Specifications include, but are not limited to: 1. Maintain a custodian account for the cash and securities owned by the City. 2. Segregate all securities and cash from the assets of others. The custodian shall have only the bare custody thereof and securities shall be and remain the sole property of the City. The securities held by the custodian shall, unless payable to the bearer, be registered in the name of the City, or in the bank’s nominee name. Securities delivered to the custodian shall be in due form for transfer or already registered as provided above. 3. Settle and deliver securities as directed through any broker selected by the City or the City’s investment advisor. 4. Create, maintain and retain all records relating to securities held in custody in the City’s accounts to meet the requirements and obligations under Generally Accepted Accounting Principles. 5. Provide an overnight investment vehicle for cash balances in the custody accounts. 6. Provide online reporting of portfolio activity and holdings on a real-time or next day basis. 7. Provide online monthly activity statements and reports including the market value of all portfolio holdings. The statement should be the last day of the month. 8. Provide corporate action reporting to the City and investment managers of bond calls, conversions, tender offers, exchanges, receipt of stock rights, mergers and reorganization, and other events that affect fund holdings.