Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Designating bank depositories/adopting Cash Management Plan
Entity Name/Address:
TD Bank
Industrial Bank
Kearny Bank
Columbia Bank
Santander Bank
J.P. Morgan Chase
Wells Fargo
Provident Bank
Garden State Community Bank
M&T Bank
Freedom Bank
PNC Bank
Bank of America
ALMA Bank
Citibank
Banco Popular
Investors Savings Bank
Valley Bank
Four Leaf Federal Credit Union
Flagstar
N.J. Cash Management Fund
Broker Dealers:
Bank of America Securities, 1633 Broadway, NY, NY
Wells Fargo Securities, 301 S. College St., Charlotte, NC
PNC Capital Markets, 249 5th Ave, Pittsburgh, PA
Merrill Lynch, 250 Vesey Street, New York, NY
Morgan Stanley Dean Witter, 1585 Broadway, New York, NY
Period: January 1, 2026 through December 31, 2026
Additional Information:
body
WHEREAS, N.J.S.A. 40A:5-14 requires that the City of Newark adopt a cash management plan and deposit, or invest, or deposit and invest its funds pursuant to that plan.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The attached Cash Management Plan is approved for the City of Newark for the period of January 1, 2026 through December 31, 2026.
2. The banks listed below in the attached Cash Management Plan are authorized as depositories for the fund of the City of Newark for the period January 1, 2026 through December 31, 2026. The banks designated as depositories are:
TD Bank
Industrial Bank
Kearny Bank
Columbia Bank
Santander Bank
J.P. Morgan Chase
Wells Fargo
Provident Bank
Garden State Community Bank
M&T Bank
Freedom Bank
PNC Bank
Bank of America
ALMA Bank
Citibank
Banco Popular
Investors Savings Bank
Valley Bank
Four Leaf Federal Credit Union
Flagstar
N.J. Cash Management Fund
3. The banks and non-banks listed below in the attached Cash Management Plan are authorized as Broker Dealers of the City of Newark for the period January 1, 2026 through December 31, 2026. The Broker Dealers designated:
Bank Related Broker Dealers:
Bank of America Securities, 1633 Broadway, NY, NY
Wells Fargo Securities, 301 S. College St., Charlotte, NC
PNC Capital Markets, 249 5th Ave, Pittsburgh, PA
Non-Bank related Broker Dealers:
Merrill Lynch, 250 Vesey Street, New York, NY
Morgan Stanley Dean Witter, 1585 Broadway, New York, NY
4. The Cash Management Plan is hereby ratified from January 1, 2026 until the date of adoption of this Resolution.
STATEMENT
Resolution approving the Cash Management Plan of the City of Newark for the period of January 1, 2026 through December 31, 2026.