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HomeMy WebLinkAbout09-24-1985 AC~u~d~t Cif o~ ~ta+«~ ;~y cA~G i AGENDA CITY OF DENTON CITY COUNCIL September 24, 1985 ~ S peclal Called H eeting of the ;;it; of Denton City Counr~i on Tuesday, September 24, 1985, at 7:00 p.m. is the Cuuncil .;hambers of the Municipal Building at which the following items will be considered: I 7:00 p.m, 1. Consider lp roval of the Minutes of the Special Called 14eet.ing of Neptember 10, 1985. 2. Receive the applications for banking services for the City of Dentr n. 3. i,rdinances: A. Consider adoption of an ordinance levying the ad valorer tax of the City of Deaon, Texas, for the year 1965. B. Consider adoption of an ordinance designating a depository for City of Denton funds for a term beginning October 1, 1985 and ending September 30, 1987. 4. Resolutions: A. Considet approval of a resolution % pointing an Assistant City Judge to perform t~e judicial functions of the Municipal Court in the absence of the City Judge. 5. Executive Session: A. Legal Matters Under Sec. 2(e), Art. 6252-17 V. A. T. S. B. Real Estate Under Sec. 2(f), Art. 6252-17 V. A. T. S. C, Personnel Under Sec. 2(g), Art 6252-17 V.A.T.S. D. Board Appointments Under Sec. 2(g), Art 6252-17 ',',A.T.S, 5. Official Action on Executive Session Item-: A. Legal Matters B, Real Estate C. Personnel D. Board Appointments 6. New Business: This item provides a section nor Council Members to suggest items for future agendas., i C E R 1 1 F I C A T E I certify that the above notice of meeting was post-d on the bulletin board at the City Hall of the City of Menton, Texas, on the day of , 1985 at o' clock (a.m.) (p.m.) CITY SECRETARY 1934C r , City council Minutea SeFtemoer 10, 198S Tae Council convened into the Nork ScJsLon at 500 p.m, in the Civil Defense Room. PMESENtl Mayor SLewaftl Major Pro for; Hopkinsr Council Members Alford, Cnew, McAdams, Aiddleeperger and Stephens Acting City Man ger and City Attorney AdSENri None 1. 'rne Council helJ a discussion or the proposed 1985-86 budget. 2. rne Council convened into the Executive Session to discuss legal matters, real state, personnel, and board appo'ntments. No officiai action was taken, The Council then convened into the Special Called Meeting at 7:00 P.m. in the Council Chambers. PRESENTS Mayor Stewartl Mayor Pro Tem Hopkinsl CounciL Merue:s Alford, Cnew, McAdams, Riddlesperger and Stephens Acting City Manager, City Attorney, and City ecratary AdSeN'ir None Mayor Stewart announced tr. Tom E, Harris's appointment to the Denton dousing Authority to replace Patricx 2mmott effective sept•moer l0, 19&5. 1. 'rne Council cunsiderea approval of tr,e minutes of the Aegutar meeting of septemoer 3, 19d5. McAdams mutton, Aldulesp,rger second to approve the .Minutes as presented, Aution carried unlnimousiy. 1. Public Hearings A. :r.e Council neld a puulic nearing on ,revenue snaring funds, rne ;Mayor opened the public nearing. Joan McGrane, Director of finance, reported that !ederaL regulations riyurred recipients of revenue snaring funds hold a public nearing prior to the passage of their DuCget, rho baCK-up material in 'he agenda delineated the proposed usage of revenue snaring funds in the proposed budget wnicn included $178,202 fur general projects funds to pay a portion of the mapping system and $&6,359 for public safety personnel, (here had been no official confirmaticn on the actual amount to be received. Staff was intieipatLng 5Ui of last year's allocatLonl hodever, recent indications were that the amount might be increased, Council Memr Riddlesperger asked if any tnougnt had been given to applying the federei revenue snaring funds to flow Hospital. Mcllrane asked if rourcil llenner Riddlesperger meant wnat was currently in the proposed oudget or any addi;lonal funds, Council Menuer Riddlesperger responded no was referring to the current propiseJ budge:. McJrane !ei;;anded tnat if revenue snaring funds were earmarKed fur flow, somewnere else in the oudget expenditures would have to oe reduced. rne proposel budget as presentri was a balanced budget. -77 e~ i City Council Minutes Meeting of September 100 19J5 Page Two Council Member Rlddlesperger stated that in other words, no consideration w:,s given at any time to the hospital. McGrane responded consideration for Flow had not peen given for the use of revenue snaring funds. Council Member Hkddlespery~,r stated consideration nad not been given for any other funds either. McGrane replied that discussions regarding Flow had been hold during the budget review sessions by the executive staff. .uuncil Member Hiddleaperger stated that revenue sharing fetus should be given to something that was not cecurring and Flow might nape been one of the possibilitles during the budget diacusaiona. Mayor Pro Tem Hopk!ns stated that, he agreed with Counc`. Memoer Hiddleaperyar, de then atXad if 950,000 had not oeen budgeted last year rot a mapping system. Acting City Manager Rick Svehla reported that the $50,000 from the General Fund and W p000 from the Utility Fund had been iudgeted last year to supply the aerial