Ordinance No. 12,010ORDINANCE NO. 12,010
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS,
RENEWING THE BANK DEPOSITORY CONTRACT WITH JP MORGAN CHASE
BANK; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF.
t*** ��* �r r* wa*****+ s**• s*sr w*r*** e****• �+« r* wr♦ �++ t*#*** � rrr » * * *w + + + * +. * * * +� *�rww *r *wr *t
WHEREAS, on September 24, 2009, the City Council authorized the City Manager to negotiate and
execute a depository services contract with JP Morgan Chase Bank for three fiscal years, ending on September
30, 2012; and
WHEREAS, such contract included an option for the City to renew the agreement for an additional
two -year period; and
WHEREAS, JP Morgan Chase Bank has indicated its willingness to renew the contract for an
additional two -year term under the same terms and conditions; and
WHEREAS, the Administration has reviewed the market conditions and recommends renewal as being
in the best interest of the City; NOW THEREFORE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS:
Section 1: That the City Council of the City of Baytown hereby renews the Bank Depository
Contract with JP Morgan Chase Bank for an additional two years under the same terms and conditions as in the
original Bank Depository Contract entered into on November 23, 2009, based upon the authorization provided
for in Ordinance No. 11,199, passed on September 24, 2009.
Section 2: This ordinance shall take effect immediately from and after its passage by the City
Council of the City of Baytown.
INTRODUCED, READ and PASSED by the
Baytown this the 23`d day of August, 2012.
Sj
' AT S •ti' r
a:
�0
Clerk
AS TO FORM:
aGQGE�I� '
cqdNACIO RAMIREZ, SR., Ci ttomey
R:\Karen\Filcs \City CounciROrdinances\2012Wugust 23\ RcnewBankingServicesContract.doc