{"data":{"id":"us-nj/n.j.-stat.-app.a-3-16","jurisdiction":"us-nj","citation":"N.J. Stat. § App.A:3-16","heading":"Trust fund to meet payments","body":"3.  Whenever any municipality shall issue after the date this act shall become effective any refunding bonds and, in order additionally to secure the payment of such refunding bonds or in connection therewith, the tax collector or other proper officer of such municipality shall be required to set aside and  deposit in a trust fund a portion of each payment of taxes, computed from year  to year and determined by the ratio which the amount of any separate and specific appropriation for the payment of such refunding bonds and interest thereon, due or to become due in any fiscal year, bears to the amount of taxes levied for such fiscal year, or determined in accordance with any other formula  required or to be required by any act of the legislature of the state or of the  governing body of such municipality or any amendments or supplements to any  such act or revisions thereof, or agreed or to be agreed to by such  municipality in a contract made before, after, or simultaneously with the  issuance of such refunding bonds, or any amendments or supplements to any such  contract or revisions thereof, and such tax collector or other proper officer  of such municipality shall be so required or such municipality shall so agree  to use said trust fund for no other purpose than the payment of such refunding  bonds and interest thereon, then in such event such tax collector or other  proper officer of such municipality shall set aside and deposit a similar  portion of each payment of taxes computed and determined in the same manner for  the payment of the interest on and principal of any public works bonds issued  by such municipality in a similar trust fund and said trust fund shall be used  for no other purpose than the payment of such interest and such principal, and irrespective of whether such public works bonds shall have been issued before,  after, or simultaneously with such refunding bonds.  Any such trust fund may  from time to time be invested and reinvested in general obligations of the  federal government or of the state of New Jersey.\n(L.1934, c. 252, s. 3, p. 713.)","path":["TITLE 59 CLAIMS AGAINST PUBLIC ENTITIES"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"f6078be2c87391e736f9e71edb8e08f2227a79d545e2f356c10211fc1558d725","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-app.a-3-15","next":"us-nj/n.j.-stat.-app.a-3-17"},"notice":"GroundRules: Original legal text. Not legal advice."}