HomeMy WebLinkAboutC2006-023 - 1/24/2006 - Approved
CITY OF CORPLS CHRISTI
DEPOSITORY SERVICES AGREEMENT
TABLE OF CONTENTS
~rticle 1 . Defil1ltions ... .....
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.....11icle 2 - Provision of Depository ServIces .....
2.01 Depository Services and Fees .........
2.()2 Guaranteed Service Fees .. . ............ ...... ... ..............
2.()") Calculation olNet Monthly Service Fee ........ ........
2.04 Payment ofNct Monthly Service Fee .. . . ....... ........
2.0) Representations of Depository............ ......... ........
2.(16 Electronic Cash Management Services...........
1.(0 Deposits ........ .. .. . ......
1.US Items Deposited .. ... ..... .............. .. ..........
2.(!') Automated Information Reporting ............
2.11) Items Processmg ServIce ................
.2. ] ! Check Sorting Requirements
2.12 Insufficient Funds (NSF)iRetumed Items ... . ..........
2.1) Stop Payments ...
2.14 Automatic Pavroll Deposit Services
2.] 5 General Wire Transfer Services ........ .
2.] () Account Reconciliation Services .....
2.17 Depository Reconcilements .............
2.] 8 Checking with Interest Accounts ... .................
2.1 <) Controlled Disbursement Service. ............
2..::'0 Zero Balance\ccounts .. .............
2.2] Check Cashing .... ................
2.22 Deposit Locations ..... ... .............
2.23 Overdrafts ........ .... " .. ............... ............
2..::'4 Authority of i\uthorized City Representatives .
2.25 Investment Services .. ... ..............
2.2() Account Executive Services. ...............
2.27 Reports ... .... ..... ..... . .. ... .
2.2:'\ Direct Deblt otTtllitv Customers..
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\rticle; - Security for Deposits
\.01 Background. ....
~.U2 Qualification as Depository
UU Collateral Pro\lslon ofFIRREA............
.~.Cq Permissible Securities
'.0':; Custodian of Pledged Secunties
i(iI) Amount ofCo!lateral
.1- Detemlll1atlon of \larket V..l]ue
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2006-023
01/24/06
M2006-018
f'rost "ational Bank
3. IX Charges for Collateral ...
~ it) Federally Insured Deposits
3. (j i~dditiona! Sc"curity
3. 1 SubstitutIOn ufSecurities
3.1 ~ Release ofSecurit\
3 .~ Recl)rds and /\udil
.~ -+ Documentation to be PrOVIded to Citv
) .::: Surrender of Interest of Securities
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\rticle -+ Account Translcrs ......... ............. .....................................................12
-+.1) 1 Electronic. Telephonic, Telegraphic or Oral Requests for Account Transfers .........12
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..U)2 Internal Transfers
+.1)3 Instructions for Transfer
-+.(J4 Immediate Credit
-+.05 Daylight Overdraft Policy ... ......
.+.(J() Notification 01 Funds Transferred
-+.tl~ Records ... ..... ..... ........... ....
-+.08 DiscrepancIes Loss of Interesl/ Error.
4.(l() Designated Accounts
\rticle 5 .. Other Services .. ........ ................ ............................................13
5.0! Bailor-Bailee Relationship .............................................................13
.:; .02 Custody. Safekeeping of Governmental Agency Securities ........... ..... ............. ...... ..13
\rticle () - I Jeneral Provisions .. ..............................................................................13
(J.O 1 Automated Clearing House Membership ........ ...................................................14
h.02 Charging of Fees ... ... . ........ ...... . ................. ............................................14
h.O; Confidentiality. Audits and Inspections .. ...............................................................14
h.04 Recalls. Debit Adjustments and Other Adjustments ... ............................................14
(;.0' Compliance With Law ............... . ............................................14
h.O!) Indemnification .......... ............................................14
(l,O- Ternl . ... ... ..............................................15
h.OX Duties After T:mlination . ............................................15
(d)'i '\10 Endorsement '" ..... ...........................................15
I) Iii Notices ... .... ....... .............................................15
(, I :\.ssignment.. . ... .... .................................................15
I, I"': F 0 rc e vI a jell re .. . . . .. .. .. . .. .. .. . .. .. .. .. .. .. . .. .. .. .. .. .. . .. .. .. .. .. .. . .. .. 16
hi; Conflicts orInlcrest........................................................16
() ]...! Equal Employment Opportunity....... ...........................................16
()] .; Entire Agreemt:nt .......... . ...........................................16
() I (, Governing La\\ ...........................................16
h I" '\1otification of ('hanges in Depository Laws ...........................................16
h 1 x Monthly Reports ..........................................16
(l.] Ii Corporate Resolutions '\iot Required ...........................................16
h 2(1 Hierarchv ofCH1tract Documents .... ...............................................16
ExhJbits
Exil1bit A PJ.'vToll ( alendar for 2()()6 .....
Exhlbit B \ilonthly Pricing Summary Fonn..
ExhIbit (.\uthorization for Depository Accounts
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CIT) OF CORPUS <HRISTI
DEPOSITORY SERVICES AGREE.\1.ENT
\Vhereas. the City (,fCorpus ChnstI ("City'") requested and received applications for the
provIsion Ilf deposltol)> sen ices tor ellv funds from depositories doing business within the city
lmits of C H-PUS lhri stl T e \as:
\Vll<:reas. the C It Y ( dunc d consldered and reVIewed the specI tlcations of each application
ccelveJ and detem1med whIch applicatIOn was the most advantageous for the City;
Wllereas. on. the C ly ('(luncd 111 Motion Qu(:,1,. - 01 3 designated Frost National Bank
"Deposltor~ '") to be tIlt: depository f()r ('Ity funds and authorized the City Manager to execute
'll1S depnsitnry senlces agreement ("r\greement") with Depository;
'lOW THEREFORE, in CllllslderatlOn of the mutual benefits to be derived from this
\greement including representatIOns. wammties. and covenants. the City and Depository agree
JS tallows:
\RTICLE I
Definitions
ior purposes of implementing tl1lS \greement, the terms Itsted below will have the tollowing
meanmgs:
"A.uthorized City Representative": the ('ity Manager or other persons designated to perform
Juties in accordance wIth this Agreement. The present Authorized City Representatives are
..;pecified III ExhIbIt F
'. Account Transfers": \vritten, electro11lc IWlre/ACH), telephonic, telegraphic or oral requests or
,rders issued by an Authnrized City Representative tor the transfer of City funds on deposit fi'om
tty accounts maintamed at the Depositon fl)]" credit to accounts designated by the Authorized
i ity Represcntati Vt~
,. Deposits": mclude demand and tllne deposits. The City may withdraw demand deposits on
demand. Time deposits are ..;ubJcct to a contract under which the City may not withdraw funds
check or i lther means untll the expIration () f a certalll period tollowlJ1g written notice.
