In a municipality not operating on a full cash basis, the treasurer shall place such moneys, paid to him pursuant to section 82 of this act, in a separate "liquidation fund." The director may apply the proceeds of the "liquidation fund" to the payment of obligations placed under his administration.
N.J. Stat. Ann. § 52:27BB-83
Liquidation fund
Known as the Local Government Supervision Act
The act spans §§ 52:27BB-1 to 52:27BB-99 (93 sections).
L.1947, c. 151, p. 675, s. 83
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.