40:66A-26 - Banks authorized to give undertaking; deposits - New Jersey Statutes

40:66A-26.  Banks authorized to give undertaking;  deposits
    All banks, bankers, trust companies, savings banks, investment companies and  other persons carrying on a banking business are hereby authorized to give to  any incinerator authority a good and sufficient undertaking with such sureties  as shall be approved by the incinerator 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 incinerator authority or its  authorized agent all such funds as may be deposited with it by the incinerator  authority and agreed interest thereon, at such times or upon such demands as  may be agreed upon with the authority or, in lieu of such sureties, deposit  with the incinerator authority or its authorized agent or any trustee therefor  or for the holders of any bonds, as collateral, such securities as the  incinerator authority may approve; provided, such securities shall consist of  obligations in which public officers and bodies of the State and its municipal subdivisions, savings institutions, including savings and loan associations,  insurance companies and associations, executors, administrators, guardians,  trustees and other fiduciaries in the State may properly and legally invest the  funds within their control, in such principal amount, market value or other  description as may be approved by the incinerator authority.  The deposits of  the incinerator 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 incinerator authority and such bank or banking institution.

     L.1948, c. 348, p. 1377, s. 26, eff. Sept. 1, 1948.