Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Depository topic
No spam. Unsubscribe anytime.
Spearman ISD board extends depository contract with Panhandle First Bank through 2027
Summary
The board voted 7–0 on June 17 to extend the district's depository contract with Panhandle First Bank for a two-year term from Sept. 1, 2025, through Aug. 31, 2027, under the authority of Texas Education Code Section 45.205. The extension was recorded in Exhibit A.
The Spearman Independent School District Board of Trustees voted unanimously on June 17 to extend the district's depository contract with Panhandle First Bank for an additional two-year term starting Sept. 1, 2025, and ending Aug. 31, 2027.
The motion to extend the contract was made by Jay Tracy, seconded by Abby Pipkin and carried 7–0. The extension was described in the board's Exhibit A resolution, which cites Texas Education Code Section 45.205 as the statutory authority for the contract term and specifies that the extension coincides with the district fiscal year.
The Exhibit A text filed with the minutes identifies Panhandle First Bank (formerly First National Bank) as the district depository and includes the bank officer's signature and notary acknowledgement. The resolution notes that a district and its depository may agree to up to three additional two-year extensions under the cited code section.
District officials did not record additional operational terms or fee schedules in the minutes; the exhibit contains the formal contract language and signature blocks. The board did not identify any dissenting views during the roll call on the motion.
Next steps: the signed extension will be retained with district records as the formal depository contract for the 2025–2027 term.
