HomeMy WebLinkAboutPR 19286: DESIGNATING CAPITAL ONE BANK, CONTRACT RENEWAL Enrrgv
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INTEROFFICE MEMORANDUM
Office of the Finance
Date: March 3, 2016
To: Brian McDougal, City Manager
From: Jerry W. Dale, Interim Finance Director 01
RE:
Nature of the request: Per Resolution No. 13-036, the City Council designated
Capital One Bank, N.A. ("The Bank") as the City's Bank Depository for a two-
year period ending March 31, 2015 with the option to renew for three one-year
extensions under the same terms and conditions.
Staff Analysis, Considerations: At the end of the first two-year term, City Staff
did not bring the option to renew for an additional year ending March 31, 2016 to
the City Council. It is almost time to consider an additional year ending March 31,
2017. During the term of the relationship under this agreement, the Bank has
performed well.
Recommendation: Due to the facts and reasons stated above I recommend that the
City Council ratify the agreement for the first renewal period ending March 31,
2017 and approve an extension for the second renewal period ending March 31,
2017.
Budget Considerations: There are no budget considerations other than those that
have already been taken into account.
"Remember we are here to serve the Citizens of Port Arthur"
P.O BOX 1089 •PORT ARTHUR,TEXAS 77641-1089 •409/983-8101 •FAX 409/982-6743
P.R. NO. 19286
03/15/16 JWD/GT
RESOLUTION NO.
A RESOLUTION OF THE CITY OF PORT ARTHUR, TEXAS,
DESIGNATING CAPITAL ONE BANK, N.A., AS THE DEPOSITORY
BANK FOR THE CITY OF PORT ARTHUR, AND AUTHORIZING THE
CITY MANAGER TO EXECUTE ALL DOCUMENTS NECESSARY TO
IMPLEMENT THE CONTRACT RENEWAL TO BE EFFECTIVE APRIL 1,
2016
WHEREAS, per Resolution No. 13-036, the City Council authorized the City Manager
to execute a Bank Depository Agreement with Capital One Bank, N.A. (Capital One) for the
period beginning April 1, 2013 through March 31, 2015, with the option for three one-year
extensions under the same terms and conditions; and
WHEREAS, the City Council hereby ratifies and affirms the first renewal term of
April 1, 2015 through March 31, 2016; and
WHEREAS, the City Council deems it in the best interest of the City of Port Arthur
to exercise the second renewal option.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PORT ARTHUR:
Section 1. That the facts and opinions in the preamble are true and correct.
Section 2. That pursuant to Chapter 105 of the Texas Local Government Code,
the Council does hereby designate Capital One Bank, N.A. as the Primary Depository of the
City.
Section 3. That the City Manager is hereby authorized to execute a Depository
Services Extension Agreement with Capital One under the same terns and conditions for
the period beginning April 1, 2016 through March 31, 2017.
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Section 4. That the Interim Director of Finance, along with the City Secretary
when necessary, are hereby authorized to execute all documents to continue the services
set forth in the agreement on behalf of the City.
Section 5. That the initial agreement was for two years, with the City having the
option to extend the agreement for three additional one year periods, under the same
terms and conditions.
Section 6. That the City Council hereby ratifies and affirms the first renewal term
of April 1, 2015 through March 31, 2016.
Section 7. That a copy of the caption of this Resolution shall be spread upon the
Minutes of the City Council.
READ, ADOPTED, AND APPROVED, this day of March, 2016 AD, at a
Regular Meeting of the City Council of the City of Port Arthur, Texas by the following vote:
AYES: Mayor: ,
Councilmembers: ,
NOES: .
Mayor
ATTEST:
Sherri Bellard, City Secretary
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APPROVED AS TO FORM:
\COS A
71.
Val Tizeno, Ci Attorney
APPROVED FOR ADMINISTRATION:
Brian McDougal, City Manager
APPROVED FOR AVAILABILITY OF FUNDS:
Jerry W. Dale, Interim Finance Director
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