Res 2008-031 - Laserfiche WebLink

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3.1.1 On behalf of the City, create and establish a separate and distinct portfolio (the "Portfolio") to be managed by the Consultant as a separate and distinct fund, held in the City's name at the City's safekeeping institution. The Consultant will receive, disburse, invest, hold, and manage all monies deposited by the City into the Portfolio. 3.1.2 Establish separate accounts (the "Account(s)") from time to time within the Portfolio as directed by an Authorized Representative of the City which, if by oral instructions, will be promptly confirmed in a Letter of Instructions. An Authorized Representative of the City may also eliminate inactive City Accounts from time to time if the request to eliminate the Account is confirmed in writing in a Letter of Instruction sent to the Consultant. 3.2 OPERATION OF PORTFOLIO AND ACCOUNTS The Consultant will: Custodial Services 3.2.1 Not have custody of any City assets in the Portfolio. The City will be solely responsible for paying all fees or charges of the Custodian. The City authorizes the Consultant to give the Custodian instructions for the purchase, sale, conversion, redemption, exchange or retention of any security, cash or cash equivalent or other investment for the Portfolio. Deposits and Withdrawals 3.2.2 The City's Authorized Representative may deposit or withdraw, from to time, monies (the "Funds") from the City's Portfolio or any Account after notification to Consultant on an agreed upon schedule. Each remittance will identify the Portfolio and specify the Account, if any, into which the Funds are to be deposited. Each withdrawal will identify the Portfolio and specify the Account, if any, from which the Funds are to be withdrawn. In the event any uncertainty arises as to which Account the Funds are to be deposited or withdrawn, the Consultant's Authorized Representative will contact the City's Authorized Representative immediately regarding the disposition of the Funds. The City's Authorized Representative will issue instructions to the Consultant in order to withdraw or transfer Funds to or from the Portfolio or any Account. The instructions may be oral, provided however, that a written confirmation signed by the City's Authorized Representative is received by the Consultant's Authorized Representative within 24 hours of the oral instructions. Separation of Portfolios 3.2.3 Intermingle the Funds of the Portfolio in separate Accounts of the City for purposes of common investment and operational efficiency. However, the Portfolio will be segregated and distinctly invested from all other funds invested by the Consultant. ~A~,t.t~:rssssr ~a;~a-rc:~arc ~k Zti€lf~ 3