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File Number: 17-310 <br />1.B. Announcements <br />Mayor Cutter announced that since there is only one agenda item, the public will be allowed <br />three (3) minutes to speak first and if there are any questions, they will be answered following <br />the presentation. <br />City Manager Zapata stated that the City’s budget reflects the values of the City Council and <br />community. Over the past couple of years the City has authorized a staff position to work on <br />our Climate Action Plan. The City has also been concerned about disaster preparedness. <br />There is a full-time position within the City Manager’s Office for disaster preparedness that will <br />work with the churches, schools, and community. The City has been working with FEMA <br />regarding flood plain issues. Mayor Cutter has invited Executive Director Larry Goldzband of <br />the Bay Conservation and Development Commission to speak to mayors of surrounding cities <br />to discuss the potential impact of a local disaster. <br />The Waste Water Treatment Plant, a $54 million investment, has been revamped and money <br />has been set-aside for “purple pipe” so that we may lower the amount of wasted water. <br />Director Baum stated that last year, the City took the initiative to issue $5.4 million of debt, at <br />2.1% for 15 years, through Bank of America, to fund energy and water efficiency projects that <br />will produce savings to pay off that debt. Although Bank of America is also an investor of <br />pipelines, they are also trying to provide various climate action plan benefits. <br />2. DISCUSSION ITEMS <br />2.A. 17-194 Staff Report on divestiture from Wells Fargo Bank due to its funding of <br />the Dakota Access Pipeline (DAPL) Project <br />Director Baum stated that Wells Fargo has been providing service to the City of San Leandro <br />since 2008. Wells Fargo was chosen in 2007 due to the low cost of services. The fees are <br />approximately $80,000 per year and there are only a handful of banks that can provide the <br />services that the City needs. Director Baum stated that it would be a very complex and time <br />consuming process to replace Wells Fargo as the City’s bank. After 2001 terror attacks, the <br />Patriot Act created rules and regulations that make it very difficult to open an account and <br />provide signatory information for the accounts. <br />City Manager Zapata stated that the process of changing banks has been provided within the <br />report handed to the Finance Committee. Should Council direct staff to divest from Wells <br />Fargo, it would not happen overnight, it would take time. <br />Mayor Cutter asked if there is a local bank, that does not invest in the fossil fuel industry, that <br />would be able to provide the services. Director Baum indicated that he is not aware of any <br />options that meet this criteria. Mayor Cutter asked about the note of $700k with Wells Fargo. <br />Director Baum stated that the City does have investments in the Local Agency Investment <br />Fund (LAIF), and quarterly reports are provided to City Council, as well as monthly reports <br />Page 2 City of San Leandro Printed on 5/30/2017 <br />74