EL PASO COUNTY COMMUNITY COLLEGE DISTRICT
BOARD POLICY
4.08.04
DEPOSITORY
A.
Selection
The depository or depositories of the District shall be a state or national bank located in the State of Texas whose
deposits are insured by the Federal Deposit Insurance Corporation. Such depository or depositories shall be selected in
accord with the School Depository Act.
Sec. 23.74, Tex. Educ. Code.
B.
Bid Notices
At least 30 days prior to the termination of the current depository contract, the Board shall cause to be mailed to each
bank in the District and, if desired, to other banks in the State of Texas a notice stating the time and place in which bid
applications will be received for selecting a school depository or depositories. Attached to said notice shall be a
uniform bid blank which shall be substantially in the following form:
BOARD OF TRUSTEES
EL PASO COUNTY COMMUNITY COLLEGE DISTRICT
9050 VISCOUNT BLVD.
EL PASO, TEXAS 79925
Members of the Board:
The undersigned, a state or national banking corporation, the deposits of which are insured by the Federal Deposit
Insurance Corporation hereinafter called Bidder, for the privilege of acting as Depository of the El Paso County
Community College District of El Paso County, Texas, hereinafter called District, for a term of two years, beginning
September 1, 1979, and ending August 31, 1981, and for the further privilege of receiving all funds or only certain
funds to be designated by the District if more than one depository is selected, at the District's option to place on
demand deposit or interest bearing time deposits as provided in The School Depository Act, (Senate Bill 1195, 66th
Texas Legislature, Regular Session) and with the full understanding that the District reserves the right to invest its
funds from time to time as permitted by law, Bidder will pay and charge the District as follows:
Adopted: Nov. 21, 1978
Year of Last Review: 2011
Amended: July 18, 1979
Designated Contact: Vice President of Administration and Financial Operations
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1.
On "time deposits" of less than $100,000.00, the Bidder will pay the District rates of interest per annum as
follows:
__________% of the maximum rates of interest per annum allowed by law by the Board of Governors of the
Federal Reserve System to be paid governmental units, in accordance with its Regulation Q, or subsequent
regulation, at the date of deposit, on such time deposits.
2.
On "time deposits" of $100,000.00 or more, the Bidder will pay the District rates of interest per annum as
follows:
a.
% of the rate of interest per annum established (auction average on a discount basis) for
United States Treasury bills with maturities of 13 weeks issued on or immediately prior to the date
of deposit, on such time deposits with a maturity of 30 days or more but less than 60 days;
b.
% of the rate of interest per annum established (auction average on a discount basis) for
United States Treasury bills with maturities of 13 weeks issued on or immediately prior to the date
of deposit, on such time deposits with a maturity of 60 days or more but less than 90 days;
c.
__________% of the rate of interest per annum established (auction average on a discount basis) for
United States Treasury bills with maturities of 13 weeks issued on or immediately prior to the date
of deposit, on such time deposits with a maturity of 90 days or more but less than 120 days;
d.
__________% of the rate of interest per annum established (auction average on a discount basis)
for United States Treasury bills with maturities of 26 weeks issued on or immediately prior to the
date of deposit, on such time deposits with a maturity of 120 days or more but less than 150 days;
e.
% of the rate of interest per annum established (auction average on a discount basis)
for United States Treasury bills with maturities of 26 weeks issued on or immediately prior to the
date of deposit, on such time deposits with a maturity of 150 days or more but less than 180 days;
f.
% of the rate of interest per annum established (auction average on a discount basis)
for United States Treasury bills with maturities of 26 weeks issued on or immediately prior to the
date of deposit, on such time deposits with a maturity of 180 days or more but less than 270 days;
g.
% of the rate of interest per annum established (auction average on a discount basis)
for United States Treasury bills with maturities of 26 weeks issued on or immediately prior to the
date of deposit, on such time deposits with a maturity of 270 days or more but less than 365 days.
Adopted: Nov. 21, 1978
Amended: July 18, 1979
4.08.04 - 2 of 5
3.
% interest per annum to be paid by District to Bidder on overdrafts or their equivalent.
(Overdraft as used in this paragraph shall mean that District does not have a compensating balance in other
District - funds or accounts in Bidder's bank equaling or exceeding overdrafts in a District fund or account.
The amount of an overdraft shall be determined by adding all the District's noninterest bearing funds or
noninterest bearing accounts in the Bidder's bank at the close of business each day.)
4.
Bidder will charge District $
for keeping the District's demand deposit records and
accounts for the period covered by this bid. Included in and required as a part of this duty are the following:
a.
Preparation of monthly statements showing debits, credits and balance of each separate fund.
b.
Keeping a full and separate itemized account of each different class of College funds coming into its
hands and making its records available for audit by the District, its independent auditors, and the
Central Education Agency.
c.
