18A:64A-22.7 - Investments of proceeds; disposition of earnings - New Jersey Statutes

18A:64A-22.7  Investments of proceeds; disposition of earnings.

7.On January 10 in each year the county treasurer or the treasurer of the other legally empowered issuer shall certify and pay to the  State Treasurer the amount of the earnings received by the county or the issuer during the  preceding year from the investment of the proceeds from the sale of such bonds or notes, provided that prior to the application of the proceeds to the purposes for which the bonds or notes have been issued such proceeds  shall be invested in the State of New Jersey Cash Management Fund, established pursuant to section 1 of P.L.1977, c.281 (C.52:18A-90.4) or in such other investment as shall be explicitly authorized in writing by the State Treasurer.

L.1971,c.12,s.7; amended 1997, c.360, s.13.