F. • RegularCity of Friendswood (Galveston County)

Consider authorizing a Treasury Management Services Agreement, a Bond Accounting and Safekeeping Service Agreement, and related documents with PNC Bank, National Association.

Presented in: City Council on 2026-09-14

Official Roll-Call Vote

Expands Gov't • 9.1/10 Impact Weight

PASSED (7 - 0)

“Motion to approve Consider authorizing a Treasury Management Services Agreement, a Bond Accounting and Safekeeping Service Agreement, and related documents with PNC Bank, National Association.”

Mike Foreman

Mayor (At-Large)

YES

John Ellisor

Councilmember, Place 1 (Place 1)

YES

Sally Branson

Councilmember, Place 2 (Place 2)

YES

Trish Hanks

Councilmember, Place 3 (Place 3)

YES

Robert J. Griffon

Councilmember, Place 4 (Place 4)

YES

Randy Hale

Councilmember, Place 5 (Place 5)

YES

Michael P. Ross

Councilmember, Place 6 (Place 6)

YES

Staff Report & Agenda Item Details

The City was notified that Wells Fargo would no longer provide Safekeeping Services for its Investments. Currently, these investments total approximately $7.5M. Therefore, the City issued a Request for Proposals on Wednesday, April 22, 2026. Responses were due on May 26, 2026. The City engaged Valley View Consulting to assist with the analysis of responses. Based on the responses received PNC Bank, National Association ("PNC") was selected.

Bastiat Liberty & Property Rights Analysis

This motion is scored as EXPANDS_GOVERNMENT (Impact Weight: 9.1/10). Under the Bastiat Liberty Watchdog Index, measures that increase tax rates or fee schedules, issue new debt or Certificates of Obligation, expand regulatory/zoning restrictions on private land use, or authorize unbudgeted spending expansions reduce an official's Freedom Score when voted YES (and reward dissenting NO votes).