52:27-33.1 - Taxes collected by municipality paid to designated banks - New Jersey Statutes

52:27-33.1.  Taxes collected by municipality paid to designated banks
    Whenever the commission shall function in any municipality and so long as it  shall continue so to do, it may prepare and certify to the governing body of  the municipality resolutions providing in substance that any and all moneys  collected as taxes by the municipality over and above an amount sufficient to  pay the reasonable current operating expenditures of the municipality (not  including therein the principal or interest of any bonds or notes of the  municipality) and such capital expenditures, if any, as may be approved by the  commission as reasonably necessary to preserve the value of the taxable  property within the municipality, shall be paid by the municipality to such  banks or trust companies as the governing body of the municipality may  designate.