New Jersey § 18a:66-86
Full text of New Jersey New Jersey Statutes § 18a:66-86, with citation guidance and answers to common questions.
§ 18a:66-86.
If the property is rented or leased to the state, it shall be on terms calling for
level periodic rental payments, not more than one year apart, in such amounts as will
amortize the total actual cost of the investment, including cost of land, construction,
improvement and supervision of construction, over a period of 20 years from the beginning
of the term of its first rental, together with income to be derived therefrom for
the benefit of the fund at the rate of 4% per annum on the depreciated value of the
asset which shall be its total actual cost to the fund less a depreciation allowance
equal in amount to the aggregate sums received toward amortization of the investment. Such portion of the rentals as shall exceed the amounts received toward amortization
shall be treated as investment income. It is the purpose of this section to provide for the accounting basis upon which the
real property investment shall be carried and depreciated and for the treatment, as
between capital and income, of the amounts received for the use of the property by
way of rental, in order to maintain the integrity and actuarial soundness of the funds
established by this article. In order to carry out the purposes of this article such rental arrangement or lease
may include, on behalf of the state, permission to construct a building or buildings,
which will constitute the real property in which the investment is made, upon lands
owned by the state, and to transfer title to such lands to the said teachers' pension
and annuity fund.
Frequently Asked Questions About New Jersey § 18a:66-86
What does New Jersey Statutes § 18a:66-86 cover?
Section 18a:66-86 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 § 18a:66-86?
A common citation format is "New Jersey Statutes § 18a:66-86" (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 § 18a:66-86 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.