New Jersey § 40a:2-60
Full text of New Jersey New Jersey Statutes § 40a:2-60, with citation guidance and answers to common questions.
§ 40a:2-60.
Moneys or investments in any sinking fund or reserve fund of the local unit established
or held for any obligations to be paid, funded or refunded by issuance of refunding
bonds shall, unless the refunding bond ordinance provides otherwise, be applied to
the payment or retirement of any such obligations. The refunding bond ordinance may provide that the proceeds from the sale of any
refunding bonds shall be deposited in such sinking fund or reserve fund in trust to
provide for the payment and retirement of the obligations being refunded at the maturity
dates thereof or by redemption prior to the maturity dates and provision may be made
for the pledge and disposition of any amounts in excess of the amounts required for
such purposes. Money in any such sinking fund may be invested in (a) direct obligations of the
United States Government, (b) obligations the principal of and interest on which are
guaranteed by the United States Government, (c) to the extent then permitted by law
in obligations of any agency or instrumentality of the United States Government, or
(d) in certificates of deposit issued by a bank or trust company located in this State
if such certificates shall be secured by a pledge of any of said obligations described
in (a), (b) or (c) above having an aggregate market value, exclusive of accrued interest,
equal at least to the principal amount of the certificates so secured. Nothing herein shall be construed as a limitation on the duration of any deposit
in trust for the retirement of obligations being refunded but which shall not have
matured and which shall not be presently redeemable or, if presently redeemable, shall
not have been called for redemption.
Frequently Asked Questions About New Jersey § 40a:2-60
What does New Jersey Statutes § 40a:2-60 cover?
Section 40a:2-60 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 40a:2-60?
A common citation format is "New Jersey Statutes § 40a:2-60" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 40a:2-60 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.