1. It is the intent of Wilson County to execute a contract with a bank desiring to be designated as the County Depository Bank for County funds and for Trust funds of the County and District Clerk. By returning the Bid Worksheet, Bank acknowledges that it understands the Local Government Code of the State of Texas, Chapter 116.001 through 116.155 that pertains to the managing and safekeeping of County fund and that it will comply with that statute. 2. Term – The bank contract will be effective for a period of four (4) years ending sixty (60) days from the time fixed by law for the next selection of a depository. If a timed deposit maturity extends beyond the expiration date of the depository contract, the Bank will pledge sufficient securities required by law for public funds to Wilson County to provide for the maturity of the time deposit. The contract shall allow the bank to negotiate new terms of the contract for the final two (2) years of the four (4) year contract as established in Sec. 116.021 (b). On the renewal of a contract, the county may negotiate new interest rates and terms with the bank for the next two (2) in the same way and subject to the same conditions as provided by Subsection (b).
