Investment Custodial Safekeeping

The Vendor is required to provide the city’s investment policy prohibits the city's safekeeping agent from providing broker/dealer services to the City.
- Provide safekeeping custodial services for the City’s investments.
- The value of the City’s total portfolio is approximately $245 Million.
- The City has a contract with an investment management company who directs approximately $60 million.
- The City manages the other $185 million in-house.
- The securities managed by the investment management firm are currently kept in a separate custody account.
- The investment management firm also manages a $30 million water revenue bond proceeds account.
- The City requires its safekeeping agent to perform the following services in an accurate and timely manner: execute all delivery and custody instructions given by authorized City personnel; verify good delivery of securities before releasing funds, and, conversely, verify good payment before releasing securities; issue confirmations/custody receipts for delivered securities; notify City of delivery problems, interest payments, maturities, and redemptions; transmit current-day investment transaction credits to the City's bank account on a same-day basis; issue credit advices for items paid; produce a monthly report of the City' investment portfolio holdings and market valuation of the securities in the portfolio at month-end; and respond to transaction/account inquiries.