Commissioners Court Meeting

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Meeting Date:	01/13/2020
Depository Contract
Submitted for:	Nathan Bratton	Submitted By:	Nathan Bratton
Department:	Civil Legal Division

Subject:

Discussion and possible action to enter into a Depository contract with Falcon International Bank as per RFA #2019-001 for a four (4) year term with an additional two (2) year renewal term, effective June 1, 2019, approving as security (in the amount of 110% of deposits, excluding FDIC insured accounts) an irrevocable letter of credit drawn of a third party federal bank, authorizing the release of the "good faith guarantee" and any matters incident thereto; authorizing the County Judge to sign all relevant documents.

Background:

Falcon International Bank was selected by Commissioners Court to be Webb County's Depository Bank.

Previous Court Action:

Fiscal Impact

Budget Account Number:	n/a
Funding Source:	n/a
Balance:	n/a
Financial Impact:
Depository Contract provides for no service fees.

Attachments
Depository Contract
AddendumA
Addendum B
Letter of Credit