40:3-14 - Bonds falling due;Ā funds transmitted for payment
40:3-14.Ā Bonds falling due;Ā funds transmitted for payment
At least three days previous to the time when any bonds shall fall due, forĀ which there are funds to the credit of such bonds in the custody of the sinkingĀ fund commission, the commission shall transmit to the chief financial officerĀ of the municipality, county or school district, as the case may be, the fundsĀ on hand to the credit of such bond issue, providing such funds are not inĀ excess of the amount of bonds falling due, in which case only an amountĀ sufficient to retire such bonds shall be transmitted.
Should there be a surplus in any account, after the payment of all the bondsĀ of such issue, then such surplus shall be placed in the special sinking fundĀ account, if such shall exist in accordance with the provisions of this chapter,Ā and if there be no special sinking fund account, such surplus shall beĀ distributed among the other bond accounts in the sinking fund, and credited toĀ the principal thereof.
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At least three days previous to the time when any bonds shall fall due, forĀ which there are funds to the credit of such bonds in the custody of the sinkingĀ fund commission, the commission shall transmit to the chief financial officerĀ of the municipality, county or school district, as the case may be, the fundsĀ on hand to the credit of such bond issue, providing such funds are not inĀ excess of the amount of bonds falling due, in which case only an amountĀ sufficient to retire such bonds shall be transmitted.
Should there be a surplus in any account, after the payment of all the bondsĀ of such issue, then such surplus shall be placed in the special sinking fundĀ account, if such shall exist in accordance with the provisions of this chapter,Ā and if there be no special sinking fund account, such surplus shall beĀ distributed among the other bond accounts in the sinking fund, and credited toĀ the principal thereof.
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