HomeMy Public PortalAboutOrdinance No. 1343-17 12-11-2017ORDINANCE NO. 1343-17
AN ORDINANCE OF THE CITY OF RICHLAND HILLS, TEXAS DESIGNATING A
DEPOSITORY FOR CITY FUNDS FOR AN INITIAL THREE YEAR TERM
BEGINNING JANUARY 1, 2018, WITH TWO POSSIBLE ONE-YEAR
EXTENSIONS; AUTHORIZING THE CITY MANAGER TO EXECUTE A CITY
ATTORNEY APPROVED DEPOSITORY CONTRACT WITH JPMORGAN CHASE
BANK; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Richland Hills has notified all the banking institutions of its intent to
receive applications for the performance of depository services and the custody of City funds for a
three year initial term beginning January 1, 2018, with two possible one-year extensions of the
Contract; and
WHEREAS, the City of Richland Hills has received applications for depository services from
four banking institutions desiring to be designated as the primary depository and provide banking
services as requested in the proposal; and
WHEREAS, an RFP evaluation made up of end user representatives of the City have
reviewed respondents proposals; and
WHEREAS, the City Manager recommends and the City Council of the City of Richland
Hills concurs, that JPMorgan Chase Bank has submitted the application offering the most
favorable terms and conditions to the City for the handling of City funds;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
RICHLAND HILLS, TEXAS;
SECTION I
That JPMorgan Chase Bank is designated as the primary depository for City operations
banking and depository services for the City of Richland Hills, for an initial three year term
beginning January 1, 2018 and subject to renewal for up to two additional one-year terms, through
December 31, 2022. The City Manager is authorized to execute a City Attorney approved
Depository Contract.
SECTION II
This Ordinance shall become effective from and after its date of passage and approval.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
RICHLAND HILLS, TEXAS ON THIS 11TH DAY OF DECEMBER, 2017.
ATTEST:
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CATHY BOU ,CITY SEC ARY
APPROVED AST ORM AND LEGALITY:
BETSY F.~-~1; I ATT Y
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