Investment Advisory Services

The vendor is required to provide investment advisory services for its estimated $170 million investment portfolio.
- Requirement:
• Review cash flow requirements prepared by the authority staff and develop an investment strategy to complement the cash flow.
• Execute securities purchases and sales with approved broker/dealers in accordance with the authority approved investment policy.
• The investment advisor will not have responsibility for managing the portion of the portfolio invested in local government investment pools or overnight repurchase agreements.
• All securities will be held by a third-party custodian in the name of the authority and all transactions will settle on a “delivery versus payment” basis.
• Provide monthly reports on investment activity, earnings, and the value of the portfolio holdings and projected portfolio cash flows.
• The investment advisor shall maintain accurate reports on investments including the diversity of investments and compliance with applicable investment policies of the authority and state statutes.
• Provide quarterly investment reports including a description of market conditions, investment strategies employed, performance and suggested changes to investment strategy. Investment performance must be provided on an average portfolio yield to maturity basis and compared to appropriate benchmarks.
• Annually review the investment policy, check for compliance with state government codes and provide written comments and recommended changes.
• Review investment strategies for feasibility and appropriateness.
• Investment advisor services for the proceeds of tax-exempt bond issues in compliance with the arbitrage and rebate requirements of the currently described in section 148 of the internal revenue code of 1986 as amended and of the related code of federal regulations.
• The investment advisor shall be required to maintain relevant records needed to perform computations required by the regulations.
• Collateral valuation as requested to help ensure adequate collateral value.
• Determine the efficiency and effectiveness of the current banking and custodial services and structure and offer possible recommendations for improvement including assisting in preparation of an RFA and evaluation of proposals.