Page 457 - FortWorthFY22AdoptedBudget

broker/dealers that qualify under Securities and Exchange Commission, or by
direct purchases of an approved open-ended mutual fund family.

The Trustee will perform due diligence and maintain information on each
broker/dealer, including a process to ensure best execution. The Trustee shall
review the performance, financial condition and registration of all qualified
counter-parties on an ongoing basis. Results will be provided to the Investment
Committee for review upon request.

SAFEKEEPING AND CUSTODY
All securities purchased by the Trustee or its Sub Advisors shall be properly
designated as an asset of the OPEB Trust Fund and held by the Trustee,
chartered by the United States Government or the State of Texas, and/or a
financial institution approved by the National Association of Security
Dealers. No withdrawal of such securities, in whole or in part, shall be made
from safekeeping except by the City Council or Trust Administrator.

The City Council or the Trustee will execute third party custodial
agreements with banks or financial institutions. Such agreements will
include details as to the responsibilities of each party, the costs to be
borne by each party, notification of security purchases, sales, delivery,
repurchase agreements and wire transfers, safekeeping and transaction
costs, and procedures in case of unforeseen circumstances.

6. BID REQUIREMENTS FOR DEBT INSTRUMENTS
After the Trust Administrator and/or the investment manager has selected one or
more optimal types of investments based on maturity date(s) to meet cash flow
needs and market conditions, a minimum of three qualified brokers and/or
dealers will be contacted and asked to provide bids on the securities to be
purchased.

In most situations the competitive bid process shall be utilized, except when
securities are purchased as an initial offering. The investment manager will choose
the appropriate brokers or dealers from among those on the approved
broker/dealer list based on expertise, competitiveness and the ability to execute
the transaction and deliver the securities on a timely basis. A minimum of three
(3) bids will be obtained.

A. Bids will be held in confidence until the best bid is determined and
awarded,

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