The Chief Financial Officer shall cause all
moneys received by the Borough of Rockaway to be deposited in depositories
designated by the Mayor and Council and shall thereafter be relieved
of any liability or loss of such moneys due to the insolvency or closing
of the depository or depositories. Transfers of funds to comply with
the Cash Management Plan may be accomplished by wire transfers, provided
that an adequate audit trail is maintained.
The following investment vehicles are authorized
for purposes of complying with this article:
A. Bank certificates of deposit.
C. United States Treasury obligations.
D. New Jersey Cash Management Fund.
Annually, at the reorganization meeting, the
Mayor and Council shall designate banks authorized as depositories
and shall designate the persons authorized to make withdrawals from
such depositories and accounts. The list of depositories may be amended
at subsequent meetings of the Mayor and Council pursuant to law.
Any compensating balance arrangement shall be
authorized by the Mayor and Council by appropriate resolution.
This Cash Management Plan may be amended at
any time by ordinance of the Mayor and Council.