1999-090RESOLUTION NO. 99 -90
A RESOLUTION OF THE CITY COUNCIL PERMITTING THE CITY TO
CONSIDER ACCEPTING PROPOSALS FROM AND AWARDING A BANK
DEPOSITORY CONTRACT TO A FINANCIAL INSTITUTION CONDUCTING
BUSINESS OUTSIDE THE CITY LIMITS OF SOUTHLAKE IF THE
FINANCIAL INSTITUTION MAINTAINS A PLACE OF BUSINESS WITHIN
THE STATE OF TEXAS
WHEREAS, the City of Southlake, Texas desires to obtain bank depository services for City
funds at a financial institution; additionally, the City desires to obtain high quality banking service at
a reasonable cost using the following criteria for selection: 1.) Ability to perform and provide the
required and requested services; 2.) Cost of banking services; 3.) Completeness of the bid; 4.) Funds
availability; 5.) Interest rates paid on accounts, deposits and investments; 6.) Earnings credit on
account balances; 7.) Financial strength; 8.) Convenience.
WHEREAS, obtain the desired banking depository service, the City would like to solicit
proposals from area financial institutions outside the corporate limits of the City of Southlake.
WHEREAS, the City is now required to state its intent to solicit proposals outside the
corporate City limits per legislation in the Local Government Code Sec. 105.011.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SOUTHLAKE, THAT:
Section 1. All of the above premises are true and correct and are hereby incorporated into
the body of this resolution as if copied in its entirety.
Section 2. The City is hereby declaring its intent to solicit depository proposals from
financial institutions inside and outside the corporate limits of the City of Southlake, if the financial
institution maintains a place of business in the State of Texas, and it may select as its depository a
Texas financial institution doing business inside or outside the corporate limits of the City of
Southlake.
Section 3. This resolution shall become effective from and after the date of its passage.
PASSED AND APPROVED THIS THE I DAY OF k%l/k AJAI , 1999.
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ATTEST: .O[•,.........,,'.
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akndra L. LeGrand, City Secretary
Ric Stacy, Mayor`
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