BAWA Resolution 2021-27RESOLUTION NO. 2021-27
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN
AREA WATER AUTHORITY REPEALING RESOLUTION NO. 2021-17
WHICH SELECTED J.P. MORGAN CHASE BANK AS THE DEPOSITORY
FOR THE BAYTOWN AREA WATER AUTHORITY; SUBJECT TO THE
APPROVAL OF THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS, SELECTING CADENCE BANK, N.A., AS THE DEPSOSITORY FOR
THE BAYTOWN AREA WATER AUTI IORITY; AUTHORIZING THE CITY
OF BAYTOWN TO NEGOTIATE AND ENTER INTO A DEPOSITORY
SERVICES AGREEMENT WITH CADENCE BANK, N.A., ON BEHALF OF
THE BAYTOWN AREA WATER AUTHORITY; AND PROVIDING FOR TI IE
EFFECTIVE DATE THEREOF.
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WHEREAS, Section 8104.252 of the Texas Special District's Code provides that,
subject to the approval of the City Council of the City of Baytown, Texas (the "City"), the
Board of Directors of the Baytown Area Water Authority ("BAWA") shall select one or more
banks in this state to act as a depository for BAWA's money; and
WHEREAS, on August, 18, 2021, the Board of Directors of the I3AWA authorized the
selection of J.P. Morgan Chase Bank as the depository for BAWA and authorized the City of
Baytown to negotiate and enter into a Depository Services Agreement with J.P. Morgan Chase
Bank on behalf of BAWA via Resolution No. 2021-17; and
WHEREAS, since such time, J.P. Morgan Chase Bank has refused to enter into an
agreement for such services due to the recent legislation passed by the 871h Texas Legislature;
and
WHEREAS, the City issued its request for applications for depository services on
October 21, 2021, and included depository services for BAWA in such request; and
WHEREAS, notice of such request was published in accordance with law and was
opened on November 5, 2021; and
WHEREAS, after careful evaluation by the Finance Department, Cadence Bank, N.A.
(the "Bank") is being recommended as the financial institution to serve as the depository for
both the City and BAWA; and
WHEREAS, the BAWA Board of Directors desires to select the Bank as BAWA's
depository for BAWA's funds and desires the City to negotiate and enter into an agreement
with the Bank for BAWA's depository services; NOW THEREFORE,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF TIIE BAYTOWN AREA
WATER AUTHORITY:
Section 1: That subject to the approval of the City Council of the City of Baytown,
Texas, the Board of Directors of the Baytown Area Water Authority hereby selects Cadence
Bank, N.A., as the depository for the Baytown Area Water Authority and authorizes the City of
Baytown to negotiate and enter into a Depository Services Agreement with Cadence Bank,
N.A., on behalf of the Baytown Area Water Authority.
Section 2: This resolution shall take effect immediately from and after its passage
by the Board of Directors of the Baytown Area Water Authority.
INTRODUCED, READ and PASSED by the affirmative vote of the Board of Directors
of the Baytown Area Water Authority this the 151h day of December, 2021.
ATTEST:
APPROVED AS TO FORM:
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RENDA BRADLEY SMITH, President
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KAItN L. HORNER, General Counsel
RAKaren Homer\Documents\Files\BAWA1Resolution\202 I \December MDepositoryResollution.doc