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 Mark...
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