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Board accepts First State Bank contract amendment on district public funds account
Summary
Trustees accepted a contract amendment with First State Bank modifying compensation terms: the account will be tied to the Fed Funds rate with the district receiving FF rate less 100 basis points with a 0.25% floor; the amendment was approved 5–0.
The Valley View ISD Board accepted a contract amendment with First State Bank regarding the district's public-funds account. "Motion by Byrom to accept the First State Bank contract amendment as presented; second by Pickett. The vote was 5 in favor, 0 opposed. Motion carried," the minutes record.
The amendment clarifies that the district's special interest-bearing public-funds account will be tied to the federal funds rate. The language in the amendment specifies that the District will receive the Fed Funds Rate less 100 basis points with a floor of 0.25%, and that First State Bank may adjust the rate based on market conditions. The amendment also permits execution in counterparts and authorizes electronic signatures.
First State Bank's representative listed on the amendment is Kelly Corbett, VP Treasury Management; Valley View ISD's Board President signature block is recorded in the scanned attachment as Eric Vann. Trustees approved the amendment on a unanimous vote and staff will implement the account terms with the bank.
