18A:58-33.20 - Investment or deposit of proceeds;Ā disposition of income
18A:58-33.20.Ā Investment or deposit of proceeds;Ā disposition of income
Pending application to the purposes for which bonds or notes entitled to theĀ benefits of this act are issued, the proceeds of such bonds or notes shall beĀ invested or deposited subject to regulations prescribed by the State Treasurer. On January 10 in each year the custodian of school moneys of a Type II schoolĀ district or the chief financial officer of the municipality of a Type I schoolĀ district, as the case may be, shall certify and pay to the State Treasurer theĀ amount of earnings received during the preceding year from the investment orĀ deposit of the proceeds from the sale of such bonds or notes, which amountsĀ shall be held by him and applied only to the payment of principal and interestĀ on such bonds or notes.
L.1971, c. 46, s. 4, eff. March 12, 1971.
Pending application to the purposes for which bonds or notes entitled to theĀ benefits of this act are issued, the proceeds of such bonds or notes shall beĀ invested or deposited subject to regulations prescribed by the State Treasurer. On January 10 in each year the custodian of school moneys of a Type II schoolĀ district or the chief financial officer of the municipality of a Type I schoolĀ district, as the case may be, shall certify and pay to the State Treasurer theĀ amount of earnings received during the preceding year from the investment orĀ deposit of the proceeds from the sale of such bonds or notes, which amountsĀ shall be held by him and applied only to the payment of principal and interestĀ on such bonds or notes.
L.1971, c. 46, s. 4, eff. March 12, 1971.