New Jersey Statutes 40A:5-14.7. Responsibilities of investment oversight board relative to reports
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Terms Used In New Jersey Statutes 40A:5-14.7
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- governing body: means the governing body of a county or the commission, council, board or body having control of the finances of a municipality or any other local unit as defined herein. See New Jersey Statutes 40A:5-2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Oversight: Committee review of the activities of a Federal agency or program.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
6. a. Every investment oversight board created pursuant to section 4 of P.L.2008, c.65 (C. 40A:5-14.5) shall be responsible for keeping a record of all of its proceedings, which shall be open to public inspection. It shall publish a quarterly report of the trust account‘s operations and an annual report showing the fiscal transactions of the dedicated trust fund for the preceding year, the amount of accumulated cash and securities of the fund, and the last balance sheet showing the financial condition of the dedicated trust fund by means of an actuarial valuation of the assets and liabilities of the dedicated trust fund.
b. All reports required pursuant to subsection a. of this section shall be submitted to the Governor, Commissioner of Community Affairs, State Comptroller, the State Treasurer, and each member of the governing body of the municipality no later than 45 days after the end of the municipality’s fiscal year.
L.2008, c.65, s.6.