N.J. Admin. Code § 11:15-2.20 - Investments; application of investment income

(a) The free balance of any account maintained by a fund, whether for claim or loss retention, administrative, contingency, or, in the case of an environmental impairment liability fund, the contingency account to be funded by bond proceeds pursuant to N.J.A.C. 11:15-2.1 3(b), shall be invested to obtain the maximum interest return practicable. All investments shall be in accordance with the fund's cash management plan and consistent with the requirements set forth in N.J.S.A. 40A:10-38. In addition, the fund commissioners may transfer monies held to the Director of the Division of Investment in the Department of the Treasury for investment on behalf of the fund in accordance with the requirements set forth in N.J.S.A. 40A:10-38.

(b) The investment and interest income earned by the investment of the assets of each claim or loss retention fund account shall be allocated to each such account by fund year.

(c) The investment and interest income earned by investment of the assets of administrative and contingency accounts shall be credited to that account.

Notes

N.J. Admin. Code § 11:15-2.20

Amended by R.1995 d.408, effective 8/7/1995.
See: 26 New Jersey Register 2725(a), 26 New Jersey Register 3592(a), 27 New Jersey Register 2938(a).
At (a) provided for investment of environmental impairment liability contingency funds and transfer of monies to the Treasury Department's Division of Investment for investment on behalf of the fund.
Amended by R.1999 d.350, effective 10/18/1999.
See: 31 New Jersey Register 2125(b), 31 New Jersey Register 3091(a).
Rewrote (a).