''City Funds": all accounts held by the Depository f()!' the City
"Total C it} Balance": the SlIm () f all ledger balances n f all City accounts held by Depository.
"Depositon Services": ;dl "Cl'VICeS requIred accordlllg hl this Agreement
"Other Financial Services"" all ~er.'lces necessary 111 the admimstration, collection, investment,
,nd transfer >lfcity funds
ARTICLE 2
Provision of Depositorv Services
2.01 Depositorv Services and Fees. rhe Depository hereby agrees to provide depository and
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,lther sc:r\ !Les descnbed in rhls\gn:emenr tor the Clt\ funds deposited at the Depository, The
'. It) af2rel'~ to pa'; J net m< i1thJ~, senlce fee to DepOSitory, which Vv1l1 be calculated as described
'lerem
2.02 Guaranteed Service Fees. All "enIce tees IJsted <In ExhIbit B are guaranteed for the
entire TCml and any option vear I)f lhe Agreement Ihe service fees will be used in calculating
the net 111unthl\ senlce fee
2.03 Calculation of Net Monthlv Service Fee. A written invOlce evidencing the services
perfc)mled for the City by the Depository must be mailed to the City at the end of each month for
,;ach account This invoIce must also contam a sectIOn summarizing the services provided and the
tees tor services rc)r all aCCilunts! he City will have live working days to confirm the services
pertiJmled '\fter the City has conti1111ed the servICes performed by the Depository, the City
.lgrees [u pay a l1wnthly net servICe tee ti)!' the services provided by Depository. The monthly net
,ervlce fee IS to be calculated as tillluws:
rI1t' DepOSitory wil calculate total earnings credit tell' all City account balances grouped
together and 1101 tor smgle aCC()LlI1t balances. The DepOSItory will calculate the total
1110nthly service fee, tor all accounts. If the total service fees are greater than the total
I,;all1mgs credits, then the difference between the two will be the net depository service
lh' t;Jr the 1110nth.
2.04 Pavment of Net Monthly Service Fee, The Depository will not debit a City depository
Iccount tor the net monthlv service fee until the Depository and the City agree that the net
monthly depository serVIce fee i:-, correcLfhe net monthly service lee will be allocated among
lccounts a.~ designated bv all AuthOrized Citv Representative.
2.05 Representations of Depositorv.
fhe DepOSitory must:
(a) keep the Cit~ funds covered by this Agreement
! b) lilithfully perform all duties and obligatIons imposed on the Depository by law
and under this Agreement:
c) pay on presentation all checks drawn and properly payable on a demand deposit
account with the Depository
I j) pay all transfers properlv payable JS directed by an Authorized City
Representative;
[e) provide ~1I1d maintain secunty at the level reqUired by the provisions of Chapter
225' (]ovelllment Cude and this Agreement; and
tl account 1()[ the City hmds as required bv Imv.
:!.06 Electronic Cash Mana2ement Services. The Depository must provide electronic cash
management services. Csing [ntemet access, the City through an Authorized City Representative
must be able to access and transmIt a variety of balance and transaction information as required
1I1 thIS Depository SCf\]CCS Agreement \ny necessary software to perform these services,
neluding blll not limIted tu, stop payments. \Vlre transfers, account balance and transaction
n tormatJ on , and transmiSSIon of Automated (']eanng House ("ACH") debit or credit
!ransaetlllm will be made a\;l1lable at no charge by the Depository to the City,
Z.07 Deposits. The Depositor\ mllst accept ;Ill depmlls made by the City during the teml of
he Depo~irury Service; A,rreemenL The [)eposltory must :lCcept City deposits for ledger credit
Inti! 3iJO pm each hu~ine~s da\ The Citv reserves the nght to exclude deposits made on behalf
l1'the ('orpus C'hnstl Fire Fighters' RdJrement System and any other special funds which are
,:ontrol!ed by entlt1es sepaLlte and apart jhm1 the CIty
1.08 Items Deposited. \ll payments made dlrecth to the City by customers will be sent to
the bank unencoded
2.09 Automated Information Reportin2. Usmg Internet access, the City must be able to
Kcess, tor each City account, the prevIOus day's ending ledger balance, collected balance, t1oat,
md debit; redit detaIl by '-::00 a,m, daily By tl115 ~ame deadline, this information must be
:ombined :') retlect totals t(q' all City accounts taken together.
2.10 Items Processin2 Service. rhe Depositorv must provide the following items
processll1g services for all items of checks and cash deposited by the City. Such items processing
'.ervlces inL'lude but are not limited lO the t()llowing: encoding services, credit and debit advices
.clven to the City wlthm three business days of the debit or credit, clearing returned items, and
'etum or stamped duplicate deposit Llips to the Citv wlthm one business day of deposit.
i he Cit\ llItends to deposit all revenues directly to the Depository by courier. The deposits will
ie made In batches WIth a tape to be provided tor each batch. If the Depository Item Processing
Department discovers an error 111 the deposlt, then the Depository must prepare a credit or debit
Idvice ;Jl1d mati It to the CIIV lmmediately after the account has been adjusted. The Depository
nust also mad the appropriate documentatIon attached to the debit or credit advice to justify the
"rrection.\ppropriate documentation IS considered to be a copy of the City's tape with the item
n question marked and a copy of the check III question.
2.11 Check Sortin2 ReQuirements. Any account that has more than 400 checks must be
tine-sorted 111 numencal order.
2.12 Insufficient Funds (NSF)/Returned Items. .''\ complete description must be provided
in all NSFreturned items deposited into City accounts. The description should include the
Payors name. applicable Cilv department. and reason tor return. All NSF/returned items must be
harged hack to the account to which the Items were deposited provided that the City department
Identilied by endorsement stamp or other readily Identitiable means on the item. The
t )epository \vIll send the '\JSF!returned ilems to the ('ity department or other business designated
an Auth'lrJzed eltv Repre:-;entatlvc
2.13 Stop pavments. Stop payments must remam in effect tor at least six (6) months. By
Ising Internet access. the City through an Authorized City Representative must be able to initiate
,lOP payments. Placement, ,I' stop payments through the [nternet does not require follow-up
,ntten autbo!1zation
2.14 Automatic pavroll deposit services. Using Internet access. the City through an
\uthori7ed City Representalive will electronically transmit City employee payroll data to the
: )eposltory. The Depository will receive the data and prepare an Automated Clearing House
ACH", debIt. The Depository payroll account will he dehited no sooner than the date of
:'avToll Exl1lbH A is lhl' Pa,Toll Calendar tilr 2006 Procedures tor processing the ACH debit
Ire set out h.-rem,
()
2.15 General Wire Transfer Services. Usmg Internet access, the City must be able to
'nitiate general Wire tr:mskr serVlces including mitianon of repetItIve and non-repetitive WIre
Iransfers \Vire adYlces sh(uld be mai led \vlthin three days of wire debIt or credit.
