Custodial Banking Services

The Vendor is required to provide custody services related to securities, cash, and other property that the commission deposits or causes to be deposited under this contract, including the investment and reinvestments of these assets, as well as income derived therefrom.
- To perform any other acts necessary for the proper discharge of the successful bidder’s duties under the contract.
- To hire service providers, including, but not limited to, attorneys, depositories, sub-custodians, and provider affiliated with the successful bidder, to assist the successful bidder in exercising its powers under the contract.
- To collect all income, principal, and other distributions due and payable on the assets; if an asset is in default or if payment is refused after due demand, and successful bidder receives notice of such default or refusal from an asset’s issuer or transfer agent, the successful bidder shall notify the commission promptly.
- Provide the commission with settlement of all purchases and sales of assets for the commission in accordance with the successful bidder’s instruction-deadline schedule, provided that the successful bidder has all the information necessary and that the custody account holds sufficient assets necessary to complete the transaction.
- As directed by the commission, to bring, defend, or settle lawsuits involving the custody account or the assets, with all expenses borne by the custody account.
- Permit such assets to be registered in the name of successful bidder, its nominee, the depository, the depository’s nominee, the sub-custodian, or the sub-custodian’s nominee.
- In connection with transactions involving foreign securities, the successful bidder may employ securities depositories, clearing agencies, clearance systems, sub-custodians, or agents located outside the states.
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: April 11, 2025