HomeMy WebLinkAbout031968 ORD - 12/17/2019 Ordinance authorizing an amendment to the Depository Services
Agreement with Frost Bank to modify a collateral requirement and to
extend the term of the contract for the final one-year extension
commencing January 1, 2020, and ending December 31, 2020.
WHEREAS, the City of Corpus Christi and Frost Bank entered into a Depository Services
Agreement and associated agreements (collectively, the "Agreement") for the provision
of depository, banking, and security services, effective January 1, 2016, for an initial term
of three years, with two optional one-year extensions;
WHEREAS, the Agreement includes requirements for both minimum dollar amounts and
stated percentages of pledged collateral; and
WHEREAS, the parties desire to execute an amendment ("First Amendment") to the
Agreement to modify specific collateral provisions to effect changes deemed beneficial
and necessary by the parties and to extend the term of the Agreement through December
31, 2020.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
The City Council agrees to modify specific collateral provisions in the Depository Ser-
vices Agreement, Bank Depository Agreement, and Security Agreement (collectively, the
"Agreement") executed with Frost Bank, as such provisions are set out in the First
Amendment to the Agreement. A copy of the First Amendment is attached to and incor-
porated in this ordinance as if set out here in its entirety. Furthermore, the City Council
authorizes the City Manager, or his designee, to execute all necessary documents re-
lated to the purposes of the First Amendment to put into effect the changes deemed
beneficial and necessary by the parties, to include an extension of the Agreement
commencing January 1, 2020, and ending December 31, 2020.
The foregoing ordinance was read for the first time and passed to its second reading
on this the /G ` day of Dec , 2019, by the following vote:
Joe McCombz Michael Hunter
Roland Barrera /-Ajti� Ben Molina `A, e_
Rudy Garza Everett Roy sr --
Paulette M. Guajardo ' Greg Smith A`
Gil Hernandez C?
The foregoing ordinance was read for the second time and passed finally
on this the )7 day of Dere , 2019, by the following vote:
Joe McComb Jr ' Michael Hunter
Roland Barrera e- Ben Molina h
Rudy Garza Everett Roy
Paulette M. Guajardo fAr; Greg Smith h.
Gil Hernandez
4.4E,
031968 ED
SCANN
PASSED AND APPROVED on the ) 7Lday of D . , 2019.
ATTEST: CITY OF CORPUS CHRISTI
�� i .� Ar i
Reb:cca Huerta J•- cComb
City Secretary -
031968
Page 2 of 2
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly
authorized representative), hereby certify to the City Council and other appropriate officers that
the money required for the current fiscal year's portion of the contract, agreement, obligation
or expenditure described below is in the Treasury to the credit of the Fund specified below, from
which it is to be drawn, and has not been appropriated for any other purpose. Future payments
are subject to annual appropriation by the City Council.
City Council Action Date: December 17, 2019 Legistar Item: 19-1638
Agenda Item:
Ordinance authorizing an amendment to the Depository Services Agreement with Frost Bank to
modify a collateral requirement and to extend the term of the contract for the final one-year
extension commencing January 1, 2020 and ending December 31, 2020.
Amount Required: $0.00
Fund Name Accounting Unit Account Activity No. Amount
No.
General Fund 1020-10830-184 540030 $190,932.00
General Fund 1020-10830-888 340900 ($190,932.00)*
Total $0.00
(*)The City maintains a balance with the Bank and receives an earnings allowance. This
earnings allowance is used to offset the monthly bank service fees. Therefore, no payment is
due if the monthly bank service fees are less than the earnings allowance.
❑ Certification Not Required
.ti�' ►. i�,�� . til i .41
Dire(tor JF n-n«al services
Date: 1 11 9°1-9