HomeMy WebLinkAboutPR 19679: DESIGNATING CAPITAL ONE BANK, N.A., AS THE DEPOSITORY BANK City of Port Arthur
Memorandum
To: Brian McDougal, City Manager
From: Rosie Vela, Interim Director of Finance
Date: February 2, 2017
Re: PR 19679
Nature of 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: Per Resolution 16-082, the City Council ratified the first
year renewal and authorized the second year renewal for the period of April 1, 2016 to March 31,
2017. This is the third and final year to renew this contract and the City Staff must rebid this
contract. During the term of the relationship under this agreement, the Bank has performed well.
Recommendation: I recommend that the City Council approve the third and final year
extension for the period of April 1, 2017 through March 31, 2018.
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 409982/6743
P.R. NO. 19679
02/09/17 JNP
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 THIRD AND FINAL CONTRACT RENEWAL TO BE
EFFECTIVE APRIL 1, 2017
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 per Resolution 16-082 ratified and affirmed the first
renewal term of April 1, 2015 through March 31, 2016, and authorized the second renewal
term of April 1, 2016 through March 31, 2017; and
WHEREAS, the City Council deems it in the best interest to exercise the second
third and final 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 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 terms and conditions for
the period beginning April 1, 2017 through March 31, 2018.
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 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 February, 2017 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
APPROVED AS TO FORM:
VGJ
Val Tizeno, City A ney
APPROVED FOR ADMINISTRATION:
Brian McDougal, City Manager
APPROVED FOR AVAILABILITY OF FUNDS:
Rosie Vela, Interim Finance Director
‘vtaz&;7,
Cli ton Williams, CPPB
Acting Purchasing Manager