Laserfiche WebLink
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. MASTER REPURCHASE AGREEMENT <br /> The Clerk will require all approved brokers and dealers transacting repurchase <br /> agreements to execute and perform as stated in the Master Repurchase Agreement. All <br /> repurchase agreement transactions will adhere to requirements of the Master Repurchase <br /> Agreement (Attachment A)and Annex I (Attachment B). <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 /> I. 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 /> 3. 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 /> 5 <br /> 29 <br />