RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION A) WAIVING THE REQUEST FOR PROPOSAL (RFP) PROCESS, B) AUTHORIZING THE TAX COLLECTOR/TREASURER TO EXECUTE AN AGREEMENT WITH THE BANK OF NEW YORK TRUST COMPANY TO CONTINUE THE CUSTODY, SAFEKEEPING AND SECURITIES LENDING SERVICES FOR THE SAN MATEO COUNTY INVESTMENT POOL FOR AN AMOUNT NOT TO EXCEED $200,000 FOR THE TERM JULY 1, 2007 TO JUNE 30, 2010, AND C) AUTHORIZING THE TAX COLLECTOR/TREASURER OR THE TREASURER’S DESIGNEE TO EXECUTE CONTRACT AMENDMENTS WHICH MODIFY THE COUNTY’S MAXIMUM FISCAL OBLIGATION BY NO MORE THAN $25,000 (IN AGGREGATE), AND/OR MODIFY THE CONTRACT TERM AND/OR SERVICES SO LONG AS THE MODIFIED TERM OR SERVICES IS/ARE WITHIN THE CURRENT OR REVISED FISCAL PROVISIONS.

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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, Ordinance Code Section 2.92.050 authorizes the Board of Supervisors to waive the Request for Proposals process in any situation where the Board determines that the best interest of the County would be served without necessity of formal proposals; and

WHEREAS, the established relationship between the County and Bank of New York has been cost effective for the County, as the fees have not increased in the past eight years; and

WHEREAS, in light of the foregoing, this board has determined that it is in the best interest of the County to waive the RFP process and hereby does so; and

WHEREAS, on July 21, 1992, the Board of Supervisors, by Resolution Number 56355, authorized the Agreement with The Bank of New York, to provide safekeeping services for the County’s Pooled Accounts; and

WHEREAS, there has been presented to this Board of Supervisors for its consideration and approval, a three year Agreement between The San Mateo County Treasurer’s Office and The Bank of New York to continue services through Fiscal Year 2010.

NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the Board of Supervisors authorizes the Tax Collector/Treasurer to execute said Agreement for and on behalf of the County of San Mateo.

BE IT FURTHER RESOLVED, that the Tax Collector/Treasurer or the Treasurer’s designee shall be authorized to execute amendments and minor modifications to this Agreement not to exceed $25,000 and to make minor changes in the type of services and activities provided under the Agreement.

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