There is hereby established in the Department of the Treasury a special, nonlapsing fund to be known as the Federal Elections Assistance Fund.
The fund is established in accordance with paragraph (b) of section 254 of Pub.L. 107-252, (42 U.S.C. 15404) for the purpose of receiving:
The State Treasurer is authorized to transfer into the fund in a timely manner such State moneys as will be necessary to insure that the State qualifies for the maximum amount of federal funds appropriated to implement Pub.L. 107-252.
N.J.S. § 19:61-3