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.
Body
RECOMMENDED MOTION:
Move the board adopt Resolution and Order No. 02-18-895 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, 2018 through February 28, 2019, and authorizing the General Manager to execute the contract.
SUMMARY:
The purpose of this agenda item is for the board to consider a Finance/Administrative Committee recommendation to exercise the second of three renewal options with BBVA Compass for central depository services. The terms of this renewal are identical to the terms for the current contract period with BBVA except that the interest rate on interest bearing accounts will be increased from the current .35% to .70%.
Legal counsel has reviewed the resolution and order and the Depository Agreement. The resolution and order, and a draft renewal letter are attached to this item.
At the January 23 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, 2018 through February 28, 2019, 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, but supports the general EAA mission.
FISCAL IMPACT:
Fiscal impact is based upon interest earned and the rates received for investment transactions.