• Be a registered Investment Advisor as defined and regulated by the Securities and Exchange Commission and be registered with the Texas State Securities Board. • Be either completely independent of any financial institution or securities brokerage firm; or fully and continuously disclose any relationships with such financial institution(s) and/or securities brokerage firm(s), and further disclose any commissions, bonuses, or soft-dollar payments resulting from the firm’s relationship with the City. • Take no possession of City monies or investment securities, nor have access to or control over such monies and/or securities. • Comply with Texas State law and the ordinances and policies of the City of Del Rio. • Review and recommend changes to the City’s Investment Policy. • Review the present investment management procedures and documentation and propose improvements. • Assist in developing and implementing investment strategies that will enhance portfolio performance under current and anticipated changes in market conditions within the parameters of established investment policies and cash flow needs. Make presentations to the City’s Investment Committee, as needed, to support recommendations relating to investment strategy. • Provide non-discretionary management of the City’s investment portfolio by acting solely in an advisory and administrative capacity within the guidelines of the City’s Investment Policy. • Provide daily, timely or as needed assessments of the market including market reaction to economic events. • Execute securities purchases/sales upon verbal instructions from authorized City staff. After a trade is executed, the advisor must confirm to the City by fax all details of the trade including the dealers contacted and the prices received. An official trade confirmation must be mailed to the City within five business days of the transaction. The City is responsible for instructing the Custodian to either accept or deliver securities transacted through the advisor. • Obtain a minimum of three offers/bids for each trade and provide monthly reports documenting total trades offered and awarded to each dealer. • Provide detailed monthly reports, in a format acceptable to the City, which include the following information on each security: par value, cost value, book value, market value and other pertaining information.
