54:39-71.1 - Funds for highway bonds
54:39-71.1. Funds for highway bonds
There shall be paid to the treasurer of the sinking fund commissions created by authority of chapter two hundred and sixty-two of the laws of one thousand nine hundred and twenty-two, and chapter one hundred and eighty-one of the laws of one thousand nine hundred and twenty-seven, such sum or sums as shall be necessary for the payment of principal and interest on all outstanding bonds issued under authority of said statutes.
The sinking fund commissions created by virtue of the statutes last above mentioned shall certify to the state treasurer, on or before the beginning of each calendar year, the sum or sums necessary to meet the requirements for principal and interest of said sinking funds for said ensuing calendar year, and such certificate or certificates made and issued by such sinking fund commissions shall be conclusive and binding upon the state treasurer, and upon the receipt of any such certificate or certificates the state treasurer shall transfer from the general state fund to the treasurer of the said sinking fund commissions, by draft, the amount or amounts so certified, and such transfer shall be made out of the moneys first available for that purpose before any other distribution is made pursuant to this chapter or any other law.