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House Bill 2411 |
House Author: Strama |
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Effective: 6-15-07 |
Senate Sponsor: Ogden |
Previously, a school district was limited to a competitive bidding process when selecting a bank depository. House Bill 2411 amends the Education Code to allow districts to choose a request for proposal (RFP) process for awarding district depository contracts. The bill requires a district to choose whether to use competitive bidding or an RFP not later than the 60th day before the date its current depository contract expires. If a district chooses to use an RFP, the bill requires the district, not later than the 30th day before the date the current contract expires, to mail to each bank in the district and, if desired, to other banks, a notice of the time and place in which proposals will be received for selecting a depository or depositories. The bill also allows a district and its depository bank to extend a depository contract for two additional two-year terms rather than only one additional term as before.