New Jersey § acts:saved-27 - (15)

§ acts:saved-27. (15)

15. Investment of sinking fund moneys shall be limited to the bonds of the government

of the United States, bonds of the state of New Jersey, including bonds issued hereunder,

and the bonds of any county, municipality or school district of this state, and the

negotiable notes of any county, municipality or school district of this state. It shall be lawful for the sinking fund commission to purchase at private sale the

bonds issued by the state (including bonds issued hereunder) at the time of their

issuance, any law relating to the public sale thereof to the contrary notwithstanding. To effectuate such purchase, the issuing officials may, by resolution, set apart

a portion of the bonds of any series and sell same to the sinking fund and offer the

remainder to the public. Bonds issued hereunder, when held by the sinking fund created hereby, may be canceled

from surplus in the sinking fund only, which is over and above the requirements herein

set forth. When the sinking fund of any series of bonds shall equal the amount of the uncanceled

bonds of such series, no further contributions shall be required to be made thereto,

or when the amount in the sinking fund to the credit of any series of bonds shall

be sufficient, with three and one-half per cent interest compounded annually, to equal

the principal of the outstanding bonds of such series at maturity, no further contributions

shall be required to be made thereto except to make good any losses which may occur.