New Jersey Statutes
§ 17:16Z-7 — Selection of bank as depository of funds of municipality.
New Jersey § 17:16Z-7
JurisdictionNew Jersey
Title 17CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
This text of New Jersey § 17:16Z-7 (Selection of bank as depository of funds of municipality.) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.J. Stat. Ann. § 17:16Z-7 (2026).
Text
7.
a.The governing body of a municipality in which a banking development district has been designated by the commissioner may, by resolution, select a bank in the district as a depository for funds of the municipality, provided the bank shall be subject to the requirements for a public depository established pursuant to P.L.1970, c.236 (C.17:9-41 et seq.). The resolution shall state the maximum amount which may be on deposit at any time with the bank and such other terms and conditions as are determined to be necessary by the governing body of the municipality.
b.Subject to an agreement between the governing body of the municipality and the bank, funds of the municipality deposited in the bank may earn a fixed rate of interest which is at or below the bank's posted rate for a mutually ag
Free access — add to your briefcase to read the full text and ask questions with AI
Nearby Sections
15
§ 17:16Z-1
Short title.§ 17:16Z-3
Banking Development District Program.§ 17:16Z-4
Rules, regulations setting forth criteria for establishment of banking development districts.§ 17:16Z-8
Rules, regulations.§ 17:16ZZ-10
Additional authority of the commissioner.§ 17:16ZZ-12
Actions, counterclaims by borrower.§ 17:16ZZ-13
Remedies not exclusive.§ 17:16ZZ-14
Compliance with federal laws and regulations.§ 17:16ZZ-15
Reports.Cite This Page — Counsel Stack
Bluebook (online)
New Jersey § 17:16Z-7, Counsel Stack Legal Research, https://law.counselstack.com/statute/nj/17/17%3A16Z-7.