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C. 51
To: Board of Supervisors
From: Russell Watts, Treasurer-Tax Collector
Date: January  14, 2014
The Seal of Contra Costa County, CA
Contra
Costa
County
Subject: Financial services agreement with Legg Mason Private Portfolio Group, LLC

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,
 
BY: , Deputy

 

RECOMMENDATION(S):

APPROVE and AUTHORIZE the County Treasurer to enter into a contract for financial services with Legg Mason Private Portfolio Group, LLC (“Legg Mason”), including indemnification of Legg Mason, 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.  

CONSEQUENCE OF NEGATIVE ACTION:

If the agreement is not authorized, Legg Mason will not be authorized to invest the bond proceeds of 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 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.   
  
Legg Mason 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 Legg Mason and the County, Legg Mason will invest the bond proceeds in exchange for a fee.  

CHILDREN'S IMPACT STATEMENT:

Not applicable.  

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