Agenda

Return

C.55

To:	Board of Supervisors
From:	David Twa, County Administrator
Date:	May 12, 2009

Contra

Costa

County

Subject:

Trustee Substitution

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
cc:	Steve Ybarra, County Auditor-Controller Bill Pollacek, Treasurer-Tax Collector Catherine Kutsuris, Director Conservation & Development

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 Twa,

BY:	, Deputy

RECOMMENDATION(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, 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.