As used in this chapter, the following terms
shall have the meanings indicated:
FISCAL YEAR
The twelve-month period ending December 31.
At least once each fiscal year at its organization
meeting, the Council shall, by resolution, designate the depositories
for the Borough of Madison 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:5-14.
The Council, at its organization meeting, shall
pass a resolution designating the borough's official(s) who shall
make and be responsible for municipal deposits and investments.
The Director of Finance shall invest, at his
discretion, in any investment instruments as approved by the State
of New Jersey, Department of Community Affairs, Division of Local
Government Services, and in accordance with N.J.S.A. 40A:5-15.1.