HomeMy WebLinkAbout144-95RESOLUTION NO. 144-95
AUTHORIZING THE TOWN OF DANVILLE TOWN MANAGER TO APPROVE AN
ASSIGNMENT AGREEMENT TO CONVERT TO THE BANK OF NEW YORK FOR
SAFEKEEPING OF THE TOWN'S INVESTMENT SECURITIES
WHEREAS, the Town of Danville has contracted with Bank of America since 1992 to provide
safekeeping of the Town's investment securities, and has been pleased with their service; and
WHEREAS, the Bank of NewYork acquired all of the safekeeping accounts from Bank of America
in August 1995; and
WHEREAS, the Bank of New York, established in 1784, is the nation's sixteenth largest bank
holding company with total assets of $52 billion, providing safekeeping for more than 2,000
institutional investors, holding $1.6 trillion of their assets; and
WHEREAS, to ensure better service to their California customers, Bank of New York has opened
a local office in San Francisco; and
WHEREAS, the Bank of New York has agreed to provide safekeeping services to the Town for the
same fee that Bank of America was charging; and
WHEREAS, the Bank of New York has requested the Town of Danville to consent to the assignment
of the Town's safekeeping account to them; and
WHEREAS, the Town's Investment Policy requires the Town Council approve all safekeeping
accounts; now, therefore, be it
RESOLVED, by the Town Council of the Town of Danville, to authorize the Town Manager to
approve an Assignment Agreement to convert to the Bank of New York for safekeeping of the
Town's investment securities; and, be it
FURTHER RESOLVED, that the Request for Proposals for safekeeping services be included in the
Request for Proposals for all banking services within the next two years.
PAGE I OF RESOLUTION NO. 144-95
APPROVED by the Town Council of the Town of Danville at a Regular Meeting held on
October 3, 1995 by the following vote:
A~rE S: Greenberg,
NOES: None
ABSENT: None
ABSTAINED: None
Doyle, Ritchey,
Shimansky, Waldo
MAYOR
APPROVED AS TO FORM:
CITY ATTORNEY
ATTEST:
ACTING CITY CLERK
MJW:
c \ WALKER \mSOBNY
PAGE 2 OF RESOLUTION NO. 144-95