rhe Depo,ltory must act UDon all e!ectrolllc, WrItten or verbal transfer requests within one hour
fi'om the: Ime recei\ed fr,'m an Authonzed City Representative, and use any means for the
transmIssi,Ql of the funds th..: DepOSitorY may conslder SUItable up until 3:30 p.m.
rhe Depo:-'Itory must record all tclephomc II1structlOns ti'om the City received by the Depository's
\VIre transfer depar1ment and retlin the recordings for sixty-one (61) days (the period for City
!l()titicatioll of discrepancie:,) fo 11()\vmg such requests
In the evell! there IS a loss IIf interest or use of funds as result of a Depository error for failure to
c:xecute a transfer request ,)Jl the date receIved. or such other error within the Depository's
,ontrol. compensation ellr luss must be com~cted by ad] ustmg the aggregate ledger and collected
halances 0 f the City aCCI)UlllS to reflect properly the average balances of the amounts that would
have resulted had no error (L'curred
2.16 Account reconciliation services. All depOSItory statements and paid items must be
Illl a monthly cycle and must be cutoff on the last calendar day of the month. Depository will
print all statements on papa and also make them avaLlable to City on Cash Manager via the
Internet The City wIll pick up all Depository statements no later than the fifth working day
t'ollowing the assigned cut-otI date.
if a statement for a City depository account is not cut off as specitied in this Agreement, the
)epository must reImburse the ('ity tor the costs lllculTed to reconcile the statement, including
i ity emplovee overtIme ':OSIS.
rIle City also reqUIres that cleared checks be provided VIa the Internet.
~.17 Depositorv Reconcilements. Automated deposltory reconcilements with Internet access
.Ire required for the Vouchers Payable and PaYToIl accounts and other accounts as required by an
\uthorized City Representative :lS transaction volume mcreases, By using the Internet, the
'ny will ekctronically transmit reconcilement data to the Depository Reconcilements must be
clvailable till' plck up by the Clt\ bv the ninth working day following the day the data was
Iransmitled to the Deposillll). "\deVdelete" adjustment f()rms will be provided by the
)epository fhe Deposl!ory will transmlt reconcilcment infonnanon to the administrators of the
IlY'S health care :llld \vorker's compensatIon accounts and others as desi!,rnated by the City.
2.18 Checkint! with Interest Accounts. I r designated by an AuthOrIzed City Representative, a
lemand deposit account wi I be set up as mterest beanng and mterest will be paid monthly,
interest ['ate., wlll be those set for public Il1lld interest bearing accounts.
2.19 Controlled Disbursement Service. SpeC! fic aCCOUlHS as deSIgnated by an Authorized
Ity RepresentatIve will be controlled disbursement accounts. By 11 15 a.m. each day, the City
nust be abk to access same lay ll1!;lnnatlon concern1l1g controlled dlsbursement clearings using
'1e mlernet
2.20 Zero Balance Accounts. SpeCIfic accounrs as desIgnated by an Authorized City
Represenutive \\'111 bt' zero balance checkmg aCCoLmts t()r easc in reconciling and record
Keepmc:.
2.21 Check Cashin!!. Depository will pay on presentatIon all checks drawn and properly
payable on a City demand deposit account at no charge to the payee Dr to the City.
2.22 Deposit Locations. The CIty ,viIl have the optIOn to make Deposits at the
Deposltor:- .~ main Corpus Christi office or at any of Depository's Corpus Christi branches. A
deposit tic ket will be presenteJ to the Depository ,vith each deposit The Depository will route
'ipecltled depOSIt ticket copies to the env on a dailv baSIS.
2.23 Overdrafts. ['he City does not mtend to have an overdraft pOSltlOn on any of its
deposit(1) accounts throughout the course of the depository services contract. If a check or
~hecks presented for payment on anv City account where there exists insufficient funds available
tor payment. the DepOSItor:- agrees to pay s;lId checks and promptly notify the Finance Director
)] Authori/ed City Representative of the existence of the overdratt SItuation. The City agrees to
:over the (>verdran wlthm one business da\
2.24 Authority of Authorized City Representative. An Authonzed City Representative may
request depository services as required to implement this AI::,'Teement. An Authorized City
Represent311ve may npen I depositof)' account. The Depository may not require corporate
:esolutions Ill' other documents to establish depository accounts at the request of an Authorized
('It l' Repn:sentative However. the Depository may require a signature card and those
locuments reqUlred bv Federal law to open an account
2.25 Investment Services. The City reserves the right to exclude from the terms of this
\b'Teemenl. investment in ,:ertiticates of deposits, government securities, fu]]y collateralized
'epurchase agreements or si milaI' InstTuments authorized by law.
2.26 Account Executive Service. The Deposltorv agrees to assign one of its officers
\:mployed bv the Deposit! lry I n Corpus Christi to coordinate the depository relationship
established under this i\greement. The assigned ottlcer IS responsible tor responding to
questions horn an .\uthorized City Representative. The assigned oftlcer wi]] perfornl necessary
!l:search to promptly respond to questions or concerns of the City regarding its accounts. The
Issigned officer 01" the Depository \\1]] meet with the CIty at least once a month to evaluate the
vorkmg relatIOnship between the City and the Depositorv and to address any problems.
2.27 Reports. The Depo.sltory WIll proVIde quarterly reports of income/condition (required by
the FDrC) hv the 15th d3v t(dJo\V1I1g the reporting deaJlll1e t()r each quarter.
2.28 Direct Debit of Utilitv Customers The City will eJectronica]]y transmit data to the
Depository regardIng those C:ity utility customers who have prevIollsly authorized the City to
hrectly debIt their demand depOSit accounts tor City utility hi]]s. Upon request by the City, the
Depositury \vlll proVIde this pre-authorl7ed dIrect debIt servIce. The Depository will receive the
lata and prepare an ACH debit 111 accnrdance WIth the operating rules of the South Western
\utomated (leanng House Assnclatlon :.lI1d the operatmg rules of the National Automated
leanng !-fPllsc'\ssnClaI10n II1d 35 proVIded herein.
