18A:58-33.20 - Investment or deposit of proceeds; disposition of income - New Jersey Statutes

18A:58-33.20.  Investment or deposit of proceeds;  disposition of income
    Pending application to the purposes for which bonds or notes entitled to the  benefits of this act are issued, the proceeds of such bonds or notes shall be  invested or deposited subject to regulations prescribed by the State Treasurer.   On January 10 in each year the custodian of school moneys of a Type II school  district or the chief financial officer of the municipality of a Type I school  district, as the case may be, shall certify and pay to the State Treasurer the  amount of earnings received during the preceding year from the investment or  deposit of the proceeds from the sale of such bonds or notes, which amounts  shall be held by him and applied only to the payment of principal and interest  on such bonds or notes.

     L.1971, c. 46, s. 4, eff. March 12, 1971.