CITY OF TEXARKANA, AR

REQUEST FOR BOARD ACTION

 

AGENDA TITLE: Adopt a Resolution authorizing the Depository Board to execute the 2018 depository agreement with Commercial National Bank. (FIN)

 

AGENDA DATE: 02/05/2018

ITEM#: 7

DEPARTMENT: Finance Department

DATE SUBMITTED: 01/08/2017

PREPARED BY: TyRhonda Henderson

SUBJECT: 2018 Depository Agreement

EXHIBITS: Resolution and local bank depository agreement for Commercial National Bank

 

APPROVAL:

 

EXPENSE REQUIRED: $0.00

AMOUNT BUDGETED: $0.00

APPROPRIATION REQUIRED: $0.00

 

SUMMARY: This agreement involves a house-keeping measure that requires City Board approval. The Depository Board of the City of Texarkana, Arkansas will execute the attached 2018 local bank depository agreement with Commercial National Bank. The Depository Agreement for Regions Bank was approved by the Board of Directors and executed February 6, 2013. The depository agreement with Bank of the Ozarks was approved by the Board of Directors and executed February 2, 2015. They do not expire until the security interest has been terminated.

 

BOARD ACTION: City Manager and staff recommend Board approval.

 

EMERGENCY CLAUSE: None needed

 

 

 


RESOLUTION NO. ______

 

WHEREAS, the Depository Agreement for Commercial National Bank has expired; and

WHEREAS, the City Manager and staff recommend execution of the 2018 Depository Agreement with Commercial National Bank;

NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the City of Texarkana, Arkansas, that the Depository Board is hereby authorized and directed to enter into a Depository Agreement with Commercial National Bank, and may deposit the funds of the City of Texarkana, Arkansas pursuant to that agreement and A.C.A. 19-8-101, et seq. and 19-8-201, et seq.

PASSED AND APPROVED this 5th day of February, 2018.

 

 

 

_____________________________

Ruth Penney Bell, Mayor

 

ATTEST:

 

________________________________

Heather Soyars, City Clerk

 

APPROVED:

 

________________________________

George M. Matteson, City Attorney