Asbury Park
NJ

Resolution
2018-8

Resolution of the Mayor and Council of the City of Asbury Park Designating the Depositories wherein all Public Monies and Other Funds of the Municipality Shall Be Kept

Information

Department:City ClerkSponsors:
Category:Reorganization Resolutions

Attachments

  1. Printout

Body

              WHEREAS, under New Jersey Statutes, the Governing Body shall, by Resolution, designate the depositories wherein all public monies and other funds of the Municipality shall be kept; and

 

              WHEREAS, all public officials charged with the custody of such public funds shall hereafter deposit such funds only in the depositories named herein; and

 

              WHEREAS, the Mayor, Chief Financial Officer and Treasurer shall be designated as the authorized signatories on all checking accounts, with at least two signatures being required.

 

              NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the City of Asbury Park that the following banks be, and same are hereby designated as depositories for all City funds, and the account specified and maintained therein for the year 2018:

 

DEPOSITORY                            ACCOUNT

 

CURRENT FUND:

              Investors Bank              Current Fund

              Investors Bank              Tax Collector’s Account

              Investors Bank              Central Disbursing Account

              Investors Bank              Payroll Account, Flexible Spending Account

              Investors Bank              Merchant Service Fee Account

             

GENERAL CAPITAL FUND:

              Investors Bank              General Capital Account

              Investors Bank              RCA, Freehold/Middletown

              Investors Bank              Green Acres Account

 

PARKING UTILITY OPERATING FUND:

              Investors Bank              Parking Operating

              Investors Bank              Parking Utility Refund

 

PARKING UTILITY CAPITAL FUND

              Investors Bank              Parking Utility Capital

 

 

SEWER UTILITY OPERATING FUND:

              Investors Bank              Sewer Utility Operating

              Investors Bank              Sewer Utility Operating (Asbury Partners)

              Investors Bank              Sewer Collector’s Account

 

SEWER UTILITY CAPITAL FUND:

              Investors Bank              Sewer Capital Fund Account

 

BEACH UTILITY OPERATING FUND:

              Investors Bank              Beach Operating Fund Account

                           

TRUST FUNDS:

              Investors Bank              Animal Control Trust Fund

              Investors Bank              Trust - Other

              Investors Bank              Affordable Housing/Community Initiative

              Investors Bank              Child Welfare Trust Account

              Investors Bank              Howell RCA Trust Account

              1st Constitution Bank              Wesley Lake Escrow

              1st Constitution Bank              American Water Escrow

              Investors Bank              Law Enforcement Trust (Local)

              Investors Bank              Community Development Fund

              Santander Bank              Madison/Asbury Retail Escrow

              Investors Bank              Workers Compensation Trust Account

              Santander Bank              Planning/Zoning Escrow Trust Account

              Investors Bank              Law Enforcement Trust (Federal)

              Investors Bank              Tax Collectors Redemption Account

              1st Constitution Bank              Beach Urban Renewal Escrow

              1st Constitution Bank              NJ Natural Gas Escrow

              Santander Bank              Metro Homes Escrow

              Santander Bank              Madison/Wesley Escrow

              1st Constitution Bank              Beach Urban Renewal Inspection Escrow

              Investors Bank              Millstone/Wall/Spring Lake RCA

              Santander Bank              I-Star2 Escrow

              Santander Bank              AEF Savoy Theatre Escrow

              Santander Bank              Michaels Development Escrow

              1st Constitution Bank              Springwood Avenue Redevelopment Escrow

              1st Constitution Bank              Mattison Avenue Properties, LLC Escrow

              Investors Bank              Master Escrow             

 

All funds of the City of Asbury Park may be invested in New Jersey Cash Management at any time.  Moreover, funds may be invested in any one of the designated depositories named in the 2018 Cash Management Plan at the discretion of the Chief Financial Officer.

 

Meeting History

Jan 3, 2018 7:00 PM  Municipal Council Organizational Meeting
RESULT:ADOPTED [UNANIMOUS]
MOVER:Jesse Kendle, Councilmember
SECONDER:Amy Quinn, Deputy Mayor
AYES:Eileen Chapman, Jesse Kendle, Amy Quinn, John Moor
ABSENT:Yvonne Clayton






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