Specifications include, but are not limited to: 1. Meet the qualifications for custodian of portfolio securities for government entities. 2. Act upon proper, agreed upon method of instruction by designated City staff or their designated investment advisor to affect the receipt, transfer, and delivery of City assets. 3. Receive monies due to the City and deposit such monies on the same day in City accounts as directed by designated City staff or investment advisor. 4. Hold assets or other City property in nominee name, in bearer form, or in book-entry form. 5. Create, maintain, and retain all records relating to securities held in custody to meet the requirements and obligations under generally accepted accounting principles. 6. Institution should provide e-mail notification to the City or have an option to run daily account activity. Describe the notification process as wells as the cut-off time for receiving trade instructions. 7. Institution shall provide settlement instructions for brokers. 8. Provide a monthly custody statement to the City displaying at a minimum the following information: security description, par value, market value, accrued interest and original cost as of the end of the month, trade date, maturity date, and CUSIP number for each security, with subtotals for each security type. The reports should be distributed no later than three business days after the close of each month and should be available in both paper and online formats. 9. Provide online access to information related to securities transactions, balances, market values, etc. in a format that can be exported into Microsoft Excel. 10. Provide a monthly invoice for safekeeping services for the City within five (5) business days after the close of each month; the statement cutoff-date should be the last day of each month. 11. Provide a "sweep vehicle" which is eligible for money market fund (as directed by the City or the City's designated investment advisor). 12. Arrange for the transfer of City securities from the current custodian, BMO. 13. Receive and process the initial transfer (including wire transfer) at no cost or minimal cost to the City.
