Agenda

Return

C. 5

To:	Board of Supervisors
From:	Anna Roth, Health Services Director
Date:	December 13, 2022

Contra

Costa

County

Subject:

Contract Amendment with U.S. Bank

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 12/13/2022

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

Candace Andersen, District II Supervisor
Diane Burgis, District III Supervisor
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V Supervisor

ABSENT:

John Gioia, District I Supervisor

Contact:	Patrick Godley, 925-957-5405
cc:	Jackie Peterson

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: December 13, 2022
Monica Nino, County Administrator

BY:	, Deputy

RECOMMENDATION(S):

APPROVE and AUTHORIZE the County Treasurer, or designee, to execute a contract amendment on behalf of West Contra Costa Healthcare District (WCCHD) with U.S. Bank National Association (U.S. Bank) to extend the term from December 17, 2022 through December 18, 2025, for investment administration services, with continued administrative service fees until terminated.

FISCAL IMPACT:

Service fees and costs of approximately $5,000 annually will be deducted directly from the monies deposited with U.S. Bank and interest on those monies.

BACKGROUND:

On December 17, 2019, the County Board of Supervisors approved and authorized the County Treasurer, on behalf of WCCHD, to enter into an agreement with U.S. Bank for its investment administration and banking custody services. The current agreement expires on December 17, 2022.

BACKGROUND: (CONT'D)

After due diligence, WCCHD recommends retaining U.S, Bank for its services for another three years. The agreement has been amended to reflect personnel changes and the changed name of an investment fund.

CONSEQUENCE OF NEGATIVE ACTION:

If the agreement is not authorized, WCCHD will lack an agreement with U.S. Bank to administer its operating funds.