Custodial Banking Services

The Vendor is required to provide custody banks to ensure its assets are well-protected and efficiently managed.
- Custody banks play a crucial role in the financial industry, particularly for institutional investors such as pension funds, mutual funds, insurance companies, and investment managers who deal with a large volume of assets and require a reliable and secure partner to manage them.
- This independent custodial account must be within the trust department of a major financial institution with a branch located in city.
- The primary role of a custody bank is to hold and safeguard these assets, ensuring they are protected from theft, loss, or damage.
- Safekeeping of assets, collections of interest and dividends, settlement of security transactions, daily cash investment, online access, periodic statements, appraisals, and processing corporate actions.
- The Custodian shall maintain in its possession the Assets owned by the City and reflect an accurate and complete inventory of the assets.
- Any uninvested cash balance will be held in an interest-bearing sweep account (the "Cash Management Reserve Fund Sweep Account"), without any further direction from the City.
- The Custodian will collect, receive, and deposit for the account of the City all income and other payments received by the Custodian with respect to the Assets deposited.
- The Custodian will deposit any Assets when required by the terms of any reorganization or protective plan. Without the need for further instructions, the Custodian is authorized to exchange securities comprising part of the Assets in temporary form for securities in definitive form, to effect an exchange of shares when a par value of stock has changed, and upon receiving payment in current funds therefore, to surrender bonds or other securities at maturity or when advised of earlier call for redemption.
- The Custodian will collect, receive, and deposit for the account of the City all income and other payments received by the Custodian with respect to the Assets deposited.

- Contract Period/Term: 5 years
- Pre-Proposal Meeting Date: February 19, 2026
- Questions/Inquires Deadline: March 9, 2026