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Administration recommends two-year extension of Cadence Bank depository contract under District of Innovation flexibility
Summary
CFO Ben Eberlan told the board the district intends to use its District of Innovation exemption to extend its current Cadence Bank depository contract for two years rather than solicit bids required by Texas Education Code 45.205 and 45.206.
Ben Eberlan explained that Texas Education Code 45.205 and 45.206 would ordinarily require the district to solicit bids for a new depository contract this year. Because the district obtained a District of Innovation exemption related to depository contracting, administration recommended using that flexibility to extend the existing contract with Cadence Bank for an additional two-year term.
Eberlan presented the recommendation during the Business Office reports; trustees were informed of the legal citations and administration's rationale but did not vote in this discussion-only session. The item will be handled through the normal consent or action process at a subsequent open meeting if the board chooses to approve the extension.
