HomeMy WebLinkAboutRES 75 317R, 7T-3111
APPLICATION FOR BANK DEPOSITORY
OF THE CITY OF BEAUMONT, TEXAS
October 1, 1975 - September 30, 1977
The undersigned bank hereby makes application to be selected as the Depository
of the funds of The City of Beaumont, Texas, -for the above designated term and
agrees to comply with all laws, ordinances, rules and regulations pertaining thereto
including the furnishing of a bond or the pledge of securities with a bank acceptable
to the City of Beaumont in the amount of City funds on deposit in said depository,
on the following terms and conditions:.
1. Interest Rates to be paid on Time Deposits:
A. Deposits up to $100,000 Interest Rate Bid
30 - 59 Days
60 - 89 Days
90 - 179 Days
180 - 364 Days.
Over 1 Year
Basis for compounding interest
B. Deposits of $100,000 and over:
30 - 59 Days
60 - 89 Days
90 - 179 Days
180 - 364 Days
6.50
6.70
6.90
7.15
7.50
Monthly
Interest Rate Bid
.6.50
6.70 .%
6.90
7.15 %
Over 1 Year 7.50
Basis for compounding interest Monthly 7.
C. Should the yield on U. S. Treasury Securities*, adjusted by (±) + 40
basis points, as quoted in the Wall Street Journal based on the closing
of the previous day, exceed the above rates, the bidder agrees to pay the greater of
the two rates compounded Monthly- to the extent permitted by Federal and State
regulations.
* of comparable maturities using yield as determined by asked price quoted in
the Wall Street journal on the previous day.
A"l S - 317
-Application for Bank Depository
of the City of Beaumont, Texas
Page 2 -
D. (Alternate Rate Schedule, if any)
In lieu of 1A, 1B, and 1C above, American National Bank will pay the yield as
determined by asked price of Treasury Securities of comparable maturity as listed
in the previous day's Wall Street Journal, plus 65 basis points, provided no
maturity extends beyond September 30, 1978. Compounded will be monthly.
All Time Deposits which have not matured on the termination date.of the finally
approved depository contract, shall remain on deposit with the same depository under
the same terms and conditions in effect.during said contract until the date such
Time Deposits have matured.
2. Rate of interest to be charged for legal and binding warrants duly issued
by the City: . None .
3. Rate of interest to be.charged, if any, on temporary overdrafts .in the
operating accounts: None
4. Charges, if any, on remittances to other paying agents for principal and
for interest on City of Beaumont bonds: None
5. Charges, if any, for handling of checks and deposits, including the .sorting
of all paid checks numerically at the close of -each month: . None
6. Repurchase Agreements.:
The undersigned agrees to sell U. S. Treasury Bills to the City at
par flat upon request and agrees to repurchase on a day to day basis when
requested.. The total principal amount outstanding at any one time shall.
not exceed $750,000 . The rate of interest .to be .paid to the
City on repurchase agreements is to be based on the banks yield at
maturity adjusted by t basis points of -25.
7. The bidder agrees to provide fire proof safe keeping of.microfilm for
the City Clerk's Office and storage of magnetic film for the Data Processing
Department. Space requirements are approximately 24" x 24" x 48".
Cost for this service is: None
_ 7-3Ir
g cl7.
Application for Bank Depository l
of the City of Beaumont, Texas
Page 3
8. The City desires to provide a payroll deduction for all employees for the
purpose of buying U. S. Government Savings Bonds. The City will provide
a computer listing of payroll, deductions by employee -each pay period and
request that the bidder provide for the issuance and delivery of these
bonds on a regular basis.
Cost for this service is: None
9. The bidder agrees .to provide all the various checks used by the City in
accordance with the specifications and requirements of the City. The
principal requirements for the two largest accounts is as follows:
A. Operating Funds Checks:
Three part continuous form.
1. 24# safety bond and phantom screen
2. Standard 15# bond paper
3. 1004 tag hard copy
B. Payroll Fund Checks:
One part continuous form
1. 24# safety bond
10. The bidder agrees to provide additional services as follows:
1. Act as Trustee for the Firemen's Relief and Retirement fund for the
City of Beaumont, and/or other Trust funds of the City.
2. To endorse all items included in the deposits made by the City at no
cost to the City of Beaumont. Also, no charge will be made for the
wrapping of coins and currency deposited in bulk by the city.
3. Furnish investment councelling, by our staff, which includes a
Licensed Investment Adviser.
ACCEPTED:
City of Beaumont, Texas
BY:
DATE: .
SUBMITTED BY:
American National Bank of Beau nt
BY:
DATE: September 2, 1975