Custody Bank Services

The Vendor is required to provide financial institutions to provide custody services to the city.
- The custodian bank will accept possession of securities for safekeeping; collect and disburses income; collect principal of sold, matured or called items, and provide periodic accounting statements.
- They may also meet, as required, with the Trust and Committee and provides reports relative to the status of the assets.
- A custody bank is utilized to provide services related to holding securities, settling trades, collecting income, providing asset reports and online reporting.
- Responsible for the secure possession of securities and provide comprehensive periodic accounting statements that detail the holdings, transactions, and performance of Trust assets.
- The custodian shall keep any cash left with the Custodian invested in short-term investment vehicles. Prepare monthly and annual accounting reports and reconcile reports with managers.
- A representative staff member of the successful financial institution may be asked to attend at least on meeting of the board each year to present required or relevant reports and information.
- The Custodian should be prepared to meet with the Board or staff at other times as required
- Provide access to online data and reporting.
- Provide access to periodic investment performance reports and guide