§ 29:8-a — Anticipation of Federal or State Aid

A county may contract for or accept grants of federal or state aid or both in connection with any project for which the county may incur indebtedness under this title; and, after their receipt, such grants shall be expended according to the terms under which they are received or used to pay indebtedness incurred under this title. The county treasurer upon the order of the commissioners with the approval of the executive committee of the county convention may incur indebtedness in anticipation of the receipt of such aid by issuing its note or notes payable not more than 5 years from their dates, except that notes issued for a shorter period than 5 years may be funded and refunded from time to time by the issue of other notes which shall be payable not later than 5 years after the date of issue of the original note or notes creating the indebtedness being funded or refunded. Nothing contained in this section shall be construed to authorize the appropriation of any money in a manner which is inconsistent with laws relating to appropriations of money by counties.

Legislative History

1977, 143:1, eff. Aug. 5, 1977.