New Jersey § acts:saved-32 - (3)

§ acts:saved-32. (3)

3. The remainder of the emergency school fund, and such part of the evidences of indebtedness

held by the state treasurer to the credit of such fund or of the repayments to the

fund as may be necessary for that purpose, are hereby appropriated to meet the obligations

of the state to the teachers' pension and annuity fund as set forth in an act entitled

“An act directing the state treasurer to deduct the sum of four million, one hundred

twenty-one thousand, five hundred and sixty-six dollars ($4,121,566.00) from the moneys

to be paid to the teachers' pension and annuity fund pursuant to the provisions of

an act entitled ‘An act to amend “An act to establish a thorough and efficient system

of free public schools and to provide for the maintenance, support and management

thereof,” approved October nineteenth, one thousand nine hundred and three,’ approved

April tenth, one thousand nine hundred and nineteen, and appropriating the same to

the state director of emergency relief for the relief of the unemployed and dependents

in the several counties and municipalities of this state,” approved June fourteenth,

one thousand nine hundred and thirty-two. The amounts so appropriated to the teachers' pension and annuity fund shall be paid

as follows: The amount remaining after the twelve million dollars ($12,000,000.00)

is appropriated shall forthwith be delivered by the state treasurer to the trustees

of the teachers' pension and annuity fund in bonds of the Delaware River Joint Commission,

which bonds are hereby declared to be a legal investment for said teachers' pension

and annuity fund, the same to be credited in such amount by the board of trustees

upon the amount due said fund in accordance with the provisions of the last above

entitled act, and shall constitute the first payment of said obligation. If upon the sale of the bonds the excess over twelve million dollars ($12,000,000.00)

is less than five hundred thousand dollars ($500,000.00) and accrued interest, the

amount paid to the trustees of the teachers' pension and annuity fund as the said

first payment shall in no instance be less than five hundred thousand dollars ($500,000.00)

and interest to date, and the emergency school fund shall be reduced to that extent. The balance of the amount due from the state to said board of trustees shall constitute

a lien upon the evidences of indebtedness of the several counties held by the state

treasurer in the emergency school fund, and the board of trustees of the teachers'

pension and annuity fund may accept such evidences of indebtedness toward the payment

in full or in part of the amount due said fund as hereinbefore set forth, and upon

agreement of the trustees to accept such evidences of indebtedness in full or in part,

such shall be indorsed by the state treasurer in favor of the board of trustees of

said pension fund for a partial or full payment of the principal and interest remaining

due. If the board of trustees of the teachers' pension and annuity fund shall not accept

such evidences of indebtedness in full or in part for the payment due the teachers'

pension and annuity fund there shall be paid to said pension fund from the emergency

school fund on July first, one thousand nine hundred and thirty-four, and the corresponding

date of each year thereafter, or as soon after such date as moneys become available

in the emergency school fund the sum of five hundred thousand dollars ($500,000.00)

with interest at four per cent (4%) per annum on all unpaid balances until the entire

amount of four million, one hundred twenty-one thousand, five hundred sixty-six dollars

($4,121,566.00) with interest due thereon shall have been paid in full.