File #: 12-0912    Version: 1 Name: Cash Management Plan
Type: Resolution Status: Filed
File created: 4/9/2012 In control: Finance
On agenda: 5/2/2012 Final action: 5/2/2012
Title: Dept/ Agency: Finance Action: ( X ) Ratifying (X) Authorizing ( ) Amending Purpose: Designating bank depositories/adopting Cash Management Plan Entity Name/Address: J.P. Morgan Chase TD Bank (formerly Commerce Bank) Crown Bank Wells Fargo (formerly Wachovia Bank) City National Bank Garden State Community Bank (formerly Penn Federal Savings) PNC Bank Bank of America Citibank Banco Popular Investors Savings Bank (formerly Millennium BCP Bank) Valley National Bank N.J. Cash Management Fund Period: January 1, 2012 through December 31, 2012 Additional Information:
Title
Dept/ Agency: Finance
Action:  (  X ) Ratifying     (X) Authorizing     (   ) Amending
Purpose: Designating bank depositories/adopting Cash Management Plan
Entity Name/Address:
J.P. Morgan Chase
TD Bank (formerly Commerce Bank)
Crown Bank
Wells Fargo (formerly Wachovia Bank)
City National Bank
Garden State Community Bank (formerly Penn Federal Savings)
PNC Bank
Bank of America
Citibank
Banco Popular
Investors Savings Bank (formerly Millennium BCP Bank)
Valley National Bank
N.J. Cash Management Fund
Period:  January 1, 2012 through December 31, 2012
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 and ratified for the City of Newark for the period of January 1, 2012 through December 31, 2012.
 
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, 2012 through December 31, 2012.  The banks designated as depositories are:
 
J.P. Morgan Chase
TD Bank (formerly Commerce Bank)
Crown Bank
Wells Fargo (formerly Wachovia Bank)
City National Bank
Garden State Community Bank (formerly Penn Federal Savings)
PNC Bank
Bank of America
Citibank
Banco Popular
Investors Savings Bank (formerly Millennium BCP Bank)
Valley National Bank
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, 2012 through December 31, 2012.  The Broker Dealers designated:
 
            Bank Related Broker Dealers:
Bank of America Securities, 1633 Broadway, New York, NY 10019
Wells Fargo Securities, 301 S. College Street, Charlotte, NC 28282
                        PNC Capital Markets, 249 5th Avenue Pittsburgh, PA 15222
            
Non-Bank Related Broker Dealers:
Merrill Lynch, 250 Vesey Street, New York, NY 10080
      Morgan Stanley Dean Witter, 1585 Broadway, New York, NY 10019
 
4.      The Municipal Council hereby ratifies its authorization of this Cash Management plan from January 1, 2012 to the date of adoption of this authorizing resolution.
 
STATEMENT
 
Resolution approving and ratifying the Cash Management Plan of the City of Newark for the period of January 1, 2012 through December 31, 2012.