40:14B-65 - Undertakings for deposits of municipal authority
40:14B-65.Ā Undertakings for deposits of municipal authority
All banks, bankers, trust companies, savings banks, investment companies andĀ other persons carrying on a banking business are hereby authorized to give toĀ any municipal authority a good and sufficient undertaking with such sureties asĀ shall be approved by the municipal authority to the effect that such bank orĀ banking institution as hereinbefore described shall faithfully keep and payĀ over to the order of or upon the warrant of the municipal authority or itsĀ authorized agent all such funds as may be deposited with it by the municipalĀ authority and agreed interest thereon, at such times or upon such demands asĀ may be agreed with the municipal authority or in lieu of such sureties, depositĀ with the municipal authority or its authorized agent or any trustee therefor orĀ for the holders of any bonds, as collateral, such securities as the municipalĀ authority may approve.Ā The deposits of the municipal authority may beĀ evidenced by a depository collateral agreement in such form and upon such termsĀ and conditions as may be agreed upon by the municipal authority and such bankĀ or banking institution.
L.1957, c. 183, p. 677, s. 65, eff. Aug. 22, 1957.
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All banks, bankers, trust companies, savings banks, investment companies andĀ other persons carrying on a banking business are hereby authorized to give toĀ any municipal authority a good and sufficient undertaking with such sureties asĀ shall be approved by the municipal authority to the effect that such bank orĀ banking institution as hereinbefore described shall faithfully keep and payĀ over to the order of or upon the warrant of the municipal authority or itsĀ authorized agent all such funds as may be deposited with it by the municipalĀ authority and agreed interest thereon, at such times or upon such demands asĀ may be agreed with the municipal authority or in lieu of such sureties, depositĀ with the municipal authority or its authorized agent or any trustee therefor orĀ for the holders of any bonds, as collateral, such securities as the municipalĀ authority may approve.Ā The deposits of the municipal authority may beĀ evidenced by a depository collateral agreement in such form and upon such termsĀ and conditions as may be agreed upon by the municipal authority and such bankĀ or banking institution.
L.1957, c. 183, p. 677, s. 65, eff. Aug. 22, 1957.
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