40:3-14 - Bonds falling due; funds transmitted for payment - New Jersey Statutes

40:3-14.  Bonds falling due;  funds transmitted for payment
    At least three days previous to the time when any bonds shall fall due, for  which there are funds to the credit of such bonds in the custody of the sinking  fund commission, the commission shall transmit to the chief financial officer  of the municipality, county or school district, as the case may be, the funds  on hand to the credit of such bond issue, providing such funds are not in  excess of the amount of bonds falling due, in which case only an amount  sufficient to retire such bonds shall be transmitted.

    Should there be a surplus in any account, after the payment of all the bonds  of such issue, then such surplus shall be placed in the special sinking fund  account, if such shall exist in accordance with the provisions of this chapter,  and if there be no special sinking fund account, such surplus shall be  distributed among the other bond accounts in the sinking fund, and credited to  the principal thereof.