55:14J-44 - Return of funds free of pledge or lien; retention of earnings - New Jersey Statutes

55:14J-44.  Return of funds free of pledge or lien;  retention of earnings    To the extent that moneys paid to the New Jersey Housing Finance Agency pursuant to section 3 of this act have been paid into any reserve fund or funds  created by the New Jersey Housing Finance Agency, all moneys which are returned  to or received by the agency from such reserve funds free of any pledge or lien  in favor of any of the notes, bonds or other obligations of the agency and  remain free of such obligations of the agency for 90 days shall be returned to  the State Treasurer to be held by him in the Mortgage Assistance Fund.  Any net  earnings received from the investment or deposit of said reserve funds under  the control of the New Jersey Housing Finance Agency shall be paid into the  administrative fund of said agency.

     L.1976, c. 133, s. 4, eff. Dec. 27, 1976.