File #: 16-0183    Version: 1 Name: 2016 Cash Management Plan and Bank Depositories
Type: Resolution Status: Adopted
File created: 2/3/2016 In control: Finance
On agenda: 3/2/2016 Final action: 5/18/2016
Title: Dept/ Agency: Finance Action: (X ) Ratifying (X) Authorizing ( ) Amending Purpose: Designating bank depositories/adopting Cash Management Plan Entity Name/Address: BANK DEPOSITORIES: TD Bank, 105 Mulberry St., Newark, New Jersey 07102 City National Bank, 900 Broad St., Newark, New Jersey 07102 Santander Bank, 905 Broad Street, Newark, New Jersey, 07102 J.P. Morgan Chase, 570 Broad St. Suite 110, Newark, New Jersey 07102 Crown Bank, 174 Ferry St., Newark, New Jersey 07105 Wells Fargo, 550 Broad ST., Newark, New Jersey 07102 Garden State Community Bank, 36 Pacific St., Newark, New Jersey 07105 PNC Bank, 1140 Raymond Blvd., Newark, New Jersey 07102 Bank of America, 790 Broad St., Newark, New Jersey 07102 Citibank, 721 Broad St., Newark, New Jersey 07102 Banco Popular, 500 Bloomfield Avenue, Newark, New Jersey 07107 Investors Savings Bank, 184 Ferry Street, Newark, New Jersey 07105 Valley National Bank, 1455 Valley Road, Wayne, New Jersey 07470 N.J. Cash Manag...
Sponsors: Council of the Whole
Related files: 16-0910, 16-0568, 16-0699, 16-0766

Title

Dept/ Agency: Finance

Action:  (X ) Ratifying     (X) Authorizing     (   ) Amending

Purpose: Designating bank depositories/adopting Cash Management Plan

Entity Name/Address:

BANK DEPOSITORIES:

TD Bank, 105 Mulberry St., Newark, New Jersey 07102

City National Bank, 900 Broad St., Newark, New Jersey 07102

Santander Bank, 905 Broad Street, Newark, New Jersey, 07102

J.P. Morgan Chase, 570 Broad St. Suite 110, Newark, New Jersey 07102

Crown Bank, 174 Ferry St., Newark, New Jersey 07105

Wells Fargo, 550 Broad ST., Newark, New Jersey 07102

Garden State Community Bank, 36 Pacific St., Newark, New Jersey 07105

PNC Bank, 1140 Raymond Blvd., Newark, New Jersey 07102

Bank of America, 790 Broad St., Newark, New Jersey 07102

Citibank, 721 Broad St., Newark, New Jersey 07102

Banco Popular, 500 Bloomfield Avenue, Newark, New Jersey 07107

Investors Savings Bank, 184 Ferry Street, Newark, New Jersey 07105

Valley National Bank, 1455 Valley Road, Wayne, New Jersey 07470

N.J. Cash Management Fund, 50 West State Street, 9th Floor, Trenton, New Jersey 08608-0290

 

BROKER-DEALERS:

Bank of America Securities, 1633 Broadway, New York, New York 10019

Wells Fargo Securities, 301 S. College St., Charlotte, North Carolina, 28202

PNC Capital Markets, 249 5th Ave, Pittsburgh, Pennsylvania, 15222

Merrill Lynch, 250 Vesey Street, New York, New York, 10080

Morgan Stanley Dean Witter, 1585 Broadway, New York, New York, 10036

Period:  January 1, 2016 through December 31, 2016

Additional Information:

Deferred 7R5-c 030216

Deferred 7R5-a 031616

Deferred 7R5-a 040616

Deferred 7R5-a 042016

Deferred 7R5-a 050416  

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, 2016 through December 31, 2016.

 

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, 2016 through December 31, 2016.  The banks designated as depositories are:

 

TD Bank

City National Bank

Santander Bank

J.P. Morgan Chase

Crown Bank

Wells Fargo

Garden State Community Bank

PNC Bank

Bank of America

Citibank

Banco Popular

Investors Savings 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, 2016 through December 31, 2016.  The Broker Dealers designated:

 

                                          Bank Related Broker dealers:

Bank of America Securities, 1633 Broadway, New York, New York

Wells Fargo Securities, 301 S. College St., Charlotte, North Carolina

                                                                     PNC Capital Markets, 249 5th Ave, Pittsburgh, Pennsylvania

                                          

Non-Bank related Broker Dealers:

Merrill Lynch, 250 Vesey Street, New York, New York

                     Morgan Stanley Dean Witter, 1585 Broadway, New York, NY

 

4.                     The Cash Management Plan is hereby ratified from January 1, 2016 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, 2016 through December 31, 2016.