40:3-24 - Interest on surplus; use of - New Jersey Statutes

40:3-24.  Interest on surplus;  use of
    The surplus in the sinking fund of any municipality, county or school district, as provided in section 40:3-20 of this Title, shall be held in the sinking fund, but the estimate of the annual earnings of such surplus figured on a three and one-half per centum (3  1/2  %) basis may be used as a credit or  offset to the annual requirements for the sinking fund, but the principal of  the surplus may be used to reduce the appropriation for the annual sinking fund  requirements as set forth in section 40:3-16 of this Title.

    The fund so used in any one year shall not be in excess of fifty per centum  (50%) of the requirements for the sinking fund for that year, but in no case  shall such credit or offset be used unless a certificate of approval shall  first have been obtained from the Director of the Division of Local Government  in the State Department of Taxation and Finance.

     Amended by L.1947, c. 117, p. 574, s. 6, eff. July 1, 1947.