52:31C-5 - Establishment of State payment account for structured financing transaction - New Jersey Statutes

52:31C-5  Establishment of State payment account for structured financing transaction.5.  a.  The State Treasurer may establish a State payment account for a structured financing transaction.  If the State Treasurer determines that a State payment account should be established, the State Treasurer is authorized to:

(1)Select the payment bank in such manner as the State Treasurer may determine to be appropriate;

(2)Direct the deposit of moneys to the payment bank to fund the State payment account; and

(3)Take any actions necessary or convenient in connection with the establishment of the State payment account.

b.There are appropriated such moneys as are required to be deposited in a State payment account for the purposes specified in the related structured financing agreement.

L.1999,c.157,s.5.