| PREVIOUS SECTION | Go back to sections | Go back to the chapter | Go back to the N.J. Statutes homepage | NEXT SECTION |
New Jersey Statutes, Title: 40, MUNICIPALITIES AND COUNTIES
Chapter 3:
Section: 40:3-24: Interest on surplus; use of
The surplus in the sinking fund of any municipality, county or school district, as provided in section 40:3-20 of this Title, shall be held in the sinking fund, but the estimate of the annual earnings of such surplus figured on a three and one-half per centum (3 1/2 \%) basis may be used as a credit or offset to the annual requirements for the sinking fund, but the principal of the surplus may be used to reduce the appropriation for the annual sinking fund requirements as set forth in section 40:3-16 of this Title.
The fund so used in any one year shall not be in excess of fifty per centum (50\%) of the requirements for the sinking fund for that year, but in no case shall such credit or offset be used unless a certificate of approval shall first have been obtained from the Director of the Division of Local Government in the State Department of Taxation and Finance.
Amended by L.1947, c. 117, p. 574, s. 6, eff. July 1, 1947.
This section added to the Rutgers Database: 2012-09-26 13:37:51.
Older versions of 40:3-24 (if available):
Court decisions that cite this statute:
CLICK HERE.