Board Agenda - February 06, 2007

l. Resolution extending bank depository contract

Presenter: Richard Matkin

Purpose: A - Request decision - closure required

Time: No time limit

Description:

Due to the complications surrounding a change in a District's bank, the Texas Education Code was revised by the 1997 legislative session to allow for the extension of a school district's bank depository contract for one additional two-year period. The District's current depository bank is Bank of America. Services are provided to the District mainly through the Bank of America downtown Dallas location. We are very satisfied with the service we receive from Bank of America and believe the extension of our current depository bank contract will continue to provide excellent service, continuity, and products for the District.

The terms and conditions previously agreed to in the Depository Contract effective July 1, 2007 will continue to be guaranteed to the District for the term of the extension.

Recommendation:

The administration recommends approving the extension of the bank depository contract with Bank of America.

Business Impact:

For the extension period, the fee structure remains at the current existing contracted level. On-line banking provides efficiency with daily cash management operations and eliminates the need for some infra structure cost.

Summary:

Appendix:

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