RES 2006-12TOWN OF TROPHY CLUB
RESOLUTION NO. 2006-12
A RESOLUTION BY THE TOWN OF TROPHY CLUB, TEXAS
ADOPTING A WRITTEN POLICY AUTHORIZING THE
CONSIDERATION OF AN APPLICATION OF A BANK, CREDIT
UNION, OR SAVINGS ASSOCIATION THAT IS NOT DOING
BUSINESS WITHIN THE TOWN AS A QUALIFIED
INSTITUTION TO PROVIDE DEPOSITORY SERVICES TO THE
TOWN; 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 allows the
governing body of a municipality to consider the application of a bank, credit union, or
savings association that is not doing business within a municipality to provide depository
services to the Town as long as a written policy expressly permits the consideration of
outside entities; and
WHEREAS, the Town Council has determined that allowing qualified financial
institutions that do not do business within the Town of Trophy Club to make application
for and to provide depository services to the Town will increase competition and
a broad array of banking services and benefits to the Town; and
WHEREAS, having considered the best interests of the Town in establishing a
depository, the Town Council of the Town of Trophy Club, Texas determines it to be
beneficial to allow the consideration of a financial institution that is not doing business in
the Town as a potential depository; and
WHEREAS, the Town Council desires to establish a written policy in order to
allow the consideration of the application of a bank, credit union, or savings association
that is not doing business within the Town to serve as a depository for Town funds; and
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 due to a potential for increased
competition and diversity of banking services, the best interest of the Town are served by
opening the depository services request for proposal process to qualified financial
institutions that do not do business within the Town of Trophy Club.
Section 2. This resolution shall serve as the written policy expressly permitting
the consideration of applications from banking institutions that do not do business within
the Town of Trophy Club to provide depository services to the Town pursuant to Chapter
105 of the Texas Local Government Code, as amended.
Passed and adopted by the Town Council of the Town of Trophy Club, Texas, this
the 10th day of July, 2006.
ATTEST:
Town of ~ro~h~ Club, Texas
APPROVED AS TO FORM:
Mavor &fi!!&
Town of Trophy Club, Texas
Town Attorney
Town of Trophy Club, Texas