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
Kearny 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 Related Broker dealers:
Bank of America Securities, 1633 Broadway, New York, New York 10019
Wells Fargo Securities, 301 S. College Street, Charlotte, North Carolina 28202
PNC Capital Markets, 249 5th Avenue, Pittsburgh, Pennsylvania 15222
Non-Bank related Broker Dealers:
Merrill Lynch, 250 Vesey Street, New York, New York 10007
Morgan Stanley Dean Witter, 1585 Broadway, New York, New York 10019
Period: January 1, 2023 through December 31, 2023
Additional Information:
body
WHEREAS, N.J.S.A. 40A:5-14 requires that the City of Newark (the "City") to adopt a cash management plan and deposit, or invest, or deposit and invest its funds pursuant to that plan; and
WHEREAS, pursuant to the statute the requirement is placed on municipalities and it relieves them of any liability o loss due to the possible insolvency or closing of any designated depository.
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 for the period of January 1, 2023 through December 31, 2023.
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, 2023 through December 31, 2023. The banks designated as depositories are:
TD Bank
Industrial Bank
Columbia Bank
Kearny Bank
Santander Bank
J.P. Morgan Chase
Crown Bank
Wells Fargo
Garden State Community Bank
PNC Bank
Bank of America
Citibank
Banco Popular
...
Click here for full text