Travis County Commissioners Court
Tuesday, April 19, 2011 (Agenda)
Item 8
Item 8, consider and take appropriate action on request to a, accept open applications and good faith checks from local banks interested in being Travis County's depository bank, and b, authorize the bank depository review committee to review the applications and recommend a depository bank to the court so we have two boxes before us and three people.
>> good morning, judge, Commissioners.
>> good morning.
>> we are here to open the --
>> your name again for the record?
>> debbie lauder mill, investment manager for Travis County.
I had that all planned.
>> right.
>> didn't quite come out.
>> to your left.
>> harvest Davis, assistant investment manager, and rainy grimes, senior financial analys.
>> okay.
>> in accordance with local government code 116 and 117, we have the bank applications for depository contract here.
there were nine banks initially interested.
two withdrew after considering the rfa.
several, there were five that did not responds.
and there are two applications as we see here with the boxes.
and we will here to open the boxes and accept the checks that are with the applications.
>> so each box represents an application.
>> yes.
>> by the way, those were delivered to the county judge's office this morning unopened, and they are still unopened.
but they are being opened right now before our very eyes, right?
>> drum roll, please.
>> we have the original, this is their original application from jp morgan chase and copies that we requested.
>> for the information of the court, this year instead of asking for 15 paper copies, we asked for an appropriate number of digital so that each member of the committee could have a digit call copy.
that is why the proposals are in three boxes instead of one like the last time.
>> okay.
>> jp morgan chase has submitted their application and also the two checkrs one to the county clerk for the sum of $184,635, and then one to the county judge for the sum of $2,854,677 as requested in the rfa.
these checks are kept until we determine who is awarded, until the court determines who is awarded the contract.
then the one that does not win gets the checked returns and the one that does win gets returned but to post a depository bond.
the other application is from wells fargo.
their applications are all in the box and their checks, they too submitted two checks, one check for $184,635, and one to the county judge for $2,854,677.
>> I have never seen my name on a 2.8 million check, so I'd like to do that when we break for lunch.
going to call my doctor and alert him I may have a heart attack on the wray.
the next step is for the committee to look at the applications and evaluate them.
>> correct.
and there's a group of, I believe, ten or eleven people that have agreed to be on the committee.
most of them are from departments that have a large part in the banking services.
>> a is to accept and open the applications which you have just done, you have seen the good faith checks.
b is to authorize the review to --committee to do its work and come back with recommendation.
I move approval of a and bdiscussion.
all in favor.
that passes by unanimous vote.
Commissioner Davis temporarily off the dias.
The Closed Caption log for this Commissioners Court agenda item is provided by Travis County Internet Services. Since this file is derived from the Closed Captions created during live cablecasts, there are occasional spelling and grammatical errors. This Closed Caption log is not an official record the Commissioners Court Meeting and cannot be relied on for official purposes. For official records please contact the County Clerk at (512) 854-4722.
