40A:2-62 - Debt service reserve fund
40A:2-62.Ā Debt service reserve fund
The governing body, by bond ordinance or resolution, may establish a reserveĀ fund to provide for payment of principal of and interest on any obligations andĀ appropriate thereto any unappropriated funds arising from other than taxĀ sources, or any other moneys made or to be made available by budget orĀ otherwise.Ā A certified copy of such ordinance or resolution shall be filed inĀ the office of the director.Ā The establishment of such fund shall beĀ irrevocable so long as the obligations with respect to which it was created areĀ outstanding or unpaid.Ā Such fund may be invested in the same manner as otherĀ moneys of the local unit unless otherwise provided.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
Ā
The governing body, by bond ordinance or resolution, may establish a reserveĀ fund to provide for payment of principal of and interest on any obligations andĀ appropriate thereto any unappropriated funds arising from other than taxĀ sources, or any other moneys made or to be made available by budget orĀ otherwise.Ā A certified copy of such ordinance or resolution shall be filed inĀ the office of the director.Ā The establishment of such fund shall beĀ irrevocable so long as the obligations with respect to which it was created areĀ outstanding or unpaid.Ā Such fund may be invested in the same manner as otherĀ moneys of the local unit unless otherwise provided.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
Ā