Title
Contract for Insured Cash Sweep Services as requested by the Financial Services Department (Citywide)
This contract will provide Insured Cash Sweep Services (ICS) to use idle cash holdings and create returns in accordance with the City's Investment Policy objectives. The City will deposit amounts with the qualified banks for short-term investment of City funds resulting in return based on the market at the time of the quarterly quotes and placements. These investments are fully insured with the Federal Deposit Insurance Corporate (FDIC) insurance.
The evaluation committee recommends awarding a three-year contract to the qualified proposals from CoBiz Bank NA, dba Arizona Business Bank; Gateway Commercial Bank (a Mesa business); and Western Alliance Bank, dba Alliance Bank of Arizona. These qualified financial institutions will be placed onto the City's approved vendor listing to provide ICS services.