N.J.S.A. 40:3-19 — Excess accumulations, to reduce requirements of sinking fund; deficiency

40:3-19. Excess accumulations, to reduce requirements of sinking fund; deficiency When the accumulation of the sinking fund for any year shall be more than three and one-half per cent, then the amount in excess of three and one-half per cent may be applied to reduce the sinking fund requirements for the succeeding year, and if the accumulations of the sinking fund for any year are less than three and one-half per cent, then an amount sufficient to make up the deficit in accumulations for that year shall be added to the sinking fund requirements for the succeeding year.

This is the verbatim text of N.J.S.A. 40:3-19, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.