HomeMy WebLinkAboutIR 7628 r INFORMALREPORTTOCrff COUNCIL MON-1--- N 7628
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July 14, 1992
To the Mayor sad Members-of the CIty COW49
AM A_3M,
Subject:
Receipt of Proposals to Provide Banking Services
As noted in Informal Report No. 7604, dated May 19, 1992, staff had initiated a
process to request proposals from.qualified and interested financial otm:-
to provide the City with-necessary banking servicew Section 105.011 of the-
State law provides that the "governing body of a-municipality may receive.
applications from one or more banks for the deposit of the municipall"
funds". The law also provides that a bank must "deliver Its application to the
secretary of the municipality on or before the date of the meeting at which
applications are to be received".
The process being followed to select the City's "depository' is outlined below:
May 27 RFP mailed to selected banks.
May 28 Advertisement in official journal that City was soliciting
proposals from qualified banks.
June 12 Pre-bid conference in City Hall. Four banks attended.
June 18 Advertisement in official journal providing notice of meeting
at which proposals to be received.
July 13 Proposals received in City Secretary's Office as advertised.
July 14 Proposals formally received by Council and referred to
Director of Fiscal Services for review and recommendation.
August 14 Completion of staff review and recommendation.
.August 25 Council action to designate depository and authorize City
Manager to sign agreement.
October 1 Begin new contract.
The M&C on the July 14 agenda will formally receive proposals from banks
interested in serving as the City's depository.
A,,ok Bob Terrell
IP7--City Manager
ISSUED BY THE CM MANAGER FORT WORTH,TEXAS