pnotographs to begin the mapping prucedure. The money in the proposed budget was fur the topographical ,naps. This would be arl on-going program. fnv previously budgeted funds had oeen used for sirveying work, to estdblian the grid aystem and to do tea actual fiiynts to tare orthoprujeetion photographs. The proposed funds would be used to produce the topographical maps trom the oethoprojections. Council Member McAdams added that an additional amount in the last year's uudget fui inappiny nad been deleted, Mayor Pro Tem do,rklns stared that ne was very concerned tnat tnis va^ as urgent a project as others wnich needed to me funded, Ho dsKed staff to discuss why tnia project needed to be done now versus some of toe special projects wnicn would be faced during the next budget year. Svenia reported that staff was presenting the mapping system due to the fact that existing photographic and topographical maps did not cover the current city limits. There was now no base data to be used for any purposop such as to determine ownersnip, and use planning, utility planning, or right-of-way and transportation planning. Tne maps now being used were from 19?4. This new mapping system would tie the existing information into developing areas and allow staff to give council better data on what was occurring in the extraterritorial jurisdiction, Council Me,nuer Slepnens asxed if the mapping system would provldie information on drainage or would the F9MA maps suffice. Svehla responded that tr,e FEMA maps did no',. provide all of the pertinent information, FEMA maps provided information on flood plains only :put uid not look at specifics In terms of areas for individual suudivisiuns. Council leOuer Stephens asKed if the pr~,,osed mapping system would catcn the City up, Svehla reported that the maps would help a great deal. 'this wad the basic type information wnicn staff needed. Council Member McAdams stated that there had oeen occasions when citizens nad requested Information from the Planning and O mmunity Development Department and Could not get the a.swers :0 their questions oecause the area was not mapped, Council needed to be cognizant of the errors which could be Made without an up-to-date map, ^4 , i 1 City Council Minutes i4eetinq of Septemb6; 10, i9dS Page rneee Council Memo#t Alf urd stated th)t the concerns over inadequate mapping lnforiottion 14dt yeit -;nt^,n do,% Nelson had related to the watet and ,,ew.i • Mayor Pro 'irt. n+ fcs he was concerned that the Councii was going to ba l ua:m fo• .uac for Flow as well as other projects before the oudget review process wJ5 completed. He would prefer to see excess sales tax monies ba used foe the mapping systen.. Council Itemoer Aiddlesporger stated that no felt the cost of the mapping could come from the Utility Fund. The council was going to have to find 550000'0 for Plow tnis year due to the transition period at the hospital. His question was if money from Flor Hospital could be taken from the revenue snaring funds. Mayor Stewart asked it the revenue @hating funds included any community Development Block Grant funds. MCUrane responded that tnis was revenue sharing only. mayor Stewart then asked if the amount presented was the total tmount of revenue shoring funds. Mcurane replied that Lne figure was bated on staff's estimate of what the city would receive. No official notice had been received. All vt the publications which the Finance Department received had indicated that it vas likely that cities, would receive 1001 of the allocation but this had not ueen approved by Congress. The House had recommended a Zit decreas5, the Senate reconmended full allocation for the nexL ydar only. This nad not been resolved. The mayor opened the public hearing. No one spoke. me Mayor closed the public nearing. d. The Council held a puDlic hearing on the City Managec's 1965-86 proposed budget. Uonn MCurdne, Director of Finance, reported that City Cnarter required a puDlic iearinv oe held to give citizens an opportunity to express their cpinions foe or against any item in the proposed oudget. The Playor opened the puullc hearing. me. Mitchell H. 'rutnet, 2113 S~oneyate, spoke in opposition stating Gnat there were a few Neese of concerns whien he would like to emphasize. In dollars Lne Ueneral Fend budgkrt 'was up 141 of the current oudget year wnica was 3 to 4 tines the rate of inflation which did not seem to oe a realistic increase, The largest increase was in Personal Services (wages, salsries and heneflts) which were up 510090,447, whien was an increase of !(11. There was also a salary increase of $6:5,000 in addition to c,,at. He questioned the need for 26 new employees, especially the 5 ,-)osttion proposed for Custo,nec Service, He also questioned the increases since even the executive increases in 1936 were only going to average 6%. Within !ne General Fand, the Personal Setvicea :ncreases in tnQ PJUILC Works Division seemed to oe particularly out of line, An increase of $359,541 for this division wnicn was an increase of 251 with no additional staff. Personal Services costs for the Engineering section in PUDIIC Works was ap f19d,82U which was a 531 increase. Mr. Turner then asked now such increases could oe justified in salaries, wages and benefits. Another concern was the utility system which showed a Personal Services rixpenditures were budgeted to Increase $1#416#649 which was an increase of 299, Additionally, tne:a was a salary Adjustment of 5379,)20. this type of Increase i rrsaaer r~.