Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Sandie Arnott, Treasurer - Tax Collector
Subject: Adopt a resolution authorizing an agreement with Bank of New York Mellon Trust Company, National Association to provide custody services.
RECOMMENDATION:
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Adopt a resolution waiving the Request for Proposal process and authorizing the execution of an agreement with Bank of New York Mellon National Association to provide custody and safekeeping services, for the term of August 1, 2022, though July 31, 2025, in an amount not to exceed $500,000.
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BACKGROUND:
The Treasurer is responsible for the receipt, custody, and investment of all monies placed in the County Treasury for all County departments, schools, special districts and voluntary participants. The Treasurer's Office oversees the County investment pool, and the primary objective is to preserve principal and maintain sufficient liquidity to meet the financial needs of the County at all times.
The Treasurer's Office currently processes an average of 21 investment transactions daily and over 5,064 transactions annually on the Bank of New York Mellon settlement platform. At this time, there are no other asset management providers that can fulfill the level of activity we are processing on a daily basis.
In April 2015, the Treasurer-Tax Collector determined that it was in the best interest of the County to issue a Request of Proposals (RFP) for custodial and asset management services to ensure competitive pricing and to receive the most efficient service. An RFP was published on the Treasurer's website and Public Purchase website. After careful consideration and evaluation, Bank of New York Mellon was selected as the successful proposer. Favorable attributes for the Bank of New York Mellon were 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, th...
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