HomeMy WebLinkAboutMINUTES - 01142014 - C.50RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Treasurer to enter into a contract for financial services with BlackRock
Investment Management, LLC (“BlackRock”), including indemnification of BlackRock, for the purpose of managing
the investment of bond proceeds for the Contra Costa County Community College District.
FISCAL IMPACT:
Service fees and costs will be paid for out of the bond proceeds of the Contra Costa County Community College
District.
BACKGROUND:
The County Treasurer manages and invests the funds of County agencies, including 21 special districts, 19 school
districts and one community college district. The Contra Costa County Community College District has requested
that County Treasurer permit its bond proceeds to be invested outside of the County investment
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 01/14/2014 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Candace Andersen, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Brice Bins, 925
957-2848
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: January 14, 2014
David Twa, County Administrator and Clerk of the Board of Supervisors
By: Chris Heck, Deputy
cc:
C. 50
To:Board of Supervisors
From:Russell Watts, Treasurer-Tax Collector
Date:January 14, 2014
Contra
Costa
County
Subject:Financial services agreement with BlackRock Investment Manangement, LLC
BACKGROUND: (CONT'D)
pool. Specifically, it has requested that the Treasurer authorize the investment of its bond proceeds with Morgan
Stanley Smith Barney LLC (“Morgan Stanley”) and it associated asset managers.
BlackRock is an asset manager associated with Morgan Stanley, which Morgan Stanley has selected to invest the
bond proceeds for the Contra Costa County Community College District. Pursuant to the financial services agreement
between BlackRock and the County, BlackRock will invest the bond proceeds in exchange for a fee.
CONSEQUENCE OF NEGATIVE ACTION:
If the agreement is not authorized, BlackRock will not be authorized to invest the bond proceeds of Contra Costa
County Community College District.
CHILDREN'S IMPACT STATEMENT:
Not applicable.