~_ , r i - i y City Council Minutes Meeting of September 10, i985 Page Pour also caused nim 1.0 question the 16 new posl.ions in the Utility Department, eapscially when he read that electricity rates would need to bu increased 123 and water rates another St. Tne electric ratea were already too nigh and non-competitive, dis biuJest concern was that the city did not sefrm to know now to hndle prosperity. By prosperity ne ,neant the tremendous increase i, the tax base of $196,;?D,000 over 1944 and a favorable s,conomy. It is not necessary to spend all of the reve,~ues generated by the increased tax base using one current tax rate. Tnis was exactly what the proposed 7udget would do. Denton city taxes were not competitive with other Dallas area suburban cities. An article had appeared in the Dallas I4orninq News on Augus', 8, which compared suburban cities bayed on proposed budgets and tax rates for the neat fiscal. year. The tax bills for a SiO0,OUO house compared ai followst Denton $587.00 Farmers drancn s28o.00 MrCndrdsba $320.00 Arlington $J49.OU Carrollton $152.U0 du st and Plano $JSM0 Grand Pralrle $405.00 Lewisville $451,OD McKinney $622.00 The only suburoa, city witn a higher tax bill than Denton was McKinney, Me, Turner stated that he had moved to Denton in 197d because of its convenience to Dallas and Fort worth and because it was d more economical place to live, filth the utility rates and taxes, the city was rapidly losing the ima;e of Denton being an economical place to live, He belieeed that taxpayers were entitled to n reduction in tno current tax rata of 59If per $100 evaluation to get the effective rate within the 34 increase level. Mr. Greg Taylor, Denton Firefighter, spoke in resp'nee to Mr. Turner. Tne City Was Setting at the top of the metroplex and did not i,a:e the benefit of the direct industrial spin-off which the other suouroan areas had. Denton was beginning a rapi. grontn phases the land Ise around the City was growing by leaps and bounds. the City did not gave the industrial base money coming in and additional tax revenues were needed. Me appreciated the proposed pay increases wnien the Council was considering. fie thanked Katnryn Ustey and Getty McKean for the work which they had done on the Pair Labor Stdndards Act for the Fire Department, Ile challenged the Council to !ook ahead and keep in touch with the needs a:• the '1ty. A new fire station wea to be opened in 1986 and an adotional Firefighter had been requested in the budget. 'There had not been a manning increase in the Fire Department since 1979. Tne additional land wnicn nad been annexed bet more demand on the services wnlcn the City provided. Tie addit.onal fire station aadld nelp greatly but at the same time, calls were increasing. The fires in Denton were lust :ne same as Dallas or Net wcrtn. Dalian had recently dune a manning study witch slowed tney felt they needed 4 Firefignters per engine company minimum at all times. Denton did not nave this minimum manning and he felt it was needed, Tne Aayor closed the public hearing. Council Mefnoer Stephens asked McGrane wnat the it increase 4r, Tuner nad mentioned would be. 3. Ordinances A. Tne Council considered approval of in ordinance authorizing an agreement retween the City of Denton and Patl A. Resume Associates - Para Incorporated for professional services relative to rye executive search for candidates for he City Manager. Acting " ty Manager Rick Svenla reported that tnis wa, the cdhtracl. which juncil had •isked staff to prepare. rsssss~ea►- - city Council minutes Meeting of Soptecoer lo, 1985 Page Five Tne following ordinance was presented, NO. 85-179 AN URDINANCE AUTdORIIING AN AGAKEMENT sguE£N THE ct'ri UP UENTON AND PAUL A. ALAUME ASSO('IATES - PAR^ INCORPORATED FOR PROFE4SIUNAL SERVICES eELAff'8 TO THE ERECU'rIVE SEARCH FOR CANDIDATES FOR tj!g CITY tSINAGER, AND DECLARING A14 EFFECrIVd DATE. Hopkins motion, Cnew second to adopt the ordinance. Council Mekjer Stephens asked it a lid could be placed on tte expenses. The contract estimated the expensec to oe at $4,0001 if tnis could be assured, it would cut down a polintial cost overrun. Council Member AcAdams asked if the City would have to forego Some Service if the expanses were Liarited to ,`.4,000. Council Member Stepnena stated that. assume had estimated the expenses at $4,OU0 and felt the Council should hold them to that figure. If the amount should need to oe adjusted, tney could come pack before council. Mayor Pro rem Hopkins stated that it was nis unoatstanding that it the expenses were over $4,000, Reaume would coma back before Council. CoencII Member MCAddins stated that the contract was written exactly like tn4 proposal. Hopkins motion, Chew second to amend the notion to include a $40000 cap and additional expenses would be discussed with the Council. Council Member McAdams asked if it was appropriate to do this witnou: discussion with Paul Redume. Mayor Stewart stated that Reaume did not nave t. accept. Council Member McAdams asked if the cap was approved and the council wanterr to spend note, did a new contract have to be drawn. Debra Dcayovitcn, City Attorney, reported that she envisioned tnat the Council wished a sentence be added to specify that if :ne expense., Incurred exceed t400U, prior approval for payment must oe obtained from the City OOUnoil. 