40A:2-62 - Debt service reserve fund - New Jersey Statutes

40A:2-62.  Debt service reserve fund
    The governing body, by bond ordinance or resolution, may establish a reserve  fund to provide for payment of principal of and interest on any obligations and  appropriate thereto any unappropriated funds arising from other than tax  sources, or any other moneys made or to be made available by budget or  otherwise.  A certified copy of such ordinance or resolution shall be filed in  the office of the director.  The establishment of such fund shall be  irrevocable so long as the obligations with respect to which it was created are  outstanding or unpaid.  Such fund may be invested in the same manner as other  moneys of the local unit unless otherwise provided.

     L.1960, c. 169, s. 1, eff. Jan. 1, 1962.