[First Reprint]

SENATE, No. 1836

STATE OF NEW JERSEY

INTRODUCED JANUARY 29, 1997

By Senators GORMLEY and O'CONNOR

An Act concerning the investment of moneys held by the Superior Court and amending N.J.S.2A:15-73.

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. N.J.S.2A:15-73 is amended to read as follows:

    2A:15-73. The chief justice may cause any moneys brought into the superior court or remaining on deposit therein to be invested (a) in the bonds and other securities of the United States, (b) in interest-bearing bonds of such character and description as are or may be lawful investments for moneys deposited with savings banks of this state [or], (c) in bonds secured by mortgages which shall be a first lien upon improved real estate situate in this state worth at least double the amount loaned thereon ,(d) in programs ¹as approved by the State Investment Council which are¹ managed by the Division of Investment ¹[including]and in¹ the New Jersey Cash Management Fund established pursuant to section 1 of P.L.1977, c.281 (C.52:18A-90.4), or (e) in any combination thereof. For the purpose of making such investments, moneys remaining to the credit of different persons or causes may be commingled. The moneys so deposited or invested, and the securities in which the same may be invested, shall be from time to time accounted for, invested, transferred, reinvested, or otherwise disposed of, as the chief justice shall deem reasonable and proper; and the interest and income derived from such investments, after deducting expenses, losses and reserves for the protection thereof, shall be apportioned to the several parties entitled thereto at such rate as the chief justice shall from time to time determine.

(cf: N.J.S.2A:15-73)

    2. This act shall take effect immediately.

Permits moneys held by the Superior Court to be invested in programs managed by the Division of Investment.