14ayor Pro rem Hopkina stated that this had been discussed w,<n the firm and they were in agreement at that time. Un roll call vote, McAdams 'aye,' Hopkins 'aye,' Stepnens 'aye,' Alford "aye,' Rlddlesperger 'aye,' Chew 'ate,' and Aiyur Stewart 'aye.' ,lotion carried unanimously. 4, fne Count a considered taking a vote on the tax rate for 1945-86. John McGrane, Director of Finance, reported that a iruolLc nearing had been held on Septemoec 3 on the proposal to increase tyre actual tax rate ever the affective tax rate. It was also a re{cirement that a vote be taken at a piolic meeting. Three percent over the effective tax rate would os 57.44` per $IOU evaluation. Stephens aotion, Chew second to set the tax rate at 57.440, Council Member McAdams asked if this would mean reducing the present ak rate, -4 a ti ; • City Council Minutes Meeting of September 10, 1985 Page Six MCOrani) reported that the proposed rata for the coming budget year was 594 per $100 evaluation, If he uneJerstood correctly, the motion was to reduce this to 57.40f. Council Member Riddiesperger stated tnat in effect, this would be 1 1124 less, which would be approximately SI$0,0o0 to $200,OOU. McGrane reported it would be rougnly S210,UO0. Council Member Riddlesperger stated that he had no problem with that, with the understanding that there were still budgetary problems, Council Member AcAdama Stated gnat one objected based on the fact that the Council voild be looking for money for Flow Hospital. With the ti]nt oudget proposed and trying to find SSOU,00!s for the nospital, cutting $200,000 by reducing the tax rate was a significant mange. It would make flndiny the money for Flow harder. Tney were not talking about raising the tax Late beyond what it had previously been. Mayor Stewart stated tnat taxes would )e raised. COL'ncil Memos. A,.Adams stated that due to tt~e appraisals from the Tax Appraisal jistrict, some people would pay more and some would palF less. m e proposal Pudgot was based on the same actual tax rate as before. Given thal, the Council would nave co find money for the nospi,;al, sne felt it appropriate to maintain the tax rate at 599. Council Member Stephens asxed what the effNctlve tax rate would have to be to generate the same amount of dollars in the next fieca' year. McGrane responded that 31 would oe over the iffeccive tax rate which was calculated to be 55.77. Council MeoUer Stephens rtated what was 590 last year would take 55.77,0 tnis year to raise the same a;nount of money, Acting amity Manager RICK Svenla reported that 559 did not a1Lo4 any inflation. Council Member Stephens stated that 57.44 would allow for inflation, Mayor Pro Tern .:opkina -stated that it seemed premature to select a tax rate prior to completing the review of the budget. Mayor Stewart stated that this action was required by state Law at this time, Mayo. PrU tem HopKins stated 'nat if the rate could be lowered at a future date out not Increased, it seemed to oe appropriate to leave it at 59A until the budget was completed and then reduce the rate. Council Memoer Ridd iperger stated that he concurred and did not want to jump to cui,.luslons, The 37.44 would reduce the income oefore the Council knew what would actually be needed. He personally would like to see the tax rate came down to 57.44 or lessi nowevet, the Council did face things wnicn were not currently in the audjet, lire Flow, which would have to be considered. Council 4'ember McAdams stated that if the Council voted to make this reductlen, they would Do locked into the dollar amount available and the budget review would be deciding where to place the money, it the Council voted to Leave the rate at 599, they could vote to reduce it at a latar data assuming places to [educe the budget werd found. McGrane reported that ti.ere were two things the Cruricll might consider, state law did re;uire that, after the public heating, the . nuexeaess. City Council Minutes meeting of September 10, 1985 Page Seven Council could not vote on the tax rate prior to 3 days after t'he puolic %asarin r)r more than 14 dayys aftnr the public hearing. It this time deadline was not met, publicatlnn procedure: would have to be repbated, Another put+llc hearing would have to be held, and anothe. tax vote taken, fner.e was also another consideration that the Appraisal District baseu their charge on esci, entity on the amount of tax collected. Thai were in the proc,se of putting this together and needed to know as quickly as possible what the City of uenton's estimate tax collection was going to oe. The budget had to be approved by September 20, and was scheduled for tinal passage en September 17. 