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New Jersey Statutes, Title: 52, STATE GOVERNMENT, DEPARTMENTS AND OFFICERS
Chapter 14: "Department" and "head of department" defined
Section: 52:14-31: Federal and state bonds; bonds or notes secured by property within State; limitations
All boards, commissions and heads of departments of the State Government may invest moneys or funds in their possession in the following securities:
a. Bonds of the United States of America.
b. Bonds of the State of New Jersey, or of any municipality thereof, including school districts.
c. Mortgage bonds or notes secured by property within the State of New Jersey and insured by the Federal housing administrator.
No investment of such funds shall be made where the total debt of any such municipality, including the school debt, shall exceed thirty per centum (30\%) of the assessed valuation of all the real and personal property therein; but in ascertaining the total indebtedness, credit shall be allowed only for such moneys or property as shall be in the sinking fund.
Amended by L.1948, c. 197, p. 974, s. 1.
This section added to the Rutgers Database: 2012-09-26 13:37:55.
Older versions of 52:14-31 (if available):
Court decisions that cite this statute:
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