40:56-36. Separate account for assessments; sinking fund
80 words·~1 min read·
/nj/title-40/chapter-56/40-56-36·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All assessments as collected shall be immediately placed in an account to be known as "local improvement assessment account" . Such moneys shall be used only to pay indebtedness incurred for such improvements whether by temporary or permanent certificates, notes or bonds. Whenever a sinking fund is maintained, upon a vote of the governing body such moneys as collected shall be paid into such sinking fund and kept in a similarly designated account and used for the purposes herein described.