Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Sandie Arnott, Treasurer - Tax Collector
Subject: Amendment to the Agreement with Bank of New York Mellon Trust Company, National Association to provide custody services.
RECOMMENDATION:
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Adopt a resolution authorizing an amendment to the agreement with Bank of New York Mellon N.A. to provide custody services for the San Mateo County Investment Pool, extending the term through July 31, 2022, and increasing the agreement's not to exceed amount by $125,000, to an amount not to exceed $725,000.
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BACKGROUND:
On August 1, 2015, the San Mateo County Treasurer's Office entered into an agreement with Bank of New York Mellon Trust Company, N.A. to provide custody services.
In April 2015, the Treasurer-Tax Collector determined that it was in the best interest of the County to issue a Request for Proposals (RFP) for custody services to ensure competitive pricing and to receive the most efficient service. An RFP was published on the Treasurer's website and the County's Public Purchase website. After careful consideration and evaluation, Bank of New York Mellon was selected as the successful proposer due to their high institutional ratings including long and short debt ratings from S&P A/A-1, Moody's A1/P-1, and Fitch AA-/F1+. Additionally, they have extensive custodial experience, competitive pricing and practices that are consistent with the department's Continuity of Operation Plan (COOP).
Bank of New York Melon continues to provide excellent services to the Treasurer's Office, including trust and safekeeping, portfolio and fund reconciliation, account analysis, cash management and security movement, clearing services, online information delivery, and support services for investment management. Bank of New York Mellon provides support services through a team structure with specific specialists assigned based on the specific needs of the ...
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