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Home My Public Portal Aboutr 09:164 2Rel'lOIuthm of tire ~ornugIr of QIcrrterti, ~L W~ No. ffi-1h4 Date of Adoption TIlly q _. J ENABLING iVIUNICIP AL ENTITIES TO UTILIZE CREDIT UNIONS AS DEPOSITORIES ?1Y1l \VHEREAS, local government entities are constantly seeking ways to cut costs and save taxpayer dollars; and \VHEREAS, credit unions are not-for-profit, financial cooperatives established to promote thrift by mutuality of ownership; and 'VHEREAS~ the institutions are locally-owned by their members and play an active role in the community by encouraging personal thrift through savings accounts, homeownership through mortgage lending, and local economic development through small business lending; and \VHEREAS, the New Jersey Government Unit Depository Protection Act of 1970 (GUDPA) was enacted to ensure that local governments were adequately protected in the event a depository failed but before credit union deposits became federally insured to the same levels of bank and thrift deposits; and 'YHEREAS, the US Government established the National Credit Union Share Insurance Fund (NCUSIF) and beginning in 1971 deposits in New Jersey credit unions have been guaranteed by the full and credit ofthe United States to the same levels as bank and thrift deposits insured by the Federal Deposit Insurance Corporation (FDIC); and 'VHEREAS, nearly one-half of states including California, Illinois, Indiana, Michigan, pennsylvania and Texas and many large cities throughout the United States expressly allow for the deposit of public funds in credit unions; and 'YHEREAS, by enacting legislation to permit the deposit of municipal funds in credit unions, the state will be helping local government entities by expanding their fmancial options, creating additional competition that can be expected to result in savings to the taxpayer, and increasing the likelihood that these deposits will be used for local economic development. NOW, THEREFORE BE IT RESOLVED, that the Mayor and Council of the Borough of earteret call upon the New Jersey Legislature to adopt and the Governor to sign legislation (A-3508/S-2357) which would enable municipalities and other local government entities to utilize as a depository a credit union which meets the criteria established under the Government Unit Depository Act of 1970 (GUDP A) and credit unions meeting that criteria to be included on the list of "eligible depositories" maintained by the New Jersey Division of Banking. Adopted this 9"' day of July, 2009 and certified as a true copy of the original on July 10,2009. KATHLEEN M. BARNEY, MMC Municipal Clerk RECORD OF COUNCIL VOTE COUNCILMAN IWITThrl _ CDlCN DW YES NO "", A.B. COUNCILMAN . YES NO "" A.B. X TlDIM X X NAPlES X X SIThRZ X X. Indicate Vote AB. Absent NV . Not Voting XOR. Indicates Vote 10 Overrule YelO ',> Adopted at a meeting of the Municipal Council ~JV9 ~ . L7)"{'er~ · ,. A-t/1ir '. C ER (~ , I Suggested Mailing List Local Governing Body Letters & Resolutions to NJ Legislators Enabling Municipal Entities to Utilize Credit Unions as Depositories Governor Assembly The Honorable Joseph Roberts Assembly Speaker Post Office Box 099 Trenton, NJ 08625 The Honorable Jon S. Corzine Governor Post Office Box 001 Trenton, NJ 08625 Senate The Honorable Bonnie Watson Coleman Assembly Majority Leader Post Office Box 099 Trenton, NJ 08625 The Honorable Richard J. Cody Senate President Post Office Box 099 Trenton, NJ 08625 The Honorable Stephen M. Sweeney Senate Majority Leader Post Office Box 099 Trenton, NJ 08625 The Honorable Alex DeCroce Assembly Minority Leader Post Office Box 099 Trenton, NJ 08625 The Honorable Tom Kean Senate Minority Leader Post Office Box 099 Trenton, NJ 08625 The Honorable Nia Gill Chairman Senate Commerce Committee Post Office Box 099 Trenton, NJ 08625 The Honorable Gary Schaer Chairman Assembly Financial Institutions & Insurance Committee Post Office Box 099 Trenton, NJ 08625 District 19 The Honorable Joseph F. Vitale Senator 87 Main Street Woodbridge, NJ 07095.2821 The Honorable John S. Wisniewski Assemblyman 3145 Bordentown Avenue, Suite B Parlin, NJ 08859.1164