At such time as Government Treasury Certificates or Bonds pledged shall have
a market value of less than par, we will pledge additional Bonds so that the dollar
for dollar value will remain constant. ) In addition, we shall pledge Ten Per Cent
107,) more securities than is required under the law so that fluctation in Bond values
and/or City denosits shall he fully protected at all times.
ADDITIONAL SERVICES
In addition to the other services agreed to in this contract, Bank agrees to
provide the following services at no charge to City:
a. dark up all checks and deposit slips presented to or denosited with Bank.
b. Provide City all checks and deposit slips applicable to any City depository
account.
C . Allow temporary' overdrafts.
d. Count and deposit all parking meter collections.
e. Provide a daily listing of all accounts and the balances in each of these
accounts.
f. Transfer funds between accounts upon receints of proper authorization from
the City Treasurer.
F. Provide bond and coupon service and act as Having anent on all City Bond
issues.
h. Provide foreign and domestic exchange.
i . Provide wire transfer service.
i. Provide necessary safe deposit boxes.
k. Provide coin wrappers.
I . Provide night depository service including baps and keys.
m. Provide traveler's and cashier's checks.
n. Provide free parking while conducting banking business.
o. RedeposIt at least one time all checks returned for non-collection, and if
the checks should be returned a second time to charge them against City of
Wichita Falls Clearing Fund and send them to City's Finance Department.
n. Furnish reconciliation computer printouts on those accounts desienated by
City.
q. Such services shall include, upon direction of the City, temporary investing
of funds in bonds of the United States of America or other types of securities,
certificates or warrants which City is authorized by law or charter to invest
in.
In addition to the services specifically stated above, the City National Bank will ,
when properly authorized, handle the City deposits in any manner requested so long as
such requests comply with the laws of the State of Texas, The Charter of the City of
Wichita Falls, and the Rules and Regulations of the Federal R,,serve Board.
CITY NATIONAL BANK IN WICHITA FALLS
HAROLD JONES, • 2ES DENT
DATED AT WICHITA FALLS, TEXAS