Preparation of such other reports, accounts and records which may, from time to time, be required
by District in order that it may properly fulfill its fiscal duties.
5.
District reserves the right to invest any and all of its funds as permitted by Sections 20.42 and 23.80 of the
Texas Education Code (Senate Bill 1195, 66th Texas Legislature, Regular Session). Bidder will and shall aid
and assist District in any permitted investment without charge.
6.
The District reserves the right to place any and all of its funds, other than proceeds from the sale of District
bonds or certificates of indebtedness, on time deposit with savings and loan institutions located within the
State of Texas, provided that such funds are fully insured by the Federal Savings and Loan Insurance
Corporation.
7.
The Bidder shall furnish to District a bond in the amount and conditioned as provided in The School
Depository Act, (Senate Bill 1195, 66th Texas Legislature, Regular Session) or in lieu thereof shall pledge
approved securities in an amount sufficient as provided in that subchapter, delivering to the District either
securities pledged or safekeeping receipts for them, properly marked to show the pledge, and shall deliver to
the Central Education Agency photocopies of the safekeeping receipts. District reserves the right to approve
or reject the securities so pledged. Bidder shall have the right and privilege of substituting approved
Adopted: Nov. 21, 1978
Amended: July 18, 1979
4.08.04 - 3 of 5
securities upon obtaining the approval of the District, provided the total amount of approved securities
deposited is adequate as herein provided.
8.
This bid was requested by District and is made by Bidder with the expressed agreement and understanding
that District reserves the right to reject any and all bids and the further right that if any portion or provision of
this bid and/or any contract between Bidder and District entered into by virtue thereof is invalid, the
remainder of this bid and/or resulting contract at the option of the District shall remain in full force and
effect, and not be affected by said invalid portion or provision.
9.
Attached hereto is a Cashier's Check in the sum of $500.00 payable to the El Paso County Community
College District. If this bid to be Depository of all District funds or to be Depository of only a designated
amount of said funds is accepted, said check is to secure the performance of said bid, and if Bidder fails to
enter into a contract with District as provided in this bid, then said check shall be cashed by District as
liquidated damages for said failure. If the Bidder enters into a contract with the District, the District shall
return the check to the Bidder. In the event this bid is not accepted, the check is to be returned to the Bidder
immediately after the contract award is made.
10.
The terms of this bid and the ensuing contract if the bid is successful shall be governed by and in accordance
with the provisions of Senate Bill 1195, 66th Texas Legislature, Regular Session.
DATED this the
day of
, 19
.
BIDDER
BY
TITLE
Sec. 23.77, Tex. Educ. Code
C.
Tie Bids
If tie bids are received, and each tie bidder has bid to pay the District the maximum interest allowed by the Federal
Reserve System and the FDIC and, in the Board's judgment, the bids are otherwise equal and two or more of the tie
bidders have the facilities and ability to provide the needed services, the Board may award the contract (1) to either tie
bidder, (2) to each tie bidder or to as many as the Board may select, or (3) by determining by lot which bidder shall
receive the contract.
Sec. 23.78, Tex. Educ. Code.
Adopted: Nov. 21, 1978
Amended: July 18, 1979
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D.
Factors to Consider
All bids received in accordance with these provisions shall be considered by the Board at a regular or special meeting.
In determining the best bid, the Board shall consider the interest rate bid on time deposits, the charge for keeping
District accounts, records, and reports and furnishing checks; the ability of the Bidder to render the necessary
depository service and any other matter which the Board considers to be in the best interest of the District.
Sec. 23.78, Tex. Educ. Code.
E.
Rejection of Bids
The Board has the right to reject any and all bids.
Sec. 23.78, Tex. Educ. Code.
F.
Term of Office
The depository shall:
1.
Enter into a contract in a form and with the content prescribed by the Central Education Agency;
Sec. 23.79, Tex. Educ. Code.
2.
Serve for a term of two years and until its successor shall have been duly selected and qualified.
Sec. 23.78, Tex. Educ. Code.
3.
Make satisfactory bond, unless the depository elects to deposit securities in lieu of bond. Said bond shall be
payable to the District and shall be signed by the depository bank and by some surety company authorized to
do business in the state.
Sec. 23.79, Tex. Educ. Code.
4.
Faithfully perform all duties and obligations devolving by law upon such depository and make payments
from District funds upon order, duly entered, of the Board.
Sec. 23.79, Tex. Educ. Code.
5.
Faithfully keep and account for, according to law, all District funds on deposit and pay over to the successor
depository all balance remaining in District accounts.
Sec. 23.79, Tex. Educ. Code.
Adopted: Nov. 21, 1978
Amended: July 18, 1979
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