New Jersey Acts Saved from Repeal ACTS SAVED 32 § 7-1(11)

11. (a) A sinking fund commission is hereby created, which shall consist of the governor, the state comptroller and the state treasurer. Any two members of such commission shall constitute a quorum. The commission shall have the care and management of a 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. His bond as state treasurer shall cover such deposits. Such commission shall invest, reinvest and keep invested all moneys coming into its control only in the securities or investments authorized by this act. It shall have power to sell or convert into cash such securities or investments as may be necessary from time to time or provide funds from which to pay said bonds upon maturity, or to sell such securities or investments 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 or any interested citizen taxpayer.

(b) In case the bonds of any issue shall be subject to call for redemption before maturity the sinking fund commission shall have power in its discretion to call said bonds for redemption whenever there shall be funds in the sinking fund sufficient for such redemption. No bonds of any series of bonds shall be called for redemption unless all of the bonds of said series are called for redemption. If more than one series are subject to call for redemption at the time for such redemption the bonds of said several series shall be called for redemption in order of their issuance. Whenever bonds hereby authorized shall be purchased or redeemed by the sinking fund commission, said bonds shall be canceled, and shall not be sold or reissued and shall not be deemed outstanding.