RES 1305 02/22/2005 RESOLUTION NO. 1305
ESTABLISHING A POLICY PERMITTING THE CONSIDERATION OF
APPLICATIONS FOR CITY DEPOSITORY FROM BANKS, CREDIT UNIONS, OR
SAVING ASSOCIATIONS NOT DOING BUSINESS IN THE CITY AND A
DETERMINATION THAT IT IS IN THE BEST INTEREST OF THE CITY AND ITS
CITIZENS TO ESTABLISH A DEPOSITORY.
WHEREAS, the City of Cibolo is seeking proposals from certain financial institutions for
a depository service contract for the deposit of City funds; and
WHEREAS, Texas Local Government Code Chapter 105.011 requires that the
governing body adopt a written policy expressly permitting the consideration of
applications from a bank, credit union, or savings association and is not doing business
within the municipality; and
WHEREAS, the Council recognizes that it is in the best interest of the municipality to
establish this depository policy; and
WHEREAS, this resolution is required in order for the governing body to consider the
application of a bank, credit union, or savings association that is not doing business
within the municipality.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL FOR THE CITY OF
CIBOLO, TEXAS:
SECTION 1:
The City Council hereby authorizes the City Manager to publish notice that the City is
requesting applications for depository services contracts from any bank, credit union, or
savings association. The City is authorized to accept these applications since none of
these types of financial institutions are currently doing business within the municipality.
SECTION 2:
The City Manager shall publish notice as specified in Texas Local Government Code
105.012 requesting submissions of applications for the performance of depository
services.
SECTION 3:
The City finds it is in the best interest of the City and the citizens of Cibolo that they
consider depository institutions located in the surrounding areas since the City has
limited financial institution, only one, inside its City limits. It is in the best interest of the
municipality to establish this policy and to solicit applications from these a financial
PASSED AND APPROVED this
_ day of , 2005.
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CHARLES RUPPERT, Mayor
ATTEST:
4NdQGJiRlFFlN, City S r tary