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Valley View ISD accepts First State Bank contract amendment for public funds account
Summary
Trustees accepted a contract amendment with First State Bank changing the public‑funds account compensation formula (FF rate less 100 bps, floor 0.25%). The vote was 5–0 on Aug. 18.
The Valley View ISD Board approved an amendment to the district's depository agreement with First State Bank at the Aug. 18 meeting.
Under the amendment recorded in the packet (SEG 018–019), the district's public funds account will receive an interest rate equal to the federal funds rate minus 100 basis points, with a floor of 0.25%. The amendment authorizes First State Bank to adjust the rate with market conditions; the district accepted the contract change by motion from Chris Byrom and a second from Charlie Pickett. Vote: 5 in favor, 0 opposed.
The board also executed the depository contract paperwork included in the packet (SEG 020–023) that governs the bank‑district relationship, collateral method and contract term. The district president signed the contract amendment signature page in the packet.
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