Travis County Commissioners Court
June 23, 2009,
Item 8
>> 8.
consider and take appropriate action on amendment five to the current depository bank contract between jpmorgan chase and Travis County.
we are planning to take number 9 next.
>> okay.
>> mary is here with great news.
>> good morning, I'm mary mace the investment manager.
with me today the harvey Davis the assistant investigate manager and debbie
>> [indiscernible] our new senior financial analyst.
we do have lots of good news.
the law allowed us to renegotiate our current contract with j.p.
morgan chase, and you approved that earlier in the spring.
and we have been negotiating.
very pleased to still be with chase.
they are probably the largest bank, the best -- in the best shape, I should say, of the larger national banks in this time of financial crisis.
and they are therefore able to do such things as they will continue to provide our collateral at no cost.
the fdic charges, which have been raised in the background kind of, they have been providing that at no charge to us as well.
if they continue to be raised, we have agreed to split those.
but so far, chase is picking up those costs for us.
the other kinds of things, the interest rates for our departmental accounts is unchanged, the formula is unchanged.
so when our rates do start going back up, so will our interest rates.
we really have most of the rest of it was -- was fairly small things.
which were involved in changing from bank one to chase since it has now been four years since the contract was originally negotiate.
so we simply ask you to approve the renegotiation of -- for the final three -- the third two years of the bank
>> [indiscernible]
>> any questions, comments?
move approval.
>> second.
>> discussion of the motion?
all in favor?
show Commissioners Eckhardt, Gomez, Huber, yours truly.
>> Commissioner Davis abstaining.
>> Commissioner Davis abstaining, thank you very much, ms.
mays, for your hard work.
>> thank you.
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Last Modified:
Tuesday, June 23, 2009 1:31 PM