Res 2010-078 - Laserfiche WebLink

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RFA 210 -006 responsible for the pricing of securities and continuous monitoring and maintenance of margin levels. The custodian will provide a monthly report directly to the City on the collateral pledged. Preferably the custodian will provide market values on the securities. A tri -party collateral agreement will be executed under the terms of FIRREA (with the exception of the Federal Reserve for which a Circular 7 will be used) between the bank, the City and the custodian and approved by resolution of the applicant's Board or Loan Committee. If collateral pooling is approved by the State Legislature during the period of the subsequent contract, the City reserves the right to chose whether or not to use this pledging mechanism. If, for any reason, funds are not swept to overnight investments, collateral will be pledged against total deposits held and the conditions must be met. Application will state acceptance to the following requirements: 1. Collateral must be held in an independent third party bank outside the bank's holding company. 2. All deposits will be collateralized at 102% of principal plus accrued interest at all times, excluding FDIC insurance. 3. The successful applicant is responsible for the continuous monitoring and maintaining of collateral margin requirements. 4. Pledged collateral will be evidenced by original safekeeping receipts /report sent directly to the City by the custodian and the City will receive a report of collateral pledged including description, par, market value, and cusip monthly. 5. Substitution rights will be granted if the applicant obtains the City's prior approval and if substituting securities are received before previously pledged securities are removed from safekeeping. 6. The applicant will execute a tri -party safekeeping agreement with the City and the safekeeping bank for custody of pledged securities in full compliance with FIRREA not less than five days before commencement of the contract. 7. The custodian will provide monthly collateral reports directly to the City. N. ACCOUNT ANALYSIS A monthly account analysis report will be provided for each account and on a consolidated account basis. Provide the following information: 1. A sample account analysis.