:-;
ARTICLE 3
Security for Deposits
3.01 Back2round. '\s 'iecunty fur the deposits of the CItY, the Depository must pledge to the
City securities equal to the largest total ledger balances the City maintains in the Depository, less
the amount nf c()vera:~e pro\'ided by the Federal DeposlI Insurance Curporation,
\Il funds deposIted LInder the Depository Services /\greement must be continuously secured in
lCcordance with applIcable federal laws and regulations as well as the laws of the State of Texas
including hut not limited t(i the PublIc Funds Collateral Act, Vemon's Texas Govemment Code
SectIOn 22 "7.(JO I eLseq. and Subchapter ( Security fClr Funds Held by Depository of Vemon's
['exas Loca] Govelllment C ,de
3.02 Qualification as Depositorv. rhe DepOSitory must, no later than five days before the
,:ommencement of the term of this DepOSitory Services Agreement, pledge security for the funds
10 be depOSited by the ('it) at the DepOSItory as prOVided by Subchapter C, Security for Funds
Held bv Depositorv of Chapter 105. Depositones tor MuniCIPal Funds of the Texas Local
(Iovemment Code, Chapter 2257, Public Funds Collateral Act, C;ovemment Code, and this
DepositOr) Services Agreement
3.03 Collateral Provision of Financial Institution Reform. Recoverv and Enforcement
~ct (FJRREA). The Depository must provide celtification that the Depository has complied
with al1 requirements of the Financial Institution Retom1. Recovery and Enforcement Act
FIRRE\) and FOre poliCies whIch may apply to the City's secunty interests in the pledged
ollateral and must speedy the ot1:icers of the Depositorv who are authorized to sign agreements
with the Clt\ Pnor to the lI1itial pledge of ~ecurities under the Depository Services Agreement,
rhe DepOSitory must I a) execute a Secullty Agreement- Pledge and ancillary agreements
necessary to effect the pledge of ~ecurities to collateralize all of the City's deposits in such torm
.IS IS acceptable to the City; b) deliver to the City a certified copy of excerpts from the minutes
,I' a meeting of' the Loan \'ommittee and/or Board 01" DIrectors 0/' the Depository, properly
lllthorizl11g the Deposltorv t<, enter Intn :) Security Agreement-Pledge. and to pledge assets of the
Depository tn secure all depOSIts made by the City WIth the Depository; and (c) deliver to the
Ity cel1itication that the Deposltorv Agreement. the Security Agreement - Pledge, and the
iLlthonzation 01' the Board "~to Directors and the Loan ( ommittee 01" the Depository have been
!,iaced (and wIll contlJ1unllsl'. be matntained) 111 the officl:!1 records of the Depository,
3.04 Permissible securin. Only the Il)llowing types ufsecunties are acceptable to the City to
,ccure City deposits:
(1 l,l treasury note 0 the (inHed States or other~vidence of Il1debtedness of the United
States that IS guaranteed as to pnnclpal and It1terest by the Ul1lted States.
(~) ;lfl obligation of an agency of the ('nited States. proVided that (i) the market value can
be readily establlshnL (Ill the oblIgation has heen approved by an Authorized City
H epresentative
.L05 Custodian of Pled2ed Securities. lhe seCUlltJes pledged by the Depository as collateral
i()r City deposits must he deposited with a rexas branch of the Federal Reserve Bank, ("the
( ustodian"') :n escrow in a .,ate-keeping account held III the name of the City, ("the Custodian
\ ,-count'" t. The CustodIan ,'-(count must L.:quirc the authoriz:ltJon nf hoth the Depository and an
,)
\uthonzed CIty Representative to release pledged collateral. The Custodian, upon receipt of
liledged Sl,.unties. must prl.mplly Issue Jnd deliver to the Authonzed City Representative trust
ecelph tC'i the SeCUrIties p edged. [he securities must be held by the Custodian. The Custodian
nay nut ':'ansfel Ii] ,lepc;sit the .;eCllntles in another Institution without the prior written
.mthon/at!lln ofan\uthon'ed ( Ity Representative.
3.06 Amount of Collateral. SecuntJes pledged b\ the Depository to secure City funds on
deposit identified with federal taxpayer Identification number 74-6000574 must have a market
alue 01 at least six million dollars (S6J)OO.OO(}) or as designated 111 writing by an Authorized
'Ity Representative Dunng the City's lax season. \vhlch occurs from October through March,
he DepOSitory must provid,' additional ,--'(dlateral In accordance with this Agreement.
')ccuntles pledged by the Depository to secure Cit: tlmds identified with federal taxpayer
rdentdication number ~..j.-2..j.424()4 must have a market value of at least four hundred seventy
t1ve thousand dollars ("47.",1)00) Ill' as designated in writing by an Authorized City
Representall ve
3.07 Determination of Market Value. [he market value of a security is to be determined by
em Authonzed City Representative from;! third party source (i.e Primary dealer, Wall Street
10umaJ) and IS hinding on the Deposltorv
3.08 Chan!:es for Collateral.
Depositof}
There are no charges tiJr the collateral provided by the
3.09 Federallv Insured Deposits. The Depository IS not required to provide security for the
leposit ofC'ity funds to the atent depOSits are insured under 12 U.S.C.A, Sections 1811-1835a.
3.10 Additional Securitv. An Authonzed City Representative may by written order require
the DepOSitory to pledge additlOnal collateral at any time it is determined to be advisable.
\dditlOnall v if tl)f any reason, the total Citv balance nn depOSIt with the Depository exceeds the
'narket value of piedged selurit:. the Depository must Immediately pledge additional securities
',) the CltV
\ny additlnnal secunt: pledged must meet the requirements 01' this Depository Services
\greement and must be anproved by an AuthOrized City Representative. Failure to pledge
"dditlOnal,ecunties on the day the DepOSitory is pro\ided notice constitutes grounds for City
i 'ouncil to select} '1e\\ denosltllf}' as reqUIred hv la\\ and terminate the Depository Services
\greement
Pnor to the pledge ,)1 additional secufltles under the Depository Services Agreement, the
Depository must I a) exeCUlL a Secunty Agreement- Pledge and ancillary agreements necessary
'0 effect the pledge of additllll1al secuntles to collaterahze all of the City's deposits in such form
,:, IS accepuble to lhe ('Ity: ! b) deli\ er to the City a certitied copy of excerpts from the minutes
\f a meeting of the Loan 'ommittee and:or Board uf Directors of the Depository, properly
lLlthonz1l1g the Deposnorv tl' elller Into a :-iccurity Agreement-Pledge. and to pledge assets of the
Depository to secure all depOSits made bv the ClI\ \vith the Depository; and (C) deliver to the
ity ..:erlltic:ltion that lhe ! )eposltory \g:reemenl. the Secunty Agreement - Pledge, and the
ulhonzatH,n of the Board, f Directors :md the Loan j 'ommittee 01' the Depositof}' have been
laced (and.\I!l COIltlnUUllS] be malI1lZl111edi !l1 the ,drielal records of the Depository.
10
3.11 Substitution of Securities. rhe Depository may substitute one security for another
provided hat the secunty meets the n:quirements of this Depository Services Agreement; the
-;ubstltutwn is approved. it wrJl1ng. hI an AuthorIzed City Representative and the Depository.
Prior tu such substitutIun (, I' seCUrItIes. the Deposltury must (a) execute a Security Agreement-
!)ledge ,md anclllary agreements nccessan to dIect the pledge of securities to collateralize all of
the ('itl 's deposits lT1 such toml as IS acceptable to the CIty: (b) deliver to the City a certified
.upy 01 e:\ c:erpts ti'om the m mutes u f a meeting of the L (Ian Committee and/or Board of Directors
It' the DepOSitory proper; \ authorizlllg the Depository to enter mto a Security Agreement-
!)ledge. and to pledge assets of the DepOSItory to secure all deposits made by the City with the
Deposiwr' . and (c) deliver to the (Ity ,;ertIfication that the Depository Agreement, the Security
\greemenl Pledge, and the authOrIzatIon nf the Board of Directors and the Loan Committee of
rhe Depository hc1\e heen rlaced iand \vIll ,..;ontinuous!\ be mamtained) in the official records of
the Depos lOry.
