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2013 New Jersey Revised Statutes
Title 40 - MUNICIPALITIES AND COUNTIES
Section 40:56-36 - Separate account for assessments; sinking fund


NJ Rev Stat § 40:56-36 (2013) What's This?

40:56-36. Separate account for assessments; sinking fund
All assessments as collected shall be immediately placed in an account to be known as "local improvement assessment account" . Such moneys shall be used only to pay indebtedness incurred for such improvements whether by temporary or permanent certificates, notes or bonds. Whenever a sinking fund is maintained, upon a vote of the governing body such moneys as collected shall be paid into such sinking fund and kept in a similarly designated account and used for the purposes herein described.


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