HomeMy WebLinkAboutContract 41645-R3 (2)By:
EXTENSION NOTIFICATION
under
CITY SECRETARY CONTRACT NO. 41645, AS AMENDED,
GLOBAL SECURITIES LENDING AGENCY AGREEMENT
Citibank, N.A.
3 88 Greenwich Street
7th Floor
New York, New York 10013
Attention: Securities Finance Compliance Officer
Ladies and Gentlemen:
Reference is hereby made to the Global Securities Agency Lending Agreement by and between the CITY
OF FORT WORTH (the "Lender") and CITIBANK, N.A. ("Agent") executed on March 31, 2011, as
subsequently amended and renewed (the "Agreement").
Pursuant to Section 15 of the Agreement, the Lender hereby notifies the Agent that it has elected to renew
the Agreement for an additional one year term commencing on April 1, 2014 and ending March 31, 2015.
Executed on this 3(S'liay of March, 2014.
CITY OF FORT WORTH
By:
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Title:
ATTEST:
By:
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APPROVED S O FORM AND LEGALITY:
By:
Title: INscr C itt
Acknowledged and agreed:
CITIBANK. N.A.
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Name
Title:
RECEtVED MR 2 8 1014
Barry Winter
_raging Director
US Fixed income < Cash Reinvestment Trading
IC G /Securities Finance
388 Greenwich Street, New York, NY 10013
Erna bit'ry.wint r citt.com
Office: 212-f23-& 63 Fax: 212-723-8501
OFFICIAL RECORD
CITY SECRETARY
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M&C Review
I IL
COUNCIL ACTION: Approved on 3/22/2011
DATE: 3/22/2011 REFERENCE
NO.:
CODE: P TYPE•
SUBJECT:
P-11216
NON -
CONSENT
LOG NAME'
PUBLIC
HEARING:
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Official site of the City of Fort Worth, Texas
FORT WORT!'
13P10-0451 SECURITIES
LENDING MJ
NO
Authorize Execution of a Professional Services Agreement with Citibank for the City's
Securities Lending Program
RECOMMENDATION:
It is recommended that the City Council authorize the City Manager to execute an Agreement with
Citibank to manage the City's collateralized securities lending program.
DISCUSSION:
This Agreement will provide securities lending services in accordance with the specifications, terms
and conditions as directed by the City. Securities lending is a cash management strategy involving
the lending of the City's securities to a primary dealer with the substitution of securities of greater
market value being safe -kept by a third party custodial bank in an account in the City's name. The
program is designed so that the City earns supplemental income on the portfolio without losing
ownership or interest payments on the loaned securities The safety of the City's securities is
guaranteed. Past agreements have provided approximately $250,000.00 average annual revenues
to the City. There is no cost to the City.
The Purchasing Division issued a Request for Proposals (RFP) on May 19, 2010 soliciting qualified
firms to provide certain comprehensive securities lending services in accordance with the
specifications terms and conditions as directed by the City. The evaluation factors included
demonstration of the qualifications, competence and capacity of the firm to provide the services,
collateral acceptance and investment aggregate program management, client reporting, securities
lending performance and City earnings potential.
An evaluation panel was made up of representatives from Financial Management Services and
Public Events Departments Proposals were received from Citibank, Frost National Bank and Morgan
Stanley. The recommended vendor, Citibank was determined to be the most qualified to perform the
services required.
BID ADVERTISEMENT - This bid was advertised in the Fort Worth Star -Telegram on Wednesdays
from May 19 2010 through June 16, 2010. The Purchasing Division solicited 16 vendors from the
purchasing system database and three proposals were received.
M/WBE - A waiver of the goal for M/WBE subcontracting requirements was requested by the
Purchasing Division and approved by the M/WBE Office because the purchase of goods or services
is from sources where subcontracting or supplier opportunities are negligible.
AGREEMENT TERM - The initial term of the Agreement will begin April 1, 2011 and expire March 31,
2012.
RENEWAL OPTIONS - This agreement may be renewed for up to nine successive one-year terms at
the City's option This action does not require specific City Council approval provided that the City
Council has appropriated sufficient funds to satisfy the City's obligations during the renewal term.
FISCAL INFORMATION/CERTIFICATION:
The Financial Management Services Director certifies that the Financial Management Services
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Department, Revenue Office will be responsible for the collection and deposit of funds due the City
under this agreement.
BQN\10-0451 \MJ
TO Fund/Account/Centers FROM Fund/Account/Centers
Submitted for City Manager's Office bv:
Originating Department Head:
Additional Information Contact:
ATTACHMENTS
Karen Montgomery (6222)
Lena Ellis (8517)
Jack Dale (8357)
Marilyn Jackson (2059)
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