HomeMy WebLinkAboutPR 22451: APPROVAL OF CONTRACT RENEWAL FOR DEPOSITORY SERVICES City of
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INTEROFFICE MEMORANDUM
Date: 03/17/2022
To: The Honorable Mayor and City Council
Through: Ron Burton, City Manager
From: Kandy Daniel, Interim Director of Finance
RE: PR No. 22451 - Approval of Contract Renewal for Depository Services
Introduction:
The intent of this Agenda Item is to seek City Council's approval to extend the Depository
Services Agreement with Capital One Bank under the same terms and conditions for the period
beginning April 1, 2022 through March 31, 2023.
Background:
On March 27, 2018, the City Council approved Resolution No. 18-113 which authorized the
City Manager to execute a Bank Depository Agreement with Capital One Bank, N.A. (Capital
One) for the period beginning April 1, 2018 through March 31, 2020, with the option for three
one-year extensions under the same terms and conditions. On March 17,2020,the City Council
approved Resolution No. 20-085 which extended the contract through March 31, 2021. On
March 16, 2021,the City Council approved Resolution No. 21-110 with slight modifications to
extend the contract through March 31, 2022. Capital One has provided excellent service during
this contract period and requests no changes to the existing contract.
Budget Impact: There are not budget considerations other than those that have already been
taken into account.
Recommendation:
It is recommended that City Council approve the extension of the Depository Services
Agreement with Capital One Bank under the same terms and conditions for the period
beginning April 1, 2022 through March 31, 2023.
"Remember,we are here to serve the Citizens of Port Arthur"
P.O.Box 1089 X Port Arthur,Texas 77641-1089 X 409.983.8101 X FAX 409.982.6743
P. R. NO. 22451
3/172022 KD
RESOLUTION NO.
A RESOLUTION 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 FINAL RENEWAL TO BE EFFECTIVE APRIL 1,
2022.
WHEREAS, per Resolution No. 18-113, 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,
2018 through March 31, 2020, with the option for three one-year extensions under the same terms and
conditions; and
WHEREAS, per Resolution No. 20-085, the City Council authorized the City Manager to execute a
one-year extension to the Bank Depository Agreement with Capital One Bank, N.A. (Capital One) for the
period beginning April 1, 2020 through March 31, 2021; and
WHEREAS, per Resolution No. 21-110, the City Council authorized the City Manager to execute a
one-year extension to the Bank Depository Agreement with Capital One Bank, N.A. (Capital One) for the
period beginning April 1, 2021 through March 31, 2022; and
WHEREAS, the City Council deems it is in the City's best interest to exercise the third renewal
option with no modifications; and
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 City 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 extend the Depository Services
Agreement with Capital One Bank, N.A., under the same terms and conditions for the period beginning
April 1, 2022 through March 31, 2023 (final renewal).
Section 4. That Interim Director of Finance, along with the City Secretary when necessary, is
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 March, 2022 AD, at a Regular
Meeting of the City Council of the City of Port Arthur, Texas by the following vote:
AYES: Mayor:
Councilmembers:
NOES:
Thurman"Bill"Bartie, Mayor
ATTEST:
Sherri Bellard. City Secretary
APP' OVED AS TO FORM:
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Val Tizen•, City Attorney �0
APPROVED FOR AVAILABILITY OF FUNDS:
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Kandy Danisil, Interim Director of Finance
APPROVED FOR ADMINISTRATION:
Ron Burton, City Manager
AGREED TO:
CAPITAL ONE BANK,N.A.
By: Date
Attest: Date