New Jersey Statutes 52:31C-5. Establishment of State payment account for structured financing transaction
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Terms Used In New Jersey Statutes 52:31C-5
- 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
5. a. The State Treasurer may establish a State payment account for a structured financing transaction. If the State Treasurer determines that a State payment account should be established, the State Treasurer is authorized to:
(1) Select the payment bank in such manner as the State Treasurer may determine to be appropriate;
(2) Direct the deposit of moneys to the payment bank to fund the State payment account; and
(3) Take any actions necessary or convenient in connection with the establishment of the State payment account.
b. There are appropriated such moneys as are required to be deposited in a State payment account for the purposes specified in the related structured financing agreement.
L.1999,c.157,s.5.