3.12 Release of Securitv. If the securities pledged by the Depository exceed the amount
"equired under tIllS DepOSitory Services Agreement. an Authorized City Representative may
,Iuthori/e the release of the excess. Such release must he approved Il1 writing by an Authorized
( 'lty Representative
3.13 Records and Audit. The DepO:iltory must mamtain separate, accurate, and complete
records relating to the deposit of public funds, the pledged investment securities, and all
rransactlOns relating to the pledged investment secunties. The Custodian must maintain separate,
xcurate. ,llld cOll1plete rec,xds regarding the pledged investment securities. All such records
must he suhJect to anv !I1temal ur external audit or regulatory exammation of the Depository or
'. 'ustodIan
3.14 Documentation to Be Provided to Citv. The Depository and Custodian must provide
documentaJion relatmg to the description of securitIe:i pledged as collateral, substitution of
pledged securities, pledge )1' additIonal securities, and withdrawal of excess securities to the
\uthorized City Representallve A cer11 ticate as to the then market value of securities pledged as
,ecunty hereunder must be provided to the .\uthol1zed City Representative at least monthly,
,'.15 Surrender of interest on Securities. Upon the request of the Depository, the City must
,urrender, when due. mtere~t coupons or other evidence of interest on securities if the remaining
,due o(thl'~ecurItles pledged arc adequate to meet the reqUlrements ()fthis Agreement
ARTICLE 4
Account Transfers
-t01 Electronic, Telephonic, Tele2'raphic or Oral Requests for Account Transfers. The
Depository t s authorized to honor, execute :lOd charge C i tv accounts tor electronic, telephonic,
'degraphic llr oral requests:
,a) tor the transfer ,lf runds tJ'om desl!:-'1lated CIty accounts to any other City
depository account, whether the account IS WIth the Depository or another
tinancIallnslltutJon: ur
')) !<J!' the transter nt' t1.1I1ds from deSIgnated City accounts to the account of or the
'-Tedit ,)f ,\ tlmd p:lrty, whether the tlmd partv .lccount is with the Depository or
:mother financiallnstItutJon.
11
\1 reque~h must be proptTl~, identitied as being made by an Authorized City
'{enresentatlve It1 c()mpllance \vlth the DeposItory's transfer procedures,
..t02 Internal Transfers.
transfer funds trom one C'ty
uther al>:ounts.
:\n -\uthonzed Citv Representative will periodically need to
3l:l.'01lnt to another to reImburse Payroll. Vouchers Payable, and
..t.03 Instructions for Transfer. The DeposItory must act upon all electronic, written or
verbal transfer requests vVlthin one hour fTom the time received from an Authorized City
RepresentatIve. and use an; means f()\' the transmission of the funds the Depository may consider
~uitable up untIl 2:30 p.m.
..t.04 Immediate Credit. fhe DepOSitor:, must gIve both ledger and collected credit the day of
rhe WIre receipt, regardless df the time the Depository receives the transfer through the Fed wire
-);/stem Crcdit to ('Ity accounts IlJr Illcom1l1g wire transfers must be immediate,
..t.05 Davlieht Overdraft Polin The City actively invests in marketable securities. An
')utgoing \\ Ire transfer will he made in the morning for the reinvestment of funds expected by an
!l1coming \\ Ire transfer fhc' DepOSitory must allow the City to reinvest and to wire funds out in
,lTIticlpation of an Incoming ''vire transfer later in the day The Depository will not charge the City
lor daylight overdrafts When a daylIght overdraft is anticipated, an Authorized City
FZepresentattve will notlfv the deSIgnated depository official of the situation.
..t.06 ~otification of Funds Transfers. Notificatton to the City of incoming wire transfers or
problems with outgoing wire transfers must be made with111 one hour of the transaction. The
, "ity all()w~ two authonzed employees to IIlItiate repetitIve transfers All authorized employees
'vill be Issued a personal identificatIon number in order to initiate wire transactions. If the wire
!ranster is Il1ltiated mer the telephone. the Depository must telephone the City and specifically
'equest to speak to :In Authllrized City Representative other than the person initiating the wire to
erify that the wire IS :wthonzed prior to releasing the wIre.
~.07 Records. The Depo"itorv must record all te]epl1ol11c instructlons from the City received
hv the Depository's wire transfer department and retain the recordings for sixty-one (61) days
the penod I()r Cily notltication dj'discrepancies) j()IJowing sllch requests. The City agrees to
!epon allY discrepancIes bdween the ('tty's records and the Depository statement to the
Depositor'y', wIre transfer depal1ment in writing WithIn sixty-one (h 1) days after the statement
iate.
~.08 Discrepancies/Loss of Interest/Error. In the event there IS a loss of interest or use of
iunds as result of a Depository error for faIlure to execute a transfer request on the date received,
'I' such "th':1 error \vithm thL~ Deposltorv'" controL the Depository agrees that compensation for
,is:::; mu"t be cOlTecled bYldjustlTIt: the aggregate ledger and collected balances of the City
lccounts to rdlect properly the :l\CTJ.ge balances of the ..lmounts that would have resulted had no
Tror OCCUIT,:(I.
~.09 Desienated Accounts. \ccount Transfers may be made ti'om the other accounts as
leslgnatcd hv an A uthonzed ('itv RepresentatIve
12
ARTICLE 5
Other Financial Services
5.01 Bailor/Bailee Relationship. UntIl deposIts are credited to the City as evidenced by
vaIidatlOn "f duplicate depusit slips. the relationship between the City and the Depository as to
tll cuntents must be that of Bailur and Bailee. The Depository must be responsible and liable to
,he C'itv llr use 01' that d,:grec of..::mc required under the laws uf Texas for Bailees having
,:usrod\ u propertv ofuthe person"
5.02 Custodv, Safekeepine of Governmental Aeencv Securities. The Depository agrees to
handle J.]] purchase and sale of securities on a delivery versus payment or payment versus
deliven basis (t.e liJr secunties purchases. monies will not be released by the City's safekeeping
bank until "ecuntles are n'ceived ~lt the Federal Reserve Bank or further credit to the City's
~afekeeping bank In thl' case of seCUrIties sales. mOl1les will be received by the City's
.;atekeeping bank Via the Feder~1I Reserve Bank as the securitIes are simultaneously released to
the purchaser). In thIS manner, the ('it) w1l I always ha\ e possession of either the securities or its
'nomes 01 J del1verv versus payment baSIS, The cust of satekeeping securities, processmg
purchase/sale transaCTions. ,il1d coupon mterest paymenrs are listed on Exhibit C.
