N.J. Stat. § 17:16Z-7
Selection of bank as depository of funds of municipality
New Jersey · New Jersey Statutes Title 17 — Corporations and Institutions for Finance and Insurance · Status: effective
Cite this
- Citation
- N.J. Stat. § 17:16Z-7, Selection of bank as depository of funds of municipality, New Jersey, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1443550
- Permanent ID
ys:prov:1443550@1- SHA-256
2d9c713db54b50be65749194f203dfea4bb7e0edc32925121f23a021bc73a95a
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
7. a. The governing body of a municipality in which a banking development district has been designated by the commissioner may, by resolution, select a bank in the district as a depository for funds of the municipality, provided the bank shall be subject to the requirements for a public depository established pursuant to P.L.1970, c.236 (C.17:9-41 et seq.). The resolution shall state the maximum amount which may be on deposit at any time with the bank and such other terms and conditions as are determined to be necessary by the governing body of the municipality.
b. Subject to an agreement between the governing body of the municipality and the bank, funds of the municipality deposited in the bank may earn a fixed rate of interest which is at or below the bank's posted rate for a mutually agreeable depository product, for a mutually agreeable term.
c. The selection of a bank, deposit amount, and the terms and conditions of a deposit may be changed at any time by the governing body of the municipality by further resolution.