Custodial Banking Services

The vendor is required to provide custodial banking services for several dedicated portfolios, with an estimated market value of up to $300 million, managed by the county.
- Compliance with government codes and regulations
•    Custodian shall be a state or national bank, savings association or federal association, federal or state credit union, or federally insured industrial loan company, pursuant to government code
•    Banking organization, custodian shall remain an independent legal entity.
•    Custodian shall follow all applicable county, state and federal government codes and regulations that apply to custodial banking, information security, and management of public funds.
- Custody and related services
•    Custodian shall establish and maintain one or more securities and cash accounts in the name of the county (collectively, the "account") in which it shall hold country securities and cash as provided herein and shall provide individual reporting for each portfolio.
•    All securities and cash held by custodian on behalf of the county shall be segregated on custodian’s books and records from the assets of other clients. 
•    The securities account will indicate that securities do not belong to the custodian and are segregated from the custodian’s assets. 
•    The cash account will be in the name of the county and will be held by the custodian as banker.
•    Securities held in the accounts, custodian shall:
o    Receive all income and other payments and advise the county daily of any such amounts due but not paid.
o    Disclose its sources of, and accounting mechanism for, pay down information on all factor-based securities
o    Present for payment, receive, transact and settle by the due date the amount paid upon all country securities which may mature, be called, or have a coupon payment due.
o    Endorse for collection checks, drafts or other negotiable instruments. 
o    Custodian shall provide information and services for proxy voting (domestic and international). 
o    Custodian shall advise the county upon its notification of the partial redemption, partial payment or other action affecting less than all country securities of the relevant class. 
o    Custodian shall utilize the book-entry system and depository to the extent possible in connection with its performance hereunder
- Purchase and sale of securities
•    Custodian shall monitor and record the collection of funds in accounts maintained by custodian for the county. 
•    Custodian shall provide accurate trade processing and settlements. 
•    Custodian shall have procedures to monitor and resolve failed trades.
o    The county shall have the ability to view failed trades via an online portal in real-time. 
o    The county shall be compensated for income lost for failed trades that are the direct result of the negligence, fraud or intentional misconduct of custodian or its agents in the performance of responsibilities specifically allocated to it under the agreement, provided that custodian will compensate the county for direct losses only and not of incidental or consequential damages (such as lost opportunity costs).

- Contract Period/Term: 3 years
- Questions/Inquires Deadline: November 7, 2025