52:18-25 - Loan of surplus money
52:18-25.Ā Loan of surplus money
The treasurer shall loan at the best legal rate of interest he can procure,Ā on the pledge of the United States stock, at a rate not above its par value, asĀ collateral security, any surplus money in the treasury not otherwiseĀ appropriated nor already authorized to be invested by the trustees of theĀ school fund as the same shall from time to time accrue.Ā He shall loan the sameĀ on such terms of credit as will enable him to receive such moneys again, inĀ order to meet the demands of the treasury.
The treasurer shall loan at the best legal rate of interest he can procure,Ā on the pledge of the United States stock, at a rate not above its par value, asĀ collateral security, any surplus money in the treasury not otherwiseĀ appropriated nor already authorized to be invested by the trustees of theĀ school fund as the same shall from time to time accrue.Ā He shall loan the sameĀ on such terms of credit as will enable him to receive such moneys again, inĀ order to meet the demands of the treasury.