Whenever the sinking funds to the credit of the several issues of term bonds of a local unit equal the principal of such issues and there is a cash surplus in the sinking fund, such surplus may, upon written application by the sinking fund commission and the approval of the director, be used, in whole or in part, as an anticipated miscellaneous revenue in the budget of such local unit.
N.J. Stat. Ann. § 40A:4-28
Miscellaneous revenues; sinking fund surplus
Known as the Local Budget Law
The act spans §§ 40A:4-1 to 40A:4-9 (170 sections).
L.1960, c. 169, s. 1, eff
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.