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The Clerk of the Circuit Court, on behalf of the OPEB Trustees, will execute third party <br />custodial agreements with banks or financial institutions. Such agreements will include <br />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 />XII. BID REQUIREMENTS FOR DEBT INSTRUMENTS <br />After the investment manager, which may be the ince Dir-ee4er- "hief Deputy <br />Comptroller or her designee, 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 investment manager will choose the appropriate <br />brokers or dealers from among those on the approved broker/dealer list based on <br />expertise, competitiveness and the ability to execute the transaction and deliver the <br />securities on a timely basis. A minimum of three (3) bids will be obtained. <br />A broker's response that they are unable to bid on the investment can be counted as one <br />of the required bids. <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 />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 />XIIII. INTERNAL CONTROLS <br />The OPEB Trust Board shall adopt a written set of internal controls and eper-atienal <br />pr-eeedu es to be implemented by the Clerk of the Circuit Court or his designee, which <br />said controls are designed to protect the OPEB funds and ensure proper accounting and <br />reporting of securities transactions. Such internal controls shall consist, at a minimum, of <br />the following: <br />6 107 <br />