1:ouncil Aember Stephens asked how much notice had to be given to the public announcements. i Debra Drayovitcn, City Attorney, stated that if the Council Jld not vote by September 17, and lower the tax rate between 57.44 and 59, that would be within the reqL;(teaents of the noti-N. of hearti•j. Tue 57.440 was the point at which it exceeded the :towable rate and would nave to be readvertized, Mayor Pro Tem Hopkins asked if the rate were reduced to 57.43, it would nave to be readvertised. McUr,Ane reportei that if the Council wisned to go over toe 57.44, the entire series of notices, public hearings and votes would have to 09 taken. Council dember McAdams asked if the Council voted at this meeting to leave the tax rate at 59l, prior to September 1 if the rate Iiire reduCud, would additional t.uolications, pjt,lic hearings and vc is nave to be taken. McJrane responded no. on roll call vote, McAcams 'nay,' Hopkins 'nay,' Stephens 'aye,' Alford 'nay,' Riddlespetier 'nay,` Chea 'aye,' and Mayer Stewart 'aye.' Motion failed 4 to with Council Members McAdams, Hopkins, Alford and Riddlesperger casting the 'say' votes. do0 ins ,notion, McAdams second to leave the tax rate at 590 rer $IUU evr atton until after completion of the budget at whicn time the tax r to would be altered as luw as possible, Council Member Stephens asked the Acting City Msnager to furnisn the Council with a list of prolicts for review, Mayor Stewart stated that ne felt that if the tax rat? was left at 59if, it would stay at 590, Questions had bean raised :egstdLng more money and ne felt as fast as one program was eliminateG from the budget, another would be suggested to take Its place. For that reason he was opp.)sed. Council Member Chew stated that he agreed, Council Member McAdams stated that she felt the Council cold look at the entire budget with insight and knowledge and rake the best decision ponsiola. For this reason she would vote for 590 to allow the Council some flexLuiltty. On roll call vote McAdams 'lve,` dopkans 'ale,' Stephens 'nay,' Alford 'aye,' Ridh espe:aer Cnew 'nay, and M.,yor Stewart 'nay.' Mutton carried 4 to 1 wlta Council Members Stephens, Chew and Mayor Stewart casting the 'na;' votes Toe Council then reconvened :nto the discusslon of the proposed 1985-86 uudget in the Civil Defense Room. City Council Minutes Meeting of September to, 1985 Page Eight S. The Council ravened into the Erecutiva Session to diacusa legal matters, real catate, personnel, and board apnoint+rents, No official action was taken, 6. No items of ;iew b,siness 4ere uw3gested oy Council Mej,oers for future agendas, tritn no furtnat iterta of ousiness, trio neeting was adluurned. AICHAHD U, STEWARr, MAYOR CHAALUrrg ALLEN, CIiY SECRETARY it ;3438 September 9, 1985 Gentlemen: Sealed applications for ue custody of City funds will be i,ecgivud by the City of Denton, Texas, at the office of the City Secretat;: on or bbiare 5:00 p.m., September 17, 1985, from any banking institution, association or corporation doing business within the City of Denton that mad desire to be selected as a depository of the City of Denton, Texas, The term of the de- pository agreement shall be for two years from October It 1985 to September 31), 1987. All applications must be accompanied by a certified check payable to the City of Denton for $5,000.00 as a good faith deposit tv secure compliance wS!h the bid, if the bid is accepted and the bidder faits to continue the agree- menL until approved by the City Council, then this check It to be retained by the City as and for liquidated damages. Upon approval of this agreement by the City Council, the certified check will be returned. All bids should be submitted on the officia? application forts attached hereto. The City will havk the i-ight to invest funds in other financial institu- tions or securities as permiRsible under State Law. State Law permits the selection of a depository for the custody of City funds, and the City Shall have the right to determine and designate the character and amount of City funds which will be deposited by it in said de- pository within the conditions stated in the applications. The City of Denton reserves the right to reject all or any part, or in total, any single application and to readvertise far applications. Should you have any further questions, please feel free to contact me. Sincerely, John F. McGrane Finance Director JFMcOsab Attachment 9' .v., M1; CITY Of DENTON, TERAS OFFICIAL APPLICATION FORK Proposal for City Depository and Saakir,g Services Agreement City of Denton, Texas Gettlevent Subject to the terms of the Proposal for City Depository and Banking Services agreement, the undersigned a banking corporation, association or individual banker doing business within the City of Denton, Texas, submits the following jf bid for the privilege of acting as City Depository for the City of Denton, Texas, for the two-year period beginning October 1, 1965 and ending September 30, 1987 I in accordance with the laws of Texas, the Charter, and various Ordinances of the I City of Denton, Texas. 