HomeMy WebLinkAboutMINUTES - 05192009 - C.53RECOMMENDATION(S):
AUTHORIZE the Auditor-Controller to remove Bank of New York Mellon Trust Company
as trustee on County and Fire Protection District 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
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 05/19/2009 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 (925)
3335-1023
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 19, 2009
, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc: TREASURER-TAX COLLECTOR, CONSERVATION & DEV DIRECTOR, COUNTY ADMINISTRATOR-FINANCE, AUDITOR-CONTROLLER
C.53
To:Board of Supervisors
From:David Twa, County Administrator
Date:May 19, 2009
Contra
Costa
County
Subject:TRUSTEE SUBSTITUTION
Redevelopment,
BACKGROUND: (CONT'D)
as well as County bonds issues associated with multifamily financings, Mello-Roos
financing, and 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. This action is being taken by the Board
of Supervisors on behalf of the County and acting as the Board of Directors for the Contra
Costa County Fire Protection District.
On May 12, 2009 the governing board of the Contra Costa Public Financing Authority took
similar action for those issues within their purview.
CONSEQUENCE OF NEGATIVE ACTION:
CHILDREN'S IMPACT STATEMENT: