[HISTORY: Adopted by the Town Council of the Town of Phillipsburg
as indicated in article histories. Amendments noted where applicable.]
[Adopted 1-25-1994 by Ord. No. O:94-1
(Ch. 31A, Art. I of the 1969 Code)]
As used in this article, the following terms shall have the meanings
indicated:
That plan as approved by ordinance.
The Chief Financial Officer of the Town of Phillipsburg.
The twelve-month period ending December 31.
At least once a fiscal year, the governing body shall, by resolution,
designate the depositories for the Town of Phillipsburg in accordance with
N.J.S.A. 40A:5-14.
The Cash Management Plan shall be subject to the annual audit conducted
pursuant to N.J.S.A. 40A:5-4.
The governing body shall pass a resolution at its first meeting of the
fiscal year designating the municipal official who shall make and be responsible
for municipal deposits and investments.
The Chief Financial Officer shall invest, at his discretion, in any
investment instrument as approved by the State of New Jersey in accordance
with N.J.S.A. 40A:5-15.1.
A.
The Chief Financial Officer shall ensure that the accounting
system provides regular information concerning the cash position and investment
performance.
B.
All moneys shall be turned over to the Chief Financial
Officer and deposited in accordance with N.J.S.A. 40A:5-15.
C.
The Chief Financial Officer is authorized and directed
to invest surplus funds of the Town of Phillipsburg as the availability of
the funds permit. In addition, it shall be the responsibility of the Chief
Financial Officer to minimize the possibility of idle cash by depositing the
moneys in interest-bearing accounts whenever practical and in the best interest
of the Town of Phillipsburg.
D.
The Chief Financial Officer shall ensure that funds are
borrowed for capital projects in a timely fashion.
