Agenda

Return

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

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 Twa,

BY:	, Deputy

RECOMMENDATION(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. 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.