40:23-6.52 - Acceptable forms of payment for road opening permits - New Jersey Statutes

40:23-6.52  Acceptable forms of payment for road opening permits.

1.Notwithstanding any law, rule or regulation to the contrary, whenever the governing body of any county shall require the provision of a deposit as a condition of granting a road opening permit, the county shall accept as a deposit from the permit applicant either cash, or in lieu of cash, bonds, or a combination of cash and bonds, as determined by the permit applicant.  Whenever bonds are used, the bonds may consist of registered book bonds, entry municipal bonds, State bonds or other appropriate bonds of the State of New Jersey, or negotiable bearer bonds or notes of any political subdivision of the State, the value of which is equal to the amount necessary to satisfy the amount that otherwise would be required to be deposited pursuant to the terms of the permit application and such requirements as set forth. The nature and amount of the bonds or notes to be deposited shall be subject to the approval by the governing body of the county.  Such approval shall not be unreasonably withheld.  For purposes of this section, "value" shall mean par value or current market value, whichever is lower. 

If the permit applicant deposits cash for granting a road opening permit, such deposit shall be placed with a banking institution or savings and loan association insured by an agency of the Federal government, in an account bearing interest at the rate currently paid by such institutions or associations on time or savings deposits.  Any interest accruing on cash deposits shall be credited to the governing body of the county.  If the permit applicant deposits bonds for granting a road opening permit, the bonds shall be deposited with the county.  The amount of any interest accruing on such bonds shall be returned to the bond applicant upon fulfillment of the terms of the permit application. 

L.1999,c.196,s.1.