1. In _*;t ,.:at Rates L. be paid on Sin11L Maturlly ?ime De sites The interest rate Indicated is variable (i.e. floa'.s.ng) and is related to either the 13-week or 26-week Treasury Dill coupon Equivalent Rate, (whichever is ~ceittr) 1- t.-i,D f n,,mber of basis points above or below the Tra,eury Bill Coupon Equtael.,nt Rate, as reported by the Nall Stteet Journal, on the next business day following the U.S. Treasury auction. A. Deposits of $100,000.00 or mores j Maturity Interest Rate 14- 30 days ,basis points above/below 13 or 26-wek Treasury Bill Coupon Equivalent late 30- 59 days _ basis points above/below 13 or 26-week treasury Bill Coupon Equivalent Pate { 60- 89 days basis points above/below 13 o, 26-tnek treasury Bill Coupon Equivalent Rate 90-179 days _ basis points above/below 13 ur 26-week Treasury gill Coupon Equivalent Rate 180-364 days basis points above/below 13 or 26-week Treasury Bill r7upon Equivalent Rate 365 days or l:ais points above/below 13 or 26-week Treasury BiAl Coupon Equivalent Rate more *In me event shall the Interest rate on single maturity time Aeposits of $100,000.00 or more be loss than I during the term of de,oaitory and banking services agreement. R. Deposits of leas than $100,000.001 taturity. Interest Rata 14 - 30 days basis Points; above/below 13 or 26-week Treasury Bill Coupon Equivalent Rate 30 - 59 days basis points above/below 13 or 26-veek Treasury Bill Coupon Equivalent Rate 60 - 69 days basis points above/below 13 or 26-week Treasury Bill Coupon Equivalent Rate 90 -179 days _ basis points above/below 13 or 76-week Treasury Dill Coupon Equivalent late 160 -364 days basis points above/bolov 13 or 26-week Treasury Bill Coupo« Equivalent Rata 363 days or basis pcints above/balov 13 or 26-week Treasury Bill Coupon 'qutvalent Rate mots (Subject to existing ar future regulations) *In no event shall the interest rats on a single maturity time deposits of less than 3100,000.00 be less than X during the term of the depository and banking services agreement. 2. Repurchase Aareementst The undersigned agrees to sell thuse U.s. securities in which the City cen legally invest its ex^ess collected demand deposit balances to the City, on or before 12t00 Noon Rath regular day of City's business to provide overnight and weekend investments to the city through the use of "Repur- chase Agreements", and simultaneously, with the sale, agrees to repurchase on or before 12100 Noon on the next following regular day of business, the same securities at the same price as sold, with interest calculated on the invested amount. Bank holidays falling on Friday or Monday will be in- cluded in the weekend "Repurchase Agreement" and the interest calculation for a weekend "Repurcha a Agreement, " including a bank holiday, will be on the invested amount. Interest earnings resulting from each repurchase ;.-reement shall be paid to the City on the day of repurchase by providing deposit slips showing each account and the amount of interest deposited to the account. The undersigned agrees to pay the City interest on each repurchase sCree- ment at the rate of not less than _ basis points above below 13 or 26-week Treasury Bill Coupon Equivalent Rate (whichever is greater) as reported by the Will Street Journal, in affect on the date that the re- purchase agreement is executed. The maximum funds to be invested will be $10.000,000.00 subject to mutual agreement between Depository Bank and the City for larger astout.ts. The City reserves the right to enter into repurchase agreements for periods of time longer than weekends as may be agreed upon by the bank and the City. 3. Interest Race on Hank Loans to Cityt Loans will be made to the City at the rate of x per annum or at a variable rate of _ basis points above/below 13 or 26-week Treasury Bill Coupon Equivalent Rats, as report4 d by the Hali Street Journal, to pay current operating expenditures as may be required by ordinance with such loans to ba repaid out of the first current tax collection. *Current published Intorfitst Dallas prime rate. 1 Loans will be made to the City at the rate of X per annum or at a variable rate of basis points above/below 13 or 26-veek Treasury Bill Coupon EquivaleaL Rate, as reported by ae wall Street Journal, to pay non-operating expenditures and/or purclsaa equfpmeri or other expenditures as may be required by ordinw a with such loans to be re- paid on s scheduled basis as agreed to by the City and by tl,e bank. 4, Interest on Demand Accounts (Nov, Super-Nov or Money-Market Accounts) The undersigned agrose to pay to the City a variable interest rate on minimum demand account balances as outlined in the attached schedule in accordance with current banking practice and rules. However, the undersigned agrees that the minimum rates on these accounts shall never be less than 1. I For purposes of this contract, an overdraft in any of the demand accounts shall be defined ae a deficit in one or more accounts