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Board approves two-year extension of Citibank depository contract; trustee recused for conflict
Summary
Trustees voted to extend the district's depository contract with Citibank for two years under the same terms; a board member recused from the vote because of an employment conflict with Citibank.
The Frenship ISD Board of Trustees voted to extend the district depository contract with Citibank for two years under the same terms as the prior agreement.
A district staff member presented the extension and referenced the district's eligibility under the Texas Education Agency's school-district depository guidance. The presenter noted that Citibank's senior vice president Ben Wells had agreed to the same contract terms for the two-year extension.
A board member announced a recusal from the vote, citing a conflict of interest because the contract involves their employer, Citibank. The board then took a motion to approve the two-year extension; the motion was seconded and trustees voted in favor. No roll-call tally was recorded in the public remarks recorded in the transcript.
Why it matters: depository contracts govern where the district deposits operating funds and can affect banking services and fee structures. The extension was presented as a renewal of existing terms rather than a renegotiation of rates or services.
What the record shows: administrative staff recommended approval of the resolution for a two-year extension; a board member recused and the remaining trustees approved the extension by voice vote.
