New Jersey Statutes
§ 58:11B-11 — Reserve, guarantee funds
New Jersey·Title 58 WATERS AND WATER SUPPLY
11.
a.The trust shall establish reserve and guarantee funds into which shall be deposited the proceeds from any State bond issue authorized for deposit in the trust or other funds appropriated by law to the trust for deposit in the reserve or guarantee funds. The reserve fund shall be used by the trust to secure debt issued by the trust. The guarantee fund shall be used by the trust to secure debt issued by a local government unit, public water utility, or other person.
b.The trust may establish any reserves, funds or accounts as it may determine necessary or desirable to further the accomplishment of the purposes of the trust or to comply with the provisions of any agreement made by or authorized in any resolution of the trust. L. 1985, c. 334, s. 11, eff. Nov. 5, 1985. Amended by L. 19
Free access — add to your briefcase to read the full text and ask questions with AI
New Jersey § 58:11B-11 (Reserve, guarantee funds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Nearby Sections
15
§ 58:11B-1
Title amended.§ 58:11B-11
Reserve, guarantee funds§ 58:11B-13
No personal liability.§ 58:11B-14
Pledge to bondholders.§ 58:11B-15
Authorized investment.§ 58:11B-16
Conveyance of government property§ 58:11B-17
Tax exemption.§ 58:11B-18
Default.§ 58:11B-19
Application of trust funds.§ 58:11B-2
Findings, determinations.§ 58:11B-20
"Clean water project priority list."§ 58:11B-21
Financial plan.