which exceeds the balances in the other demand accounts on a aggregate basis. The parties agree that no interest shall be paid the City on the account which has been overdrawn for the period of the deficit, however, so long as the aggregate total of alL demand accounts ate positive no interest shall be charged the City on the Individual account which is overdrawn. In the event of an aggregate deficit In the demand accounts the undersigned will charge basis points above/below 11 or 26-week Treasury Bill Cuupon Equi,nlent Rate. The city will have the right to Invest funds in other financial ineti- tuitions or securities Earmissibla under State Law. 5. Bank Services to be Provided, Fee for £ervice A. Provide complete investment service including assistance in acquiring investment securities, counseling, ano safekeeping service for securities owned. I B. Provide bank money orders, travelers' checke and S cashier's checks as required by the City. C. Supply voucher checks and payroll checks according $ to quantity, quality, design and specifications established by the City. (Approximately 21,000 voucher checks per year and approximately 23,000 payroll checks per year.) Fee for Service D, Supply deposit slips accordf-g to quantity, • quality, design, and rpecifications established by the City. Deposited itemer 340,000 (checks). E. Provide night depository keys and locking g depository bags, as necessary. F. Clear all insufficient funds che;Ss twice before $ rhirging them to the applicable City bank account a.:d returning them to the City. C. :rovide stop payment services, $ H. Provide wire trtnsfer service for both deposits $ and disbursements. It is understood that the City of De.nton uses the wire transfer service as a means of accelerating various types of payments k'such as Revenue Sharing Entitfamt,it Payments and could use for sale, tax reimburse- went from the State Comptroller's Office, etc.), 1. Provide customary demaad deposit account service $ and provide monthly bank statement on each account within five (5) working days of closing date. Statements are to reflect transactions beginning with the first day of the month ending with the last day of the montl. Cancelled checks are to be returned in numerical sequence. J. Provide daily collected balances and ledger $ balances by telephone upon request. K. Pro:-ide ledger credit on the same day as $ deposic• occur (holidays and weekends excepted). This includes same day credit on wire transfers of funds from the Federal and State Governments, and same day credit on warrants is!rued ty the State Comptroller received prior to 2:00 P.M. L. Provide remittance service to various voying $ agents for required City principal end/or interest payments on bonds. *(None, other than charges from the paying agent). M. Monitor City investment securities Mid $ by depository bank to provide same day credit to the appropriate Vty account(s) automatically up- on maturities, and provide deposit slips at maturity dates. N. Provide list of all certificates of deposits $ held by the City on the last day o1 the month. 0. Provide forsJgt. and domeatic exckenge ►stv►•ee. $ ,(None, other than charges from Correspondent Banks). P. Provide coin wrappers and accept bulk coins $ for deposit, Q. Provide safe deposit boxes to matntrln storage S for financial data retained on computer diskettes. (lDx10x30 inches) (Maximum of two boxes) 6. Deposits Security$ The undersigned shall furnish to the city, pledged securities as provided by the lava of Texas (Article 2360, Revised Civil Statutues of tassel as amended). I i f 77 77 Securities pledged shall at all times, have a par value or market value whan leas than par, at least equal to the total amount of the City 'a monies on deposit with the depository bank. It is further provided that no reduction or substitution cf securities pladged shall ba rude without the prior approval of the City's Finance Director. The bank shall provide the City with report of securities pledged at the end of each month. This report should reflect the followin,y: Total Pledge Securities by: 'Name 'Type/Description 'Par Value 'Market Value at more'h and 'Maturity date The securities pledged shall be held in safekeeping by a separate a A different bank other than the depositor bank. i 7. SafekeeoinB: The depository shall keep safely all monies of the City and pay the same over as directed. The term "money" as contained in this agreement shall be con- strued to be all cash, securities, investments, trust funds, or any other funds that may lawfully come into the deposttcry's possession. The City hereby expressly reserves the right to withdrew any amount of its funds, unless prohibited by law, that are deposited In the Depository Sank and that are not required immediately to pay obligations for the purpose of investing those funds in Dltect Debt Securities of the U.S. Government. 8. Other Simulations A. The successful bidder will notify the City in writing within ten (10) days of any changes in Fedet .l or State Pagulatiors or laws that would thereafter affect the depository agreement. 