Meeting Type: BCC Regular Meeting
Meeting Date: 6/24/2025
Item Status: New
From: Tara Hazelbaker, Director of Finance
Submitted by: Tara Hazelbaker, Director of Finance
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ITEM TITLE
Title
Investment Agency Agreement with Regions Bank
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STAFF RECOMMENDATION
Recommendation
Approve the Investment Agency Agreement with Regions Bank.
The Investment Agency Agreement is structured as an open-ended contract that remains in effect unless and until terminated by either party, with sixty (60) days’ advance written notice required for termination.
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BACKGROUND INFORMATION
Background: The Banking and Investment Policy was updated April 1, 2025, to establish a framework aligned with best practices and strategic financial objectives. Shortly thereafter, the Investment Services Request for Proposal (RFP) was released, inviting competitive submissions. Proposals were received in early May and underwent a thorough evaluation process, with Regions Bank emerging as the leading proposer, demonstrating strong qualifications and a commitment to advancing the County’s investment strategy. This Agreement lets Regions Bank manage Baldwin County Commission's investments - holding funds, making trades, and handling transactions. It covers fees, reporting, legal protections, and how the bank can invest and manage assets on the County’s behalf.
Previous Commission action/date: N/A
FINANCIAL IMPACT
Total cost of recommendation: N/A
Budget line item(s) to be used: N/A
If this is not a budgeted expenditure, does the recommendation create a need for funding? N/A
LEGAL IMPACT
Is legal review necessary for this staff recommendation and related documents?
No
Reviewed/approved by: Reviewed by Brad Hicks on 06/05/2025 TH
Additional comments: N/A
ADVERTISING REQUIREMENTS
Is advertising required for this recommendation? N/A
If the proof of publication affidavit is not attached, list the reason: N/A
FOLLOW UP IMPLEMENTATION
For time-sensitive follow up, select deadline date for follow up: N/A
Individual(s) responsible for follow up: Administration
Action required (list contact persons/addresses if documents are to be mailed or emailed): Secure Chairman’s signature on the Agreement; verify that one waiver option has been selected.
Additional instructions/notes: Email Agreement to Tara Hazelbaker.