Commissioners Court Special Meeting

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11.

Meeting Date:	04/24/2019
Bank Depository Contract Award
Submitted for:	Joe Lopez	Submitted By:	Joe Lopez
Department:	Purchasing

Information

Subject:

Presentations by the two (2) Banks that submitted a proposal for the Depository Bank contract with Discussion and possible action to award Request for Application (RFA) 2019-001 “Bank Depository for Webb County” in accordance with the Texas Local Government Code, Chapter 113 (Management of County Money), Chapter 116 (Depositories for County Public Funds) and Chapter 117 (Depositories for Certain Trust Funds and Court Registry funds) and further authorizing the County Judge to sign all relevant documents and any other matters incident thereto.

Issue: The current Depository Bank contract expires at the end of May of 2019. Commissioners Court authorized the solicitation of proposals for a Bank Depository contract. All Banks within the boundaries of Webb County with home offices or branch facilities were invited to participate; only two (2) banks submitted a formal RFA.

Solution: Interview the two (2) banks in order to determine which financial institution would serve Webb County the best as their designated bank depository.

Result: Award a new contract for a term of four (4) years with a two (2)-renewal term or any other term as approved by Commissioners Court in accordance with State law.

Background:

It is the intent of the Webb County Commissioners’ Court to execute a contract with a bank desiring to be designated as the County’s Depository Bank. The applicant(s) selected as a Depository may also be the Depository for Trust Funds of the County and District Clerks as well as Depository for all district, county, and precinct officials as permitted by the Texas Local Government Code, Chapter 113 (Management of County Money), Chapter 116 (Depositories for County Public Funds) and Chapter 117 (Depositories for Certain Trust Funds and Court Registry Funds).

Webb County is seeking a four (4) year term with a two (2) renewed term in accordance with State law.

Previous Court Action:

Authorization to solicit for bank depository proposals.

Fiscal Impact

Budget Account Number:	TBD
Funding Source:	TBD
Balance:	TBD
Financial Impact:
Both banks submitted the required "Good Faith Guarantee" check for one-half percent of county's preceding year's revenue of $172,427,641.00. Check amount equals $862,138.00, both checks were deposited as instructed by the County Auditor.

Attachments
Commerce
Falcon