New Jersey Statutes 52:14-31. Federal and state bonds; bonds or notes secured by property within State; limitations
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Terms Used In New Jersey Statutes 52:14-31
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
All boards, commissions and heads of departments of the State Government may invest moneys or funds in their possession in the following securities:
a. Bonds of the United States of America.
b. Bonds of the State of New Jersey, or of any municipality thereof, including school districts.
c. Mortgage bonds or notes secured by property within the State of New Jersey and insured by the Federal housing administrator.
No investment of such funds shall be made where the total debt of any such municipality, including the school debt, shall exceed thirty per centum (30%) of the assessed valuation of all the real and personal property therein; but in ascertaining the total indebtedness, credit shall be allowed only for such moneys or property as shall be in the sinking fund.
Amended by L.1948, c. 197, p. 974, s. 1.