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X. SAFEKEEPING AND CUSTODY <br />All securities purchased by the Clerk shall be properly designated as an asset of the <br />County and held in safekeeping by a third party custodial bank, chartered by the United <br />States Government or the State of Florida, and no withdrawal of such securities, in whole <br />or in part, shall be made from safekeeping except by the Finance Director or his designee. <br />The Clerk will execute third party custodial agreements with banks. Such agreements will <br />include details as to the responsibilities of each party, the costs to be borne by each party, <br />notification of security purchases, sales, delivery, repurchase agreements and wire <br />transfers, safekeeping and transaction costs, and procedures in case of unforeseen <br />mishaps. <br />XI. AGREEMENTS <br />The Clerk will execute bank and investment agreements. Such agreements will include <br />details as to the responsibilities of each party, costs to be borne by each party, notification <br />of wire transfers, and transaction costs. <br />XII. BID REQUIREMENTS <br />After the Finance Director has determined the approximate maturity date based on the <br />cash flow needs and market conditions and has analyzed and selected one or more <br />optimal types of investments, a minimum of three qualified brokers and/or dealers will be <br />contacted and asked to provide bids on the securities in question. <br />In most situations the competitive bid process shall be utilized, except when securities are <br />purchased as an initial offering. The Finance Director will choose the appropriate brokers <br />or dealers from among those on the approved broker/dealer list based on expertise, <br />competitiveness and the ability to execute the transaction and deliver the securities on a <br />timely basis. A minimum of three (3) bids will be obtained. <br />1. Bids will be held in confidence until the best bid is determined and awarded, <br />2. Documentation will be retained for all bids, with the winning bid clearly <br />identified, <br />If for any reason the highest bid (on sales of investments) or the lowest bid (on <br />purchases of investments) is not selected, then the reasons leading to that decision <br />will be clearly documented, <br />4. If the maturing investment is a certificate of deposit, the present holder of the <br />funds will be one of the contacts made, subject to the portfolio diversification <br />requirements in this policy and the institutions' ability to maintain collateral. <br />18 <br />