Title
Consider recommendation from the Finance/Administrative Committee to approve a one-year renewal and extension of a contract with BBVA Compass for central depository services for the period March 1, 2017 through February 28, 2018.
Body
RECOMMENDED MOTION:
Move the board adopt Resolution and Order No. 02-17-869 of the Edwards Aquifer Authority Board of Directors approving a renewal and extension of a contract between the EAA and BBVA Compass for central depository services for the period March 1, 2017 through February 28, 2018, and authorizing the General Manager to execute the contract.
SUMMARY:
The purpose to of this agenda item is for the board to consider a Finance/Administrative Committee recommendation to exercise the first of three renewal options with BBVA Compass Bank for central depository services. The terms of this renewal are identical to the terms for the current contract period with BBVA Compass, there are no changes.
In February 2015, the EAA awarded a contract to BBVA for an initial two-year term that will expire on February 28, 2017. Staff is recommending the Finance/Administrative Committee recommend the board exercise the first of three one-year renewal options with BBVA for Bank Depository Services for the period March 1, 2017 through February 28, 2018.
Legal counsel has reviewed the resolution and order and the Depository Agreement which are attached to this item.
At the January 24 meeting, the Finance/Administrative Committee voted to recommend the board adopt a resolution and order of the Edwards Aquifer Authority Board of Directors approving a renewal and extension of a contract between the EAA and BBVA Compass for central depository services for the period March 1, 2017 through February 28, 2018, and authorizing the General Manager to execute the contract.
M/WBE PARTICIPATION:
BBVA Compass is not an M/WBE vendor.
STRATEGIC PLAN REFERENCE:
This agenda item does not relate to a specific goal within the Strategic Plan, b...
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