52:27BB-44. Sinking funds; amortization requirements
113 words·~1 min read·
/nj/52-227A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The director shall examine the calculations and tabulations of the conditions of sinking funds as submitted by a sinking fund commission of a political subdivision, and shall determine the sufficiency of the funds for the amortization of bonded debt in accordance with the standards fixed by law.
If the director finds that the sinking funds are insufficient for such amortization, he shall certify to the sinking fund commission a statement of the amount required to make good the deficiency and the additional annual requirements to be made to the special sinking fund account as required by sections 40:3-20 and 40:3-24, both inclusive, of the Revised Statutes.
L.1947, c. 151, p. 659, s. 44.