Specifications include, but are not limited to: The West Virginia State Treasurer’s Office (“STO”) is soliciting bids on behalf of the West Virginia Board of Treasury Investments (“BTI”) to establish a contract for an interest bearing account for the deposit of approximately $19.98M in an account entitled “Reserve Pool” (See Attachment 1 for Investment Policy). The purpose of these funds is to provide support for the net asset value of the West Virginia Money Market Pool (“MMP”) and West Virginia Government Money Market Pool (“GMMP”) in the event these pools were to experience declines in market value sufficient to reduce the per share net asset value below 0.9985. The BTI monitors the net asset values of both the MMP and GMMP on a daily basis. Since creation of the Reserve Pool in November 2008, the MMP and GMMP have never experienced a decline requiring use of the Reserve Pool Funds. The Reserve Pool is currently maintained in a variable-rate interest demand deposit account paying interest equal to the 1- month U.S. Dollar London Interbank Offered Rate (USD LIBOR) plus a spread of 5 basis points. The variable rate resets on the first calendar day of every month using the 1-month USD LIBOR as published in the Wall Street Journal one business day prior to the first calendar day of the month. There are no regular deposits or withdrawals to this account. The last deposit occurred in March 2014 and the last withdrawal occurred in June 2015. Deposits and withdrawals to the Reserve Pool are not expected in the foreseeable future.
