New Jersey § acts:saved-32 - (11)

§ acts:saved-32. (11)

11. (a) A sinking fund commission is hereby created, which shall consist of the governor,

the state comptroller and the state treasurer. Any two members of such commission shall constitute a quorum. The commission shall have the care and management of a sinking fund which is hereby

established, and custody and control of all sinking fund moneys, securities, papers

and records appertaining thereto. The state treasurer shall be treasurer of the commission and shall deposit all moneys

received as hereinafter prescribed in such depository or depositories as he shall

determine. His bond as state treasurer shall cover such deposits. Such commission shall invest, reinvest and keep invested all moneys coming into

its control only in the securities or investments authorized by this act. It shall have power to sell or convert into cash such securities or investments

as may be necessary from time to time or provide funds from which to pay said bonds

upon maturity, or to sell such securities or investments for the purpose of protecting

the sinking fund from loss or for bettering the investment. It shall be the duty of the commission to keep accurate and detailed books of account

covering all moneys coming into its custody, and the investment, return on investment,

increase or loss thereon and the expenditure thereof; to make reports as and when

required and to permit access to and inspection of accounts and records by any person

duly authorized by the state or any interested citizen taxpayer. (b) In case the bonds of any issue shall be subject to call for redemption before

maturity the sinking fund commission shall have power in its discretion to call said

bonds for redemption whenever there shall be funds in the sinking fund sufficient

for such redemption. No bonds of any series of bonds shall be called for redemption unless all of the

bonds of said series are called for redemption. If more than one series are subject to call for redemption at the time for such

redemption the bonds of said several series shall be called for redemption in order

of their issuance. Whenever bonds hereby authorized shall be purchased or redeemed by the sinking fund

commission, said bonds shall be canceled, and shall not be sold or reissued and shall

not be deemed outstanding.