Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Purpose: Designating bank depositories/adopting Cash Management Plan
Entity Name/Address:
TD Bank
Industrial Bank
Columbia 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 Bank
N.J. Cash Management Fund
Bank of America Securities
Wells Fargo Securities
PNC Capital Markets
Merrill Lynch
Morgan Stanley Dean Witter
Period: January 1, 2020 through December 31, 2020
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, 2020 through December 31, 2020.
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, 2020 through December 31, 2020. The banks designated as depositories are:
TD Bank
Industrial Bank
Columbia 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 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, 2020 through December 31, 2020. The Broker Dealers designated:
Bank Related Broker dealers:
Bank of America Securities, 1633 Broadway, New York, New York
Wells Fargo Securities, 301 S. College Street, Charlotte, North Carolina
PNC Capital Markets, 249 5th Avenue...
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