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New Jersey Statutes, Title: 40A, MUNICIPALITIES AND COUNTIES
Chapter 26a:
Section: 40A:26a-20: Bonds as legal investments
Notwithstanding any restrictions contained in any other law, the State and all public officers, local units, political subdivisions and public bodies, or agencies thereof, banks, trust companies, savings banks, savings and loan associations, investment companies, insurance companies, insurance businesses, and executors, administrators, guardians, trustees and other fiduciaries, may legally invest any sinking fund moneys or other funds belonging to them or within their control in any bonds authorized pursuant to this act, which bonds shall be authorized security for any and all public deposits. The bonds and the interest thereon shall be exempt from taxation except for transfer and inheritance taxes.
Source: C.40:23-19.10 (P.L.1966, c.205, s.10) and New.
L.1991,c.53,s.1.
This section added to the Rutgers Database: 2012-09-26 13:37:53.
Older versions of 40a:26a-20 (if available):
Court decisions that cite this statute:
CLICK HERE.