HomeMy WebLinkAboutAcademy Depository Contract 10-11-04
WESTLAKE ACADEMY
MEMO
TO: Board of Directors, Westlake Academy
FROM: Trent Petty, CEO
DATE: October 6, 2004
SUBJECT: October 11, 2004 Regular Meeting
ITEM:
Consider a resolution authorizing the CEO of Westlake Academy to enter into a depository contract with
Bank One (now known as Chase).
RECOMMENDATIONS:
Staff recommends approval.
BACKGROUND:
The Town approved Bank One (now known as Chase) as the Town’s Depository at the June 23, 2003
meeting. The term for our contract was for three years beginning July 1, 2003 with an option to extend
the contract for two additional one-year periods.
Pursuant to Section 100.1043(b) of Title 19 of the Texas Administrative Code, each year every charter
holder/charter school must file a copy of the depository contract with the TEA Division of Financial
Audits by November 1. In addition, a copy of the board resolution approving the awarding of the
depository contract to the bank should be included. Letters stating that the prior year’s contract is still in
effect will not be accepted.