I'he Citv \\ III send written trlstmctions to the securities clearance department tor each transaction.
Vlost 0 f thcse inslruciions \1 ill be sent by facsimile to assure the timeliness of the operation. It is
,peclficalh provided that \\ hen a City security matures, or when a City security is purchased,
l\.mds WIll he transferred from or to the Combined Operating account, the Bond Funds account, or
mother ac,'ount as dIrected by an .\uthorl/,ed City Representative The Depository must give
prompt notltication to the ( Ity of any settlement problems, mcluding securities delivered where
:he instrucilons do not match or where mstructions have not been given to the Depository,
\11 securities must be perfe,:ted m the name of the City .~Il book entry securities owned by the
'Ity must he evidenced by a satckeepmg receipt issued to the City The original safekeeping
receIpt lor each tranSaC[lOn will be forwarded to the City. Depository may require a signature
.:ard In lhe,afekecpmg area
ARTICLE 6
General Provisions
6.01 ,\utomated Cleariue House ("ACH") Membership. The Depository must be a
participating deposltory 111 the Southwestern Automated Clearing House Association to be able to
Jeliver debIt and credIt payments tor the following transactions: City employee payroll Account
md Pre-authOrIzed Citv lrility Customer Debits An Authorized City Representative must
..:stab I ish use of additional A C'H transactIons In writmg
the DepOSItory walTants tl1at ]1 1:-, a pal11cipatmg finanCIal institution in the Southwestern
\utomated Cleanng Housl' Associatiun ("SWACHA "). which provides facilities tor the
:xchangc (, f electrolllc funds transfers among its members, and other automated clearing house
JSSOclatlons withm the Untted States by utilizmg the capaCIties of the National Automated
l'learing House ASSOCIatIon CN\CI-L\') rhe DepOSitory acknowledges that it must comply
vlth the rules. as may be amended. tt)!' the notificatIon. nostmg. or transfer of tunds by means of
'c'lectrolllc l redit transfer fac ilitles rhe Depository IS reqUIred to comply with the procedures of
he S\V'\CHA and '\t\(H. \ mc!udmg. hut not limlted to. matters such as mput format, data
[~
lCceptanec:ritena. return rem handlmg. adjusting entnes. and dishonored entries.
6.02 Chan!in!! of Fees. The DeposItory IS authonzed to charge the City accounts upon direct
:lLlthonzatlon by an :\uthonzed City Representative for
la charge backs on :OlTectlon or'mathemat]cal enor. and
b bank servi,'c fees 'lwed t() Depository, including Deficient Balances Belore
Senlces I )efic]ent Balances Before ServIces need to be reviewed on a quarterly
hasis for fet' assessment
The Depo.~ltory or the City will not change the schedule of fees as listed on Exhibit C during the
initial tern! of this Agreement or dunng any option year
6.03 Confidentialitv, Audits and Inspections. All intormation assembled by the Depository
under this\greement is to be kept confidential and not be made available to any individual or
orgamzatiol} without the pnor \\Titten approval of the City. At reasonable times during regular
husiness ]:;mrs, the DepOSitory \vdl make available f(H examination by the City, its duly
ILlthorized agent, clccountan1, or legal representative, pertinent copies of statements and debit and
:redit ilcm"upportmg such statements, relating to the City's accounts.
6.04 Recalls, Debit Adiustments and Other Adiustments. The Depository is required to
process recall or adjustment requests upon verbal authorization by an Authorized City
Representative followed by written confinnation by the City if possible, but no later than four (4)
workmg da vs after the request.
6.05 Compliance with Law. rhe Depository represents to have the expertise and personnel
:equired and necessary to pertorrn the services under this Agreement. The Depository
lcknowledges that ]t is fully qualIfied, authorized, and willing to comply under federal, state and
ocal lavv t(, perform the 3ef\ICeS described 111 this Ai::,'reement.
0.06 Indemnification. 1 he Depository fully indemnities, saves, and holds harmless the City
If Corpus Christi. its ufficers. employees. and agents against any and all liability, damage,
lccount ,)f personal Injuries (including, without limitation on workers' compensation and death
laims), or property loss or damage ()f anv kind whatsoever. which arise out of or are in any
'nanner ..'onnected with'
let) the Depository's li.l1lure 10 fultill anv of the tern1S and conditions of this
i'\greemcnt:
i h, an) \lolatJOll by Deposltory of any applicable federal or state law, rules, or
regulation resulting from any act or omission of the Depository or its agents and
employees which caused a direct loss to the City under this Agreement.
[he Depos]tory may. at its ,)wn expense. lIlvestigate all claIms and demands, attend to their
,ettlemenl ur other ll1sposition, defend all actIons. pay all charges of attorneys or other expenses
It any kmd ansmg from habllity. damage, loss, claims, demands, and actions. This
ndemnificallon wlll not he ,onstrued to require indemmtication of such injury, loss or damage
\.llIch mav i,C caused or ans,- from the neglIgence of the ('ity. its officers. employees, and agents.
]-l
The City l1:,'TeeS to mdeml1Ify, save: and hold harmless. defend or pay the defense cost of the
DeposItor. its officers a~ents. and employees tiom and agamst :Iny and all lawsuits, claims,
jemancis. labtlitJes, lu"ses or expenses, lI1cluding coul1 costs, attorney and expert witness fees,
f"J-r)m 01 ailsmg (Jut ()f negiIgence ,)1' the ('ity under the tenns of thIS Agreement or the City's
rinlure 10 !Jitl]] anv ufnle krnlS and condItions of this \greement.
6.07 Term. The ten11 O! thIS Agreement will begin tClllowing the signing of the Agreement,
'vhich IS [,) commence on Januarv 24, 2006 and expire on December 31, 2009, or until a
>llccessor DepOSItory I" appoll1led and qualitled The City may, by 90 day written notice to
Depositor,. termmate this \greement dUrIng the remall1der of the mitial teml and any option
temlS. Upon completion 01 the mitlal tem1, either pal1y may elect to terminate any option term
,vlth 90 da\s prIor WrItten notice L:nIess temlinated, thIS Agreement will automatically renew tor
me additi\lI1al one-vear term. \11 service fees must he guaranteed tor the initial term of the
'\greemen! ;md any OptlOl year :\11 serVIce fees arc guaranteed tor the entire term of the
'\greemenl and any optJon ,eaL Lpon temlll1ation of this Agreement, all tlnished or unfinished
locuments. data, studies, or repoI1s prepared by the Depository, at the option of the City, will be
lelivered tl' the Cltv and be,ome the propeI1y of the Cit\.
