NIGP 94685: Trusts, Estates and Agency Accounts

NIGP 94685 Trusts, Estates And Agency Accounts, an Item code, encompasses investment advisory services, arbitrage consulting, custody and liquidity services for municipal financial assets, and related fiduciary services that state and local governments procure to manage pension trusts, municipal bond proceeds, investment portfolios, and retirement funds held in trust. Recent solicitations show municipalities contracting for portfolio management and performance reporting against adopted investment policies; independent arbitrage calculations and tax compliance opinions tied to Section 148 Internal Revenue Code requirements for tax-exempt bond proceeds; and custody infrastructure for strategic asset reserves. Issuing bodies include city finance and treasury departments (City of Milpitas, City of Tucson), county finance and bond management offices (Okaloosa County), and statewide treasury entities (Texas Comptroller of Public Accounts on behalf of the Texas Treasury Safekeeping Trust Company). The work spans investment advisory for general municipal portfolios, Section 115 retirement trust administration, real estate brokerage and asset management for public housing disposition programs funded through HUD, and specialized services such as arbitrage compliance and cryptocurrency custody.

Geographic activity is concentrated in the Southwest and Southeast—California (City of Milpitas), Arizona (City of Tucson), Florida (Okaloosa County), and Texas (statewide treasury), with primary recent solicitations posted between July and October 2026. The City of Milpitas issued an RFP for investment advisory services (due September 24, 2026) covering two separately awarded packages managing $265.4 million in municipal securities plus $46.0 million in a Section 115 retirement trust portfolio, with an initial five-year term and two one-year renewal options commencing January 1, 2027 and April 1, 2027 respectively. Okaloosa County, Florida solicited arbitrage consulting via an ITQ (due July 15, 2026) for annual rebate calculations, Form 8038-T preparation, and tax compliance opinions under a one-year initial term with four one-year renewal options. The Texas Comptroller of Public Accounts issued an RFP (due July 10, 2026, presentations July 31, 2026) for custody and liquidity services supporting the Texas Strategic Bitcoin Reserve, with contract execution targeted for August 28, 2026 and a three-year initial term extending through August 31, 2029, intending to award to both a primary and secondary provider for redundancy.