New Jersey Acts Saved from Repeal ACTS SAVED 32 § 6-3(3)

3. The remainder of the emergency school fund, and such part of the evidences of indebtedness held by the state treasurer to the credit of such fund or of the repayments to the fund as may be necessary for that purpose, are hereby appropriated to meet the obligations of the state to the teachers' pension and annuity fund as set forth in an act entitled “An act directing the state treasurer to deduct the sum of four million, one hundred twenty-one thousand, five hundred and sixty-six dollars ($4,121,566.00) from the moneys to be paid to the teachers' pension and annuity fund pursuant to the provisions of an act entitled ‘An act to amend “An act to establish a thorough and efficient system of free public schools and to provide for the maintenance, support and management thereof,” approved October nineteenth, one thousand nine hundred and three,’ approved April tenth, one thousand nine hundred and nineteen, and appropriating the same to the state director of emergency relief for the relief of the unemployed and dependents in the several counties and municipalities of this state,” approved June fourteenth, one thousand nine hundred and thirty-two. The amounts so appropriated to the teachers' pension and annuity fund shall be paid as follows: The amount remaining after the twelve million dollars ($12,000,000.00) is appropriated shall forthwith be delivered by the state treasurer to the trustees of the teachers' pension and annuity fund in bonds of the Delaware River Joint Commission, which bonds are hereby declared to be a legal investment for said teachers' pension and annuity fund, the same to be credited in such amount by the board of trustees upon the amount due said fund in accordance with the provisions of the last above entitled act, and shall constitute the first payment of said obligation. If upon the sale of the bonds the excess over twelve million dollars ($12,000,000.00) is less than five hundred thousand dollars ($500,000.00) and accrued interest, the amount paid to the trustees of the teachers' pension and annuity fund as the said first payment shall in no instance be less than five hundred thousand dollars ($500,000.00) and interest to date, and the emergency school fund shall be reduced to that extent. The balance of the amount due from the state to said board of trustees shall constitute a lien upon the evidences of indebtedness of the several counties held by the state treasurer in the emergency school fund, and the board of trustees of the teachers' pension and annuity fund may accept such evidences of indebtedness toward the payment in full or in part of the amount due said fund as hereinbefore set forth, and upon agreement of the trustees to accept such evidences of indebtedness in full or in part, such shall be indorsed by the state treasurer in favor of the board of trustees of said pension fund for a partial or full payment of the principal and interest remaining due. If the board of trustees of the teachers' pension and annuity fund shall not accept such evidences of indebtedness in full or in part for the payment due the teachers' pension and annuity fund there shall be paid to said pension fund from the emergency school fund on July first, one thousand nine hundred and thirty-four, and the corresponding date of each year thereafter, or as soon after such date as moneys become available in the emergency school fund the sum of five hundred thousand dollars ($500,000.00) with interest at four per cent (4%) per annum on all unpaid balances until the entire amount of four million, one hundred twenty-one thousand, five hundred sixty-six dollars ($4,121,566.00) with interest due thereon shall have been paid in full.