6.08 Duties After Termination. AJl obligations of the paI1ies made or incurred or existing
mder thls-\greement as of the date of temlination with respect to transactions initiated prior to
'he etfecti, e date of termination wlll surVIve such terminatIon, including but not limited to,
)cpository-; obligatIon to i'etain duplicates of transaction receipts and credit slips and any
ontinumg nbligatIon of the Depository vvith respect to charge backs. Upon termination of this
Depository Services .\.greement all tlnIshed or unfinished documents, data, studies, or reports
Drepared b, the Depository, at the option of the Citv, will be delivered to the City and become
the propert\ of the ('nv
6.09 No Endorsement. [he Depositorv is not authorized to advertise or publish, without
('ity's pnor written consent the tact that the City has entered into this Agreement will be
onstrued a.s 1 f such proVIsion was not a part of this Agreement.
0.10
Notices.
:\otlles proVided herem will be in wntmg and delivered to:
On behalf orihe City City of Corpus Christi
David Hedberg, City Treasurer
P,O, Box nT!
Corpus ChrIsti, TX 78469-9277
On behalf of Ihe DepOSItory Frost Bank
Tom Frost III, Senior Executive Vice President
p, 0, Box 1600
San Antol1lo, Texas 78296-1600
6.11 Assi2nment. A ll\ party may not assign this Agreement withoLll the prior written consent
1\ f the other party.
6.12 Force Majeure. Neither part:- wIll be responsible tor losses resulting if the fultlllment of
any terms or provisions of tillS control of the party whose performance is interfered with, and
\\l1lch. by th,' exerClse ofreasl)f1able dIligence. saId partv is unable to prevent.
I::;
6.13 Conflicts of Interest.! he Depository agrees to mamtam CUlTent, updated disclosure of
nformati(l11 on file ',\ lth thl' Director ot FlJ1ance throughout the tern1 of this Agreement as may be
n:quIred b the C It; ('ude "C Ordinances or the CItV Charter.
6.14 Equal Employment Opportunity. The Depository agrees that during the performance
,)fthis \greemem. it \vIlI:
,a treat all applicants JnJ employees wIthout discrimination as to race, color,
rellgJOn. se'" natIOnal ongll1. marital status, age. or handicap, and
b: IdentIfy Itseif as an "Equdl Opportunity Employer" in employment advertising or
reLjuests
[he DepOSitory \vill he advised of any l'omplaints filed \vith the City alleging that the Depository
is not an Iyual Opportllnit\ Emplover [he City reserves the right to consider its reports from
!he Human Relations "\dmilllstrator III response to slIch complaints.
6.15 Entire Agreement. This i\greement and all Addenda, as may be updated, constitute the
c:ntire agreement hetween the par1ies and wIll supersede all previous negotiations, commitments,
,md contracts.
0.16 Governing Law and Venue. To the extent this Agreement is not governed by applicable
federal la\\ s and regulations, this Agreement will be governed by and construed in accordance
,'lIth la\\s 0 t' the State 0 f T \.:xas. Any SLlI t brought in connectIon with this Agreement must be
:ried m Nucces County, rexas.
6.17 Notification of Chanees in Depository Laws. rhe Depository must notify the City in
writing within ten (10) days of any changes in federal or state regulations or laws that would
fhereafter affect the Depository Services ('ontracl. The Depository must also notify the City of
,lIlV serVIce~. whIch become available to the City throughout the contract period.
6.18 Monthly Reports. The Depository will proVide to the City each quarterly CALL report
! Schedule RC only) as well as any public mformation concerning changes in the ownership,
management or finanCial pOSition urthe Depositor,; or Its parent company.
6.19 COI-porate Resolutions Not Required. The Depository will not reqUIre corporate
'esolutions when an Authori7ed City Representative opens an account.
0.20 Hierarchv of Contract Documents. The Depository Services Agreement, RFA
lmendments. RFA. and Depository's Application will constitute the contract documents. Unless
;pecitically referenced bv an RF.\ amendment all reqUIrements, tern1s and conditions stated in
he ong111al RFA,\I1l appl; Any If1COnslstencles w1l1 be resolved in the tollowing order of
)nontv:
;j
Deplls][ory SerVIces ( untract
RF\ Amendment
RF\
DeposItorv's \ppllcatlon
b
'-
d
\GREEDI () BY
)()
rHE CITY OF CORPUS CHRISTI
BY:
NAME
rrTLE
DATE
,\TTES r:
DEPOSITORY - Frost National Bank
..~----
,City Manager_____
': ;t':. '."
, ----r-..u..::..~---
BY:
\lAME:
rITLE:
DATE:
~----
,\rmando ('hapa, City Secretary
r-'! -J{ ""'.- r:........<.
Approved as to form this the d ~ day of, 2BfT5':- ,n-::z.' ..,
Mary Kay Fischer, City Attorney
II- . l~_2,,,\./t. . ~-..... "\
By: .
Assistant (Ity Attorney
'-IV
, 'j
..q {"t'-... >'.. ~- /'\
17
"",
-~
Tom Frost III
Senior Executive Vice President
AJZoo~-> DLt... AOItlUl\u...
" ceuNell._ 411 ~ y(~ ~
/)
tiC
--
~Cft'TAIY-(VL.--
EXHIBIT A
PAYROLL CALENDAR FOR 2006
PAY DATE
01/13/2006
01/27/2006
02/10/2006
02/24/2006
03/10/2006
03/24/2006
04/07/2006
04/21/2006
05/05/2006
05/19/2006
06/02/2006
06/16/2006
06/30/2006
07/14/2006
07/28/2006
08/11/2006
08/25/2006
09/08/2006
09/22/2006
10/06/2006
10/20/2006
11/03/2006
11/17/2006
12/01/2006
12/15/2006
12/29/2006
10
EXHIBIT B
MONTHLY PRICING SUMMARY FORM
GENERAL ACCOUNT SERVICES
VOLUME UNIT PRICE
16 40000
4045 00400
1,859 01500
Ii 3.5000
100 00000
2 2 0000
16 20000
11 3.0000
900 :] C 200
",ccount Maintenance
Jebits Posted
~redlts pas tee
'Deposit PeDC reller GTe
Zero Balance CI.cctngTransters
Photocopies
.~tatements Renderec
Special Signature Req-Base Fee
Special Signature Req-Items
""otal General Account ServIces
LOCKBOX SERVICES
''<etail Monttlly Maintenance
:Vholesale (~asn Processing
'etail Item
:,etai! Cash Processmg
)ata Transmiss:on
"etai! CD-,'om 'Aonth!y
qetai! CD Image - Check
'<etail CD Image COUPOil
Cietail Image De'lvery Inretfler
"Ianch Deliver]
'<etai! Unprocessable
Hetail CheCk Or'IV
Total Lockbox Services
39,713
50 0000
10000
'1.1800
. .0000
50.0000
25.0000
0.0075
0.0075
500000
2.0000
0.1800
02800
39713
38,982
~3:3
1.893
DEPOSITORY SERVICES
"3rtial Bag 01 Lease Coins nc 'f $25 .10)
ash Oep Proc;ash"'mt Fi3t
. ash Oep P,oc ' '3sh Amt Fet
c'nlled COin Fum.sned C,xn
'\tnimum Ch,mge :Order
t'ap Currency FJrnished - Corn
dsh oep Processing Fee i
,,)sh Oep Processing Fee !
