New Jersey § 32:30-10

§ 32:30-10.

ARTICLE IX (a) The insurance fund shall submit to the executive head or designated officer or

officers of each party State a budget for the insurance fund for such period as may

be required by the laws of that party State for presentation to the Legislature thereof: (b) Each of the budgets shall contain specific recommendations of the amount or amounts

to be appropriated by each of the party States. The requests for appropriations shall be apportioned among the party States as follows: 1 / 10 of the total budget in equal shares and the remainder in proportion to the value

of agricultural and forest crops and products, excluding animals and animal products,

produced in each party State. In determining the value of such crops and products the insurance fund may employ

such source or sources of information as in its judgment present the most equitable

and accurate comparisons among the party States. Each of the budgets and requests for appropriations shall indicate the source or

sources used in obtaining information concerning value of products. (c) The financial assets of the insurance fund shall be maintained in 2 accounts to

be designated respectively as the “operating account” and the “claims account.” The operating account shall consist only of those assets necessary for the administration

of the insurance fund during the next ensuing 2-year period. The claims account shall contain all moneys not included in the operating account

and shall not exceed the amount reasonably estimated to be sufficient to pay all legitimate

claims on the insurance fund for a period of 3 years. At any time when the claims account has reached its maximum limit or would reach

its maximum limit by the addition of moneys requested for appropriation by the party

States, the governing board shall reduce its budget requests on a pro rata basis in

such manner as to keep the claims account within such maximum limit. Any moneys in the claims account by virtue of conditional donations, grants or gifts

shall be included in calculations made pursuant to this paragraph only to the extent

that such moneys are available to meet demands arising out of claims. (d) The insurance fund shall not pledge the credit of any party State. The insurance fund may meet any of its obligations in whole or in part with moneys

available to it under Article IV(g) of this compact, provided that the governing board

takes specific action setting aside such moneys prior to incurring any obligation

to be met in whole or in part in such manner. Except where the insurance fund makes use of moneys available to it under Article

IV(g) hereof, the insurance fund shall not incur any obligation prior to the allotment

of moneys by the party States adequate to meet the same. (e) The insurance fund shall keep accurate accounts of all receipts and disbursements. The receipts and disbursements of the insurance fund shall be subject to the audit

and accounting procedures established under its by-laws. However, all receipts and disbursements of funds handled by the insurance fund shall

be audited yearly by a certified or licensed public accountant and a report of the

audit shall be included in and become part of the annual report of the insurance fund. (f) The accounts of the insurance fund shall be open at any reasonable time for inspection

by duly authorized officers of the party States and by any persons authorized by the

insurance fund.