40:14B-65 - Undertakings for deposits of municipal authority - New Jersey Statutes

40:14B-65.  Undertakings for deposits of municipal authority
    All banks, bankers, trust companies, savings banks, investment companies and  other persons carrying on a banking business are hereby authorized to give to  any municipal authority a good and sufficient undertaking with such sureties as  shall be approved by the municipal authority to the effect that such bank or  banking institution as hereinbefore described shall faithfully keep and pay  over to the order of or upon the warrant of the municipal authority or its  authorized agent all such funds as may be deposited with it by the municipal  authority and agreed interest thereon, at such times or upon such demands as  may be agreed with the municipal authority or in lieu of such sureties, deposit  with the municipal authority or its authorized agent or any trustee therefor or  for the holders of any bonds, as collateral, such securities as the municipal  authority may approve.  The deposits of the municipal authority may be  evidenced by a depository collateral agreement in such form and upon such terms  and conditions as may be agreed upon by the municipal authority and such bank  or banking institution.

     L.1957, c. 183, p. 677, s. 65, eff. Aug. 22, 1957.