27:13-6. Investment of moneys in special State aid road fund account; availability

175 words·~1 min read·/nj/title-27/chapter-13/27-13-6

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

As soon as can be after the effective date of this act and annually thereafter, the State Highway Commissioner shall determine the amount of money which shall be placed in said special State aid road fund account and shall advise the State Treasurer of said action, so that the State Treasurer may set up said special account. If, in the opinion of the State Treasurer and the State Highway Commissioner, the best interests of the State will permit, the State Treasurer may invest and reinvest such moneys in short term obligations of the United States.

Any interest accruing from the investment of such funds shall be credited to the General State Fund. Upon application of any county or municipality for which funds are held in the said special State aid road fund account and with the approval of the State Highway Commissioner, moneys so held in the said special account shall be made available for immediate expenditure as heretofore.

L.1943, c. 45, p. 87, s. 2. Amended by L.1953, c. 144, p. 1357, s. 1.