HomeMy WebLinkAboutMINUTES - 01132015 - C.37RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Treasurer to enter into a financial services agreement with PFM Asset
Management, LLC (“PFMAM”), 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 earnings from 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 two bond proceeds, $140,500,000.00 from the 2006 Measure A General Obligation
Bond Election and $120,000,000.00 from the 2014 Measure E General Obligation Bond Election, to be invested by
an external investment manager.
APPROVE OTHER
RECOMMENDATION OF CNTY
ADMINISTRATOR
RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 01/13/2015 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 13, 2015
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: Chris Heck, Deputy
cc:
C. 37
To:Board of Supervisors
From:Russell Watts, Treasurer-Tax Collector
Date:January 13, 2015
Contra
Costa
County
Subject:Financial Services Agreement with PFM Asset Management
BACKGROUND: (CONT'D)
Specifically, it has requested that the Treasurer authorize the investment of the above-mentioned bond proceeds with
PFMAM. Pursuant to the financial services agreement between PFMAM and the County, PFMAM will invest the
bond proceeds in exchange for a fee.
CONSEQUENCE OF NEGATIVE ACTION:
If the agreement is not authorized, PFMAM will not be authorized to invest the bond proceeds of Contra Costa
County Community College District.