New Jersey Acts Saved from Repeal ACTS SAVED 27 § 11-7(14)

14. A sinking fund commission is hereby created, which shall consist of the governor, the comptroller of the treasury and the state treasurer. The commission shall be governed by such rules and regulations as they may, from time to time, adopt. The commission shall have the care and management of the sinking fund which is hereby established, and custody and control of all sinking fund moneys, securities, papers and records appertaining thereto. The state treasurer shall be treasurer of the commission and shall deposit all moneys received as hereinafter prescribed in such depository or depositories as he shall determine. He shall give a bond in such sum as shall be determined by the sinking fund commission, premium for which shall be paid from the tax revenues herein provided. The sinking fund commission shall pay from the sinking funds the interest on all bonds authorized hereunder as same shall become due and payable. The sinking fund commission shall also pay from the sinking funds all bonds authorized hereunder as same shall become due and payable, or at an earlier time if funds are available as herein provided. The sinking fund commission shall invest, reinvest and keep invested all moneys coming into its control only in securities or investments authorized by this act. It shall have power to sell or convert into cash such securities or investments as from time to time may be necessary, to provide funds for the payment of said bonds upon maturity, or for the purpose of protecting the sinking fund from loss or for bettering the investment. It shall be the duty of the commission to keep accurate and detailed books of account covering all moneys coming into its custody, and the investment, return on investment, increase or loss thereon and the expenditure thereof; to make reports as and when required and to permit access to and inspection of accounts and records by any person duly authorized by the state. The department of municipal accounts shall audit said sinking fund each year and its certificate of audit shall accompany the reports.