Travis County Commissioners Court
May 17, 2005
Item 26
Number 20 is consider and take appropriate action on the following request: a, recommendation from bank depository review committee for Travis County's new depository bank, and 26-b, authorization for investigation manager to negotiate contract for depository bank services.
>> good afternoon. Mime mary mays, investment manager for Travis County and harvey Davis the assistant investment management. We have come to give you the recommendation from the bank review committee for a depository bank for Travis County for the next four years. The first thing I want to do is to thank the banks, the two banks that applied, bank of america and j. P. Morgan chase. They both had made arrangements to be here earlier in the day. Wanted to be with you but were unable to stay. So you saw the applications when they came in. They are three and four inches thick. That represented a lot of night and evening hours for the people of those banks, and we appreciate it. We really consider it an honor that two such fine banks applied to be Travis County's depository bank. I also want to thank the committee. I’m sure none of them are going to be here at this point, but they did a fine job also. They had to read the applications. And I certainly do appreciate the hard work that they put in. Also I want to thank harvey avis because he spent hours looking at the costs of each contract, which of course is very important to us.
>>
>> [one moment, please, for change in captioners]
>>
>> ...one had to do with collateral for the county's deposits. Although they were both competitive in terms of cost, there would be costs in changing banks no matter when bank that was. We had to consider those additional costs in time and effort to the county staff. And finally, the committee felt that chase had a better record locally, with the community reinvestment act, though both banks were outstanding faultily. The committee elt that chase had put more money into Travis County specifically. That was important to us. The budgetary considerations, we believe after harvey's hard work, that there will not be an increase in costs to the county. Under the current contract, we have paid very, very little in hard dollar costs. And we believe that that will continue to be true. And we will keep our fingers crossed. So we --
>> move approval of the recommendation.
>> pardon?
>> authorize the investment manager to negotiate a contract for depository bank services with j.p. Morgan chase.
>> second.
>> and we express our appreciation to ms. Mays, mr. Davis, the entire committee.
>> and to both banks, again we did have two wonderful proposals.
>> not to cut you off, but you were about to lose a vote there, ms. Mays, all in favor?
>> let's move forward.
>> show Commissioner Sonleitner, Gomez, daughterty and yours truly voting in favor.
>> abstaining Commissioner Davis.
>> for the reasons that I -- [indiscernible]
>> thank you for your fine work, appreciate it.
>> thank you. Mary? Authorization to return check? To bank of america.
>> oh, all right.
>> move that we authorize ms. Mays to return the check to bank of america along with a nice letter expressing our appreciation. For their interest in doing with us with us.
>> thank you.
>> thank you very much. Now, all in favor? Show commissions Sonleitner, Gomez, daughterty, yours truly, Commissioner Davis abstaining --
>> this is the one from returning the check.
>> unanimous court.
>> I can vote on that.
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Last Modified:
Wednesday, May 18, 2005 7:54 AM