For immediate release:  December 13, 2001
For more information:  Barton Potter (360) 902-9033

State awards fiscal agent contract to Bank of New York

OLYMPIA—The Bank of New York (BoNY) was today awarded a four-year contract to be the state’s fiscal agent at a meeting of the State Finance Committee.

The fiscal agent serves as the paying agent to bondholders on bonds issued by the state and its political subdivisions. BoNY’s selection allows the New York City-based bank to continue the fiscal agent services it has provided the previous four years to the state and 394 local governments. Wells Fargo Bank of Seattle will continue as co-fiscal agent.

“We’ve had a productive relationship with the Bank of New York for a long time,” said State Treasurer Michael J. Murphy, chair of the State Finance Committee. “We’re very comfortable with the bank’s long-term commitment to the corporate trust business and the kind of customer service we’ve received.”

Bank of New York was selected from two finalists out of a field of four that responded to a request for proposal (RFP) in July. The other finalist was JP Morgan Chase of Dallas.

Staff from the Office of the State Treasurer, assisted by members of a local government working group made up of representatives of counties and cities of Washington, evaluated proposals and visited finalists’ sites in Dallas and New York as part of a rigorous selection process.

Members of the local working group included Clark County Treasurer Douglas Lasher; Michael Bailey, finance director for the city of Lynnwood; Scott Matheson of the King County Finance Division; Bill James, director of finance for the Port of Port Angeles; and Robert Nolan, support services director for the city of Kennewick.

The selection of BoNY also received the endorsement of the Washington State Association of County Treasurers (WSACT). Linda Wolverton, Spokane County Treasurer, spoke on behalf of the association at the State Finance Committee meeting

State Treasury staff and the local working group agreed that BoNY’s diversified approach to their services to the state and local jurisdictions best fit the requirements of the fiscal agent contract, Murphy said.

“Our most important relationships are with local governments,” Murphy said. “The help of our colleagues on the local working group was invaluable in this process.”

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