55E - RESO - AGMT - DEPOSITORY SRVS

Home Browse Search

Proposals must address all items set forth in Section TII "Scope of work and Time of Performance. " Additional information that your firm wishes to include must be clearly identified. The items must be addressed in the order in which they appear in Section III of this RFP. III Scope of Services The following banking services will be required and the inability to provide these services, except when stated within the service description as desired rather than being required, will eliminate the proposal from consideration. A. Collateralization, Ali balances are to be fully collateralized through the pool collateral system required under the State of California Financial Code Section 53630 et seq. JPMorgan Chase Bank, N.A. ( "Bank"), through its National Collateral Management Group ( "NCMG "), employs a Bank developed Corporate Collateral Management System (Coast), which provides daily monitoring of deposit balances and security value for collateralization purposes. Coast is reviewed daily (business day) by dedicated Collateral Managers for customer's collateral requirements. Collateral requirements are based upon the end -of -day ledger, deposit account (checking, savings, depository CD's) information (plus accrued interest if any), less applicable FDIC coverage if coverage for insured balances is appropriately waived, plus applicable margin (iio %). The end of day deposits balances are uploaded into Coast the following business morning from the Bank's deposit system. NCMG monitors the market value securities pledged to our customers and compares to the collateral requirements. In the event a market value reduction creates an under - collateralized position, additional securities will be pledged promptly. Collateral is Pooled for all Local Agency Government Customers The Bank follows the collateralization processes established by California law and procedures of the Local Agency Security Program (LASP) Administrator. Page 33 J P. M®ran 55E -128