RESOLUTION NO. _____________

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

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RESOLUTION A) WAIVING THE REQUEST FOR PROPOSALS PROCESS AND AUTHORIZING THE TREASURER/TAX COLLECTOR TO EXECUTE AN AMENDMENT TO THE AGREEMENT WITH THE BANK OF NEW YORK MELLON TRUST COMPANY TO CONTINUE PROVIDING CUSTODY AND SAFEKEEPING SERVICES FOR THE SAN MATEO COUNTY INVESTMENT POOL EXTENDING THE TERM THROUGH JUNE 30, 2011, INCREASING THE AMOUNT BY $70,000 TO $250,000, AND B) AUTHORIZING THE TREASURER/TAX COLLECTOR OR HER DESIGNEE TO EXECUTE SUBSEQUENT AMENDMENTS AND MINOR MODIFICATIONS, IN THE AMOUNT NOT TO EXCEED $25,000.00.

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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 the Bank of New York has been cost effective for the County, as the fees have not increased in the past 18 years; and

WHEREAS, the Bank of New York provides the most efficient and cost effective custodial services in the market place for investment pools similar to San Mateo County; 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 June 19, 2007, the Board of Supervisors, by Resolution Number 068814, authorized the Agreement with the Bank of New York, to provide custody and 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 one year Amendment to the Agreement between the San Mateo County Treasurer’s Office and the Bank of New York to continue custody and safekeeping services through Fiscal Year 2011.

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

BE IT FURTHER RESOLVED, that the Treasurer/Tax Collector 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 to the type of services and activities provided under the Agreement.

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