8. Notification of wire transfers shall be made within one hour of the transaction ■nd a duplicate Copy furnished to the city within twenty-fo-jr (24) hours. C. The bank's records relating to the City of Denton accounts shall be open to review by either City Staff or City appointed Indepen- dent auditors. D. The proposing bank shall submit a copy of the last annual finanttal statements slid subsequent quarterly supplements. 9. Joint or partnership b'ds (other than members of the ease holding company) will not be considered. i 10. The City rrw rues the right to reJect any and all bids and to w tij trregulart;us. SY TITLE i i • NO. AN ORDINANCE LEVYING THE AO VALOREM TAX OF THE CITY OF DENTON, TEXAS, FOR TH'L YEAR 1985s AT THE RATE OF S PER $100.00 ASSESSED EVALUATION ON ALL TAXABLE PROPERTY WIT~N THE CORPORATE i,IMITS OF THE CITY ON JANUARY 1, L985, NOT EXEMPT BY LAW1 PROVIDING REVENUES FOR PAYMENT OF CURRENT MUNICIPAL EXPFNSES, AND FOR I1TEREST AND SINKING FUND OH OUTSTINDING CITY OF DENTON BONDSI PROVIDING FOR LIMITED EXEMPTIONS )?CERTAIN HOOLESTEAD31 PROVIDIF( a.R ENFORCEMENT OF COLLECTIONSI PROVIDING FOR A SRVERABILITY CLAUSEr AND PROVIDING AN EFFECTIVE DATE. THE COUNCIL OF THE C:TY OF DEMON! TEXAS HEREBY ORDAINS$ SECTION I. That by authority of the Cnarter of the City ^f Denton, TeXa&, and the Laws of the State of Texa., theta is nen oy levied for tae year 1985, on all taxable property situated within the corporate limits of the City of Denton on the flr!t say of January, 1985, and not exempt by ►_ae Constitution and Laws of the State of Texas or by Section 2 of this Ordinance, a tax of $ on each $100.00 assessed value of all taxable property. SECTION It. That of the total tax, on escn $100 of assessed value shall be distributed to the seneral Fund of the City to fund maintenance and operation expenditures of tae City. SECTION 11{_ Tnat of the ..~~1 tax, on each $100 of assessed value shall be distributed to pay the City's debt service as provided by Section 26.04(s) (3) of the Texas Property Tax Code. 'ECTION IV, That pursuant to Article V111, Section 1-o of the Texas Constitution, $5,000.00 of the assessed value of reeldene homesteads, shall be exempt from City ad valorem taxes, SECTION V, That pursuant to Article VIII, S*Ctil)n 1-b of the Texas Constitution, $16,000,00 of the assessed value of resident PAGE 1 ter. 17.e•~Pd . W.7 r r nomesteads of pereons sixty-five (65) years of age or older, Shall oe exempt from City ad valorem taxes. SECTION VI. Tnat for enforcement of the collection of t.%xes nereoy levied, ene City of Denton shall nave available all rignts and remedies provided by law. SECTION VII. That if any section, subsection, paragrann; srnr4nce, clause, pnrass or word in this ordinance, or application thereof 0 any person or circumstances is neld invalid by any court of competent jurisdiction, such holding shall not affect the validity of the remaining portions of tnis ordinance, and the City Council of the City of Denton, Texas, hereby declares it would have enacted such remaining portions despite any such invalidity. SECTION VIII. That this ordinance snall be effective upon its passage and approval. PASSED AND APPROVI',D tnis the day of September, 1985. RICHM . STE R , -KAWN CITY UP DENTON, TEXAS ATTEM l' A TT EN, CITY SECRETARY CITY OF OENTON, TEXAS APPAOVEO AS TO LEGAL CORMi DEBRA ADAMI ORAYOVITCH# CITY ATTORNEY CITY OF DENTON, TEXAS BYE 0 PAGE 2 e . +r. a . a516L (M) i , NO. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF DSNTON DESIGNATING A DEPOSITORY FOR CITY FUNDS FOR A TERM BEGINNING OCTOBER It 1985 AND ENDING SEPTEMbER 30, 19871 AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City of Denton has notified all the banking ir,titutions within the City of its intent to receive bid applications for the custody of city funds for a term U~.ginning on October 1, 1985, and ending on September 30, 19871 and WHEREAS, the City of Denton has received bid proposals from banking institutions within the O.ity desiring to be designated as a depository of city funds) and WKCREA3, after st:h opening u.e Cit) Council found on the basis of the bid proposals that of Denton, Texas has submitted the propose Mating the most favorable terms and conditions to the City for the handling of such fundel NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF DENTONst SECTION I. 1. That of Denton, TaxAs is hereby seleote3-an designated as the epos Cory for city finals for a term beginning on October 1, 1985, and ending on September 30, 1987. 2. That the proposal of said institution having its office and place of business in the City of Denton, Texas, shall be attached hereto and made a part hereof, and the same is hereby in all things accipteds 3. That this ordinance shall be effecti'le immediately from and after its passage and approval by the City Council of the City of T Denton. 1 PASSED AND APPROVED this the ray of September, 1985. RICHARI O. STEWART, MAYOR CITY Ok' DENTON, TEXAS ATTESTI CHARLOTTE ALLEN, CITY SECRETARY CITY OF DENTON, TEXAS APPROVED AS TO LEGAL FORMI DEBRA ADAMI DRAYO'tITCH, CITY ATTORNEY CITY OF UENTON, TEXAS BY i