The State Treasurer shall receive from the several counties or municipalities all of the amounts of the “1837 Surplus Revenue Fund” deposited with the counties in accordance with the act entitled “An act making provisions for the deposit and distribution of so much of the surplus revenue of the United States as now is or may hereafter be apportioned to and received by this State,” passed March 10, 1837 (L.1837, p. 432), with its amendments and supplements, and give his receipt therefor. The several governing bodies of the counties or municipalities having heretofore received such funds shall raise by taxation the whole of the principal thereof remaining unpaid and provide for the same in the annual budget of appropriations for the year 1960 and repay it into the State Treasury on or before December 31, 1960. When a county or municipality shall have so repaid the full amount of the deposit received by it, the State Treasurer shall cancel and return to the duly authorized official of the county or municipality the receipts and pledges of said county or municipality, if any, heretofore delivered to the State.

Amended by L.1959, c. 64, p. 179, s. 1.