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RESOLUTION AMENDING THE CASH MANAGEMENT PLAN TO APPROVE ALMA BANK AS A DEPOSITORY FOR THE COUNTY OF PASSAIC, PURSUANT TO N.J.S.A. 40A:5-14
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WHEREAS, the County of Passaic (“County”) is a body politic and corporate pursuant to N.J.S.A. 40:18-1, and vested with all rights contained therein; and
WHEREAS, pursuant to N.J.S.A. 40:20-1, the Board of County Commissioners of the County of Passaic (“Board”) is vested with managing the property, finances, and affairs of the County; and
WHEREAS, pursuant to N.J.S.A. 40A:5-14, et seq., the County is required to adopt a cash management plan, and shall deposit and/or invest its funds pursuant to such plan, and among other requirements, designate a public depository of its funds; and
WHEREAS, on January 7, 2025, the Board approved Resolution No. R-25-6, adopting a cash management plan, that among other items, included a list of banking institutions that were designated as depositories for County funds; and
WHEREAS, the Chief Financial Officer is requesting an amendment of the designated list of depositories in the approved cash management plan to include Alma Bank; and
WHEREAS, Alma Bank is qualified under the Governmental Unit Depository Act to be a depository of government funds, including the County; and
WHEREAS, this matter was discussed at the October 1, 2025 Administration and Finance Committee meeting, and is being recommended to the Board for approval.
NOW, THEREFORE, LET IT BE RESOLVED, pursuant to N.J.S.A. 40A:5-14, et seq., the Board of County Commissioners of the County of Passaic amends its cash management plan to include Alma Bank as a designated depository of County funds; and
LET IT BE FURTHER RESOLVED, that the Clerk to the Board, County Counsel, Chief Financial Officer, and County Administrator are authorized to take any steps necessary to carry out the purpose of this Resolution.
NB October 14, 2025