HomeMy WebLinkAboutMINUTES - 05122009 - C.55RECOMMENDATION(S):
Acting as the governing board of the Contra Costa Public Financing Authority,
AUTHORIZE the Auditor-Controller to remove Bank of New York Mellon Trust Company
as trustee on County bond issues (excluding Redevelopment) and appoint Wells Fargo
Bank, National Association as successor trustee, ratify the April 24, 2009 letter from the
Auditor-Controller to the Bank of New York advising of such substitution, the remaining
documents for which will be reviewed by County Counsel and amended as necessary to
meet County requirements, as recommended by the County Debt Affordability Advisory
Committee.
FISCAL IMPACT:
None.
BACKGROUND:
The County wishes to add trustee services to its current Wells Fargo banking relationship.
This requires substituting Wells Fargo as trustee on County bond issues currently being
serviced by Bank of New York Mellon Trust Company. This substitution excludes
Redevelopment, as well as County bonds issues associated with multifamily financings,
APPROVE OTHER
RECOMMENDATION OF CNTY
ADMINISTRATOR
RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 05/12/2009 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Gayle B. Uilkema, District II Supervisor
Mary N. Piepho, District III Supervisor
Susan A. Bonilla, District IV Supervisor
Federal D. Glover, District V Supervisor
Contact: Lisa Driscoll, County
Finance Director, 335-1023
I hereby certify that this is a true and correct copy of an action taken and entered on
the minutes of the Board of Supervisors on the date shown.
ATTESTED: May 12, 2009
David J. Twa, County Administrator and Clerk of the Board of
Supervisors
By: June McHuen, Deputy
cc: Steve Ybarra, County Auditor-Controller, Bill Pollacek, Treasurer-Tax Collector, Catherine Kutsuris, Director Conservation &
Development
C.55
To:Board of Supervisors
From:David Twa, County Administrator
Date:May 12, 2009
Contra
Costa
County
Subject:Trustee Substitution
Mello-Roos financing, and
BACKGROUND: (CONT'D)
Assessment District financings. The Debt Affordability Advisory Committee (County
Auditor-Controller, County Treasurer-Tax Collector, County Finance Director, and Director
of Conservation and Development) is requesting authority be granted to undertake the
substitution, the documents for which will be reviewed by County Counsel and amended as
necessary to meet County requirements.