:lsh Dep proce'-)slng Fee
,Js Hems
< y;ai RCPCte"
dnslt Cieanng
'cal StateINlrJe learlng
'h Fed ,:ountn- :ems
ther 11 th F~,'J. Ct'y Herrs
(39 25000
1,422 JOOOO
2,224 J2500
293 ').0500
5 5000
68 i) 4000
1.574 .) 0000
7.587 0000
5,053 I) OOCO
159 0100
25,959 J 0300
8.786 ;) 0500
7 557 0,0200
,'34 rJ 0500
-+79 .JJ)300
9.388 'J0500
')65 J 0000
337 , ccoo
19
.I!er ~ 11n F~(j F\:PC items
=':p-Encoaec ::~ele2~ items
~pturn !terns
TOTAL PRICE
64.00
161.80
278.85
21.00
0.00
4.00
32.00
33.00
18.00
612.65
50.00
1.00
7,148.34
1.00
50.00
25.00
297.85
292.37
50.00
2.00
23.94
530.04
8,471.53
172.50
0.00
556.00
14.65
49.50
27.20
000
0.00
0.00
7159
778.77
439.30
151.14
4.20
1437
469.40
0.00
337.00
Reclear tem': ',0000 1700
Deposit Correc:;ons '6 6,0000 96,00
_OGai City :te'11s ',524 0,0200 32A8
Total DepoSitory Services 3,231.10
PAPER DISBURSEMENT SERVICES
2ontrollee Disc Activity '00 0,0400 400
Positive Pay Paid ReJect Items 5 o 1000 0,50
Positive Pay P'~sted Checks ~, 1<37 0.1000 21 8.70
Jnline Stop P3yment 'J 5 0000 45.00
;~osilive Pay r~eJected iterrs ,4 J 1000 lAO
:ash Manager Images 27 00500 1.35
:0 Rom Ser./lce Per Iterr 7.537 0,0200 150.74
Total Paper Disbursement Service" 421.69
DISBURSEMENT RECONCILJA nON
Cull Check Reeo ',967 o 0400 78.68
Partial Check Reco 962 0,0200 19.24
i\ccount Reconciliation 0,0000 0.00
Total Disbursement Reconciliation 97.92
GENERAL ACH SERVICES
o,CH Origrnaticfl ,llem 10,204 00400 408.16
o,.CH Monthly F~e o 0000 0.00
~CH Addendum Recore In/Out 543 00500 27.15
.,CH Incomrng Debits 99 o 0400 3.96
,",CH Incomrng Credits 507 00400 20.28
i\dd DebiUCredlt to ACH FilR 10 0000 10.00
:,CH Return Item h~ 10000 61,00
,o,CH Reversal~. :3 1 0 0000 30.00
;~edi Statemenl i=ax Fee 18 50000 90.00
'<eturn ACH Notice. Phone 'iOOOO 15.00
!olal General ACH Services 665.55
WIRE AND OTHER FUNDS TRANSFERS
~ed Wire Out Tipe 10 Non-Rep 50 50000 250.00
'Jook Transter "Jon-Repe'itlve p 70000 91,00
'rlcoming Fed Wires )~ 40000 108.00
Vlfe Advlces Mailed 15000 13.50
"'otal Wire and Other Funds Transfer 5 462.50
iNFORMATION SERVICES
3alance & ActivllY Ser/lces 50 0000 50.00
''raw Reporting J .jOOOO 0,00
"revious ReDoru'y 1fJ o.eooo 0.00
~olallnformation Services 50.00
NVESTMENT/CUSTODY SERVICES
ustody - Fixed 'ncome ReceiPts ~9 'J5000 29.40
:~stody . Assets "Jer S10M BE 24,905 D0100 249,05
~dstody . Mcnth:y Maintenance 100000 10.00
.Jstody lr,rerest Payments 10000 3.00
20
~iearance -'",j Non--"SS/MB5
~ustQd'r Maturity Pavmen's
~Iearanc," - .:o'Jblic =U:1CS
Total InvestmentJCustody Services
'10 ,charqe rf trades are made with Fros' BanK
Total Activity Charges
8
~
21
20_0000
100000
o oooe
160.00
70.00
0.00
521.45
14,534.39
EXHIBIT C
Attached to and made a part of the
Citv of Corpus Christi Depository Services Agreement
ALJTHORIZA TION FOR DEPOSITORY ACCOUNTS
\s the duh appoll1ted and authorized City Manager of the City of Corpus Christi, I designate
'he officel s listed helO\\ as the Authonzed City Representatives of the City of Corpus Christi.
rhe signawres below are' he signatures 0 f the Authorized Clty Representatives vested with
"ldl authonty to sign and t:ansact nllsiness for the City including, but not limited to, Account
fransfers, ,)pen and close .lccounts, request reports. or authorize other signatories to specific
l)ank accounts. The signatures uf the officers slIbscrihed helow are true and genuine:
~'
lerome Joslin. investment Analyst
David f-Iedberg, C ty lreasurer
~~ {( &It.
Deborah BallI. Contwiler
Constance P Sanche;,; Assistant DJJTctor of
Finanl'lal Services
~
'-r:-r6-~ {) ,~
1-->-' .--". ~c._.-d...'-:;<'_ 0--,.---:. C-<'
L-....... C)....LJ
C1I1d\ O'Bnen. DIrector orFinanciaf Services
i'h1S Authl H"\ZatIon tlJr DepOSItory Accounts is entered into in addition to and will not amend,
modlfy, \\ aIve. ,)r revokl any of the tenns of the City of Corpus Christi Depository
\greemenl except as expressly provided herein. This authorization is entered into to
~acilitate tile electronic transfer of funds or administration of the services to be provided
,mrsuant tu the City or Corpus Clmsti Depository Agreement. [t IS not intended to empower
\uthonzed City Representatives to approve or accept amendments, waivers, or new
DrovIsions .)r terms to the DeposJtory'\greement on behalf of the City of Corpus Christi,
\uthonzed City RepresentatIves ,'cmam authorIzcd until the Depository receives written
'lotifical1on revoking authorization .j"
fHIS A(JTHORIZATIO~ FOR DEPOSITORY ACCOUNTS is effective thisL\f' th day
d l';t ','.u": ,,_ __ 200h and revokes all prC\ lOllS allthonzations,
\ TTEST:
'~
By l' -
Armando Chapa, City Secretarv
CITY OF C
Bv
PUS CHRISTI
L,-
. Nae. City Manager
\pprovep Ihis I) the Jay oft ~\.i'k c i-.._ .200()
F3 Y ~ 'j\.. v-z:::.::'t' "-". t!-c"
\ssistant ('ity :'\ttoma)l)tor City AUome\
"'1