Ord. 2026-F.City 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.

Bastiat Overreach Score: 78/100

Passed: 2026-09-14 • Effective: 2026-09-14

Executive Summary & Impact

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.

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Legislative Enactment & Roll-Call History

F. • City Council2026-09-14

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

Outcome: 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.

Official Legal Text & Codified Sections

OFFICIAL LEGISLATIVE RECORD — CITY OF FRIENDSWOOD
Instrument / Docket Number: Ord. 2026-F. (Agenda Item F.)
Meeting: City Council
Date Enacted: 2026-09-14
Roll-Call Outcome: PASSED (7 YES - 0 NO)
Category: Code Enforcement & Penalties

VERBATIM DOCKET TEXT & SUMMARY:
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.