Investment Custodian and Trustee Services

The vendor required to provide investment custodian and trustee services for include:
- Requirement
1. Investment custodian services
•    The primary role of the investment custodian service provider is to provide trust custody accounts and safe-keeping services for the consolidated investment pool.
•    The service provider shall:
o    Provide comprehensive institutional trust custody and safe-keeping services;
o    Settle securities transactions in multiple markets on a timely basis;
o    Collect and credit investment income when due;
o    Provide adequate accounting services;
o    Provide useful, accurate, and timely investment reports;
o    Provide cash management services to include a daily investment sweep capability;
o    Provide adequate administrative support;
o    Calculate rate of return data accurately and timely;
o    Provide detailed, accurate monthly and year-end account statements; and
o    Provide access on demand to an assigned relationship team having professional experience and personal integrity.
2. Trustee services
•    Establish, hold, and maintain segregated trust accounts in accordance with bond documents; 
•    Manage all funds and accounts according to the provisions of bond documents and in compliance with federal tax law; 
•    Perform all trustee/paying agent/registrar services required under bond documents, as well as all trustee/paying agent/registrar services performed in the ordinary course in connection with the administration of bond documents; provide online account access to the city’s designated employees to facilitate review of account balances and investment information related to transactions, balances, market values, etc.; 
•    Provide trust statements for all accounts, whether active or not, monthly, as well as reports including the market value of all portfolio holdings; 
•    Serve as disbursement agent for the funds held by the city, under bond documents; 
•    Maintain responsibility, as the disbursement agent, for processing the checks and wire transfers at the direction of the city; 
•    Receive from the city and allocate to the appropriate accounts any periodic payments for principal and interest; 
•    Monitor reserve funds to ensure that amounts required by the bond indentures are maintained; 
•    Participate in debt financings as member of and in meetings with the financing team, which will also include the financial advisor, underwriter, bond counsel, and city staff; 
•    Prepare and confirm bond redemption calculations; 
•    Assist with post-issuance compliance with federal tax laws, federal securities laws relating to primary and secondary disclosures to the bond market, and compliance with ongoing bond covenants and reporting requirements; 
•    Respond to the city’s electronic messages or telephone calls and resolve any questions on a timely basis; 
•    Furnish trust transaction and balance information in electronic format to financial advisors, bond underwriters, rebate analysts, and independent auditors; 
•    Furnish such other trustee services as requested; 
•    Process and pay debt-related invoices, including but not limited to cost of issuance, and ongoing fees related to outstanding debt as directed by the city; 
•    Perform services related to the administration of the city’s variable rate debt, including the remarketing of bonds and liquidity facilities; and 
•    Assist in negotiations with bond insurers as needed.
- Reporting requirements
1. Investment custodian and trustee services
•    The city requests that all reports be available online and would like to opt out of paper reports. 
•    The service provider shall provide monthly and annual investment reports detailing the activity for the period, including:
o    Security description;
o    Committee on uniform security identification procedures (CUSIP);
o    Purchase or maturity amounts; and
o    Interest earned.
•    The service provider shall provide month-end account reports, including:
o    A market and cost reconciliation;
o    A cash reconciliation; and
o    Accrual information for the month.
•    The service provider shall provide year-end account reports, including a market and cost reconciliation, a cash reconciliation, and accrual information for the year. 
•    The service provider shall provide daily notification of maturities via email.
2. Trustee services
•    The service provider shall provide monthly and annual trust statements for all accounts, both active and inactive, including the market value of all portfolio holdings and activity for the period.
•    The service provider shall provide a relationship summary report for all accounts, to categorize the sums of each as follows:
o    Cash;
o    Equities;
o    Fixed income, mutual, and collective funds,
o    Real estate; and
o    Liabilities
•    The service provider shall provide an investment summary detail report stating a detailed list of all the assets held in an account
o    Account id;
o    Account number;
o    Cash;
o    Equities;
o    Fixed income;
o    Mutual and collective funds;
o    Real estate;
o    Total assets; and
o    Liabilities
•    The service provider shall provide account summary reports showing activity totals of all accounts. 
•    The service provider shall provide a transaction report to include a detailed layout of the transaction activity that has occurred in the trust accounts.

- Non-Mandatory Virtual Pre-Proposal Conference Date: January 7, 2026
- Questions/Inquires Deadline: January 9, 2026