40:56-36 - Separate account for assessments;Ā sinking fund
40:56-36.Ā Separate account for assessments;Ā sinking fund
All assessments as collected shall be immediately placed in an account to beĀ known asĀ "local improvement assessment account" .Ā Such moneys shall be usedĀ only to pay indebtedness incurred for such improvements whether by temporary orĀ permanent certificates, notes or bonds.Ā Whenever a sinking fund is maintained,Ā upon a vote of the governing body such moneys as collected shall be paid intoĀ such sinking fund and kept in a similarly designated account and used for theĀ purposes herein described.
All assessments as collected shall be immediately placed in an account to beĀ known asĀ "local improvement assessment account" .Ā Such moneys shall be usedĀ only to pay indebtedness incurred for such improvements whether by temporary orĀ permanent certificates, notes or bonds.Ā Whenever a sinking fund is maintained,Ā upon a vote of the governing body such moneys as collected shall be paid intoĀ such sinking fund and kept in a similarly designated account and used for theĀ purposes herein described.