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<br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Meeting Date 10/23/06 <br /> <br />Agenda Item # <br /> <br />~- B <br /> <br />SUBJECT: <br />Selection of a Trustee for all Cabarrus County Debt Issues (i.e. Certificates of <br />Participation (COPS) and Escrow Refunding) <br /> <br />BRIEF SUMMARY: <br /> <br />Formerly, Southtrust Bank provided the county's trustee service. With the merger of <br />Southtrust and Wachovia, the trustee services were sold to US Bank. Proposals were <br />sought for these services and four banks responded. The low bidder, Regions Bank, is <br />recommended based on service and cost. The current annual fee on an account is $3,250. <br />Regions Bank bid $900 per account for existing accounts, for an annual savings of $2,350 <br />per account. Any new debt issues will be $1500 per account. Our bond council will aid in <br />the transition of these accounts. <br /> <br />REQUESTED ACTION: (SUfltlested motion "the Board appmV8$ the egenda item as presented) <br /> <br />Authorize the Deputy County Manager to engage Regions Bank for trustee services and to <br />execute the contract on behalf of the County. <br /> <br />Attachments ~ Yes 0 No Expected Length of Presentation <br /> <br />Submitted By: Pamela S. Dubois, Deputy County Manager Date: 10/5/06 <br />Name 1 Job Title <br /> <br />Budget Amendment Required: 0 Yes ~ No <br />Budget Amendment Attached and Reviewed by Budget Officer: 0 Yes ~ No <br /> <br />County Manager's Recommendiltions/Comments: <br /> <br />Approval is recommended. <br /> <br />Manager's Signature <br /> <br /> <br />1tf2 <br /> <br />Action Taken: <br />Approved [] <br />Denied [ ] <br /> <br />Deferred [] <br />Other [ ] <br /> <br />~-~ <br />