40:56-36 - Separate account for assessments; sinking fund - New Jersey Statutes

40:56-36.  Separate account for assessments;  sinking fund
    All assessments as collected shall be immediately placed in an account to be  known as  "local improvement assessment account" .  Such moneys shall be used  only to pay indebtedness incurred for such improvements whether by temporary or  permanent certificates, notes or bonds.  Whenever a sinking fund is maintained,  upon a vote of the governing body such moneys as collected shall be paid into  such sinking fund and kept in a similarly designated account and used for the  purposes herein described.