Description
The City of Toledo Department of Finance, Division of Treasury, is seeking proposals for banking services, including primary centralized depository/custodian services. The selected bank will provide services such as account maintenance, cash management, investment services, and custodial services for the city's investments. The contract period will be for three years, from January 1, 2026, to December 31, 2028. The city is looking for a bank that can provide a variable interest rate indexed to the Federal Funds Overnight Rate and meet the eligibility requirements for a Depository as set forth in the Toledo Municipal Code Chapter 192.
• The bank must have a minimum Long Term Issuer Default Rating by Fitch Information Services of “BBB”.
• The bank must comply with the 102% collateralization requirement.
• The bank must provide online banking capabilities, positive pay, and account reconciliation utilizing BAI2 information.
• The bank must have the capability to execute delivery versus payment (DVP) transactions for both purchases and sales of Fed-eligible or DTC book-entry securities.
• The bank must provide a schedule of custodial fees that would be applicable if the bank is designated as the city's Central Depository.