TOWNS, CITIES, VILLAGE DISTRICTS, AND UNINCORPORATED PLACES
MUNICIPAL REVENUE BONDS
33-B:11 Separate Funds.
Any debt service fund, construction fund, debt service reserve fund, depreciation reserve fund or other fund established in connection with the issuance of bonds under this chapter shall be kept separate from other moneys of the municipality. The moneys deposited in any such funds, together with income derived from any investments held as part of such funds, shall be expended without further authorization or appropriation as provided for in the trust or security agreement or resolution establishing such funds.
Source. 1988, 90:1, eff. June 17, 1988.