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RES 2006-11TOWN OF TROPHY CLUB RESOLUTION NO. 2006 - 11 A RESOLLTTION BY THE TOWN OF TROPHY CLLTB, TEXAS SETTING FORTH POLICY GUIDELINES ADOPTED BY THE TOWN COLJNCIL FOR USE IN THE CONSIDERATION AND SELECTION OF ONE OR MORE DEPOSITORIES FOR TOWN FUNDS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Town Council of the Town of Trophy Club, Texas desires to issue a request for proposal to establish a depository to serve the Town; and WHEREAS, Chapter 105 of the Texas Local Government Code provides that the designated officer for the Town shall request, receive and review applications for the performance of depository services and present the specifications of each application to the Town Council for Council's selection of a depository; and WHEREAS, Chapter 105 further provides that the Designated Officer shall consider the terms and conditions for the performance of depository services, including the type and costs of services to be provided to the Town, consistent with policy guidelines adopted by the governing body for the selection of one or more depositories; and WHEREAS, the Town Council has determined that the criteria for evaluation set forth in Exhibit "A", a copy of which is attached hereto and incorporated herein, shall serve as policy guidelines for use by the Designated Officer in reviewing and evaluating the terms and conditions for performance of depository services; NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF TROPHY CLUB, TEXAS THAT: Section 1. The Town Council has determined that the policy guidelines set forth in Exhibit "A" to this Resolution, are hereby adopted as the guidelines for use in the evaluation of applications to provide depository services to the Town. Section 2. That the Town Manager or his designee is hereby named as the Designated Officer for requesting, receiving and reviewing applications for the performance of depository services and for presenting the specifications for each applicant to Town Council for approval. Passed and adopted by the Town Council of the Town of Trophy Club, Texas, this the 10th day of July, 2006. Mayor Town of Trophy Club, Texas [SEAL] Town Secretary Town of ~ro~h~ Club, Texas APPROVED AS TO FORM: Town Attorney Town of Trophy Club, Texas EXHIBIT "A CRITERIA FOR EVALUATION A. The Town Council will award the Depository contract based on the Proposal determined to be the best on behalf of The Entities and the taxpayers. Evaluation of proposals will be made on the basis of the following objectives Service Capabilities - 25-% Implementation effort & cost - 25-% Competitive pricing - 20-% Financial strength & stability of proposer -1 5% Fraud controls - 1 5-% B. Each proposal must provide the following information: 1. The amount of paid-up capital stock and permanent surplus for the Depository. 2. Audited financial statements for the most recent reporting year. 3. A list of the Depository Officers. 4. A list of the Depository Directors. 5. Ratings on outstanding debt. 6. Proposed wire transfer agreementlcontract. 7. Sample account analysis and monthly statement. 8. Availability of funds schedule. 9. Any additional contracts or agreements requiring Entity approval. 10. RFP documents including fee schedule. 1 1. Daylight overdraft policy. 12. A copy of the current call report. 13.A statement regarding any recent or foreseen merger or acquisition. d C. Questions about the institution: 1. Is the Depository insured by the FDIC? 2. Does an independent CPA firm audit the Depository annually? If yes, by whom? 3. How does the Depository define non-performing loans and what percent of current loans are so classified? 4. Does the Depository have any significant problems noted by regulatory agencies in the past twenty-four months? If yes, please explain. 5. With what money center Bank does the Depository have its primary correspondent agreement? What is the Comptroller of the Currency's rating of this institution? 6. Name the Bank Holding Company with which the Bank is associated (if applicable) and describe the legal and financial relationship between the institution and such holding company or parent. 7. Is the Institution a branch or will it soon become a branch Bank? If so, please indicate which services will be provided from the Bank's present location and which will be provided from the main Bank. Also, please indicate service locations throughout the proposal where applicable. 8. Indicate the Depository's capital to assets ratio for the last five years. 9. What was the Depository's return on assets for 2005? 10. Please describe the process by which service problems can be resolved. What person or organizational unit is available for complaint or problem resolution? D. Depository shall perform all duties and meet all conditions legally required to act as the Depository for The Trophy Club Entities. Therefore, the Depository shall: 1. Keep the municipal funds covered by the Depository Agreement; 2. Perform all duties and obligations imposed on the Depository by law and under tlie Depository Agreement; 3. Pay on presentation all checks drawn and properly payable on a demand deposit account with the Depository; 4. Pay all transfers properly payable as directed by a designated officer of the Entities; 5. Provide and maintain security at the level required by Chapter 2257, Government Code as amended; and 6. Account for the municipal funds as required by law. E. All proposals must include a completed fee schedule in the form provided in the Request for Proposals. Once selected as the depository, no additional or increased fees for services in the fee schedule may be charged during the initial contract period. F. Services may be modified by mutual agreement; however, the Town may discontinue any service (and terminate the Depository Agreement) after sixty (60) days' written notification to the Depository. Services may also be added, with costs of new services to be billed at the Depository's published rate at the time.