Special Notice / Hearing: None
Vote Required: Majority
To: Honorable Board of Supervisors
From: Sandie Arnott, Treasurer-Tax Collector
Subject: Amendment to Agreement with Bank of New York Mellon Trust Company, N.A. to Provide Trust and 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 trust and custody services for San Mateo County Investment Pool, extending the term through July 31, 2021, and increasing the agreement's not to exceed amount by $305,000 to an amount not to exceed $600,000.
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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 trust and custody services.
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 trust and custody 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, they have extensive custodial experience, competitive pricing and practices that are consistent with the department's Continuity of Operation Plan (COOP).
Excellent services are being provided to the Treasurer's Office from Bank of New York Mellon 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. The Bank of New York Mellon provides support services through a team structure with specific specialists ass...
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