New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 38 - JOINT INSURANCE FUNDS
Subchapter 1 - INVESTMENTS
Section 5:38-1.1 - Definitions

The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:

"Cash management plan" means a plan, pursuant to which a joint insurance fund shall deposit and/or invest its funds.

"Fair market value" means the purchase price of a long-term investment purchased in a competitive sale, or a negotiated sale if the government entity issuer and/or guarantor is not a member of the JIF or, in the case of a joint cash management and investment program, the JIFs that compose the JCMI program.

"Government entity" or "governmental entity" means an agency or corporation of the Federal government or a governmental entity established under the laws of the State of New Jersey.

"Guaranty" means the obligation of a governmental entity to raise taxes without limitation as to rate or amount to satisfy repayment on a long-term investment issued by another governmental entity.

"Joint cash management and investment program" or "JCMI program" means a joint investment pool in which two or more joint insurance funds participate, with the pooled funds being invested pursuant to a joint cash management plan.

"Joint cash management plan" means a cash management plan approved by the Commissioner of Banking and Insurance and the Commissioner of Community Affairs, pursuant to which a joint cash management and investment program shall deposit and/or invest its funds.

"Joint insurance fund" or "JIF" means a joint insurance fund created pursuant to P.L. 1983, c. 372 (N.J.S.A. 40A:10-36etseq.) or P.L. 1983, c. 108 (N.J.S.A. 18A:18B-1etseq.).

"Long-term investments" means bonds, notes, or other obligations that are issued by a government entity. This term shall not include those types of securities already authorized for investment by a joint insurance fund pursuant to N.J.S.A. 18A:20-37 and 40A:5-15.1.