Laserfiche WebLink
<br />ARTICLE 3 <br />BASIC SERVICES <br /> <br />3.1 CREATION OF PORTFOLIO AND ACCOUNT(S) <br /> <br />P&A will: <br /> <br />3.1.1 On behalf of the City, create and establish a separate and distinct portfolio (the <br />"Portfolio") to be managed by P&A as a separate and distinct fund, held in the City's name <br />at the City's safekeeping institution. P&A will receive, disburse, invest, hold, and manage <br />all monies deposited by the City into the Portfolio. <br /> <br />3.1.2 Establish separate accounts (the "Accounts") from time to time within the Portfolio <br />as directed by an Authorized Representative of the City which, if by oral instructions, will <br />be promptly confirmed in a Letter of Instructions. An Authorized Representative ofthe City <br />may also eliminate inactive Accounts from time to time if the request to eliminate the <br />Account is confirmed in writing in a Letter of Instruction sent to P&A. <br /> <br />3.2 OPERATION OF PORTFOLIO AND ACCOUNTS <br /> <br />Custodial Services: <br /> <br />3.2.1 P&A will not have custody of any assets in the Portfolio. City will be solely <br />responsible for paying all fees or charges of the Custodian. The City authorizes P&A to <br />give the Custodian instructions for the purchase, sale, conversion, redemption, exchange <br />or retention of any security, cash or cash equivalent or other investment for the Portfolio. <br /> <br />Deposits and Withdrawals: <br /> <br />3.2.2 An Authorized Representative of the City may deposit or withdraw from time to time <br />monies (the "Funds") from the City's Portfolio or any Account after notification to P&A on <br />an agreed upon schedule. Each remittance will identify the Portfolio and specify the <br />Account, if any, into which the Funds are to be deposited. Each withdrawal will identify the <br />Portfolio and specify the Account, if any, from which the Funds are to be withdrawn. In the <br />event any uncertainty arises as to which Account the Funds are to be deposited or <br />withdrawn, an Authorized Representative of P&A will contact an Authorized Representative <br />of the City immediately regarding the disposition of the Funds. An Authorized <br />Representative of the City will issue instructions to P&A in order to withdraw or transfer <br />Funds to or from the Portfolio or any Account. The instructions may be oral, provided <br />however, that a written confirmation signed by an Authorized Representative of the City is <br />received by an Authorized Representative of P&A within 24 hours of the oral instructions. <br /> <br />3 <br />