New Jersey § 40A:2-39 Application of proceeds

New Jersey Statutes

§ 40A:2-39 — Application of proceeds

New Jersey § 40A:2-39

Title 40AMUNICIPALITIES AND COUNTIES

This text of New Jersey § 40A:2-39 (Application of proceeds) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 40A:2-39 (2026).

Text

The proceeds of the sale of obligations shall be applied only to the purposes for which such obligations are authorized. If, for any reason, any part of such proceeds are not necessary for such purposes, such part shall be used to pay such outstanding obligations, or if in the opinion of the governing body it is in the best interest of the local unit such part may be appropriated to and used to finance the cost of any other purpose or purposes for which bonds may be issued. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.

Free access — add to your briefcase to read the full text and ask questions with AI

The proceeds of the sale of obligations shall be applied only to the purposes for which such obligations are authorized. If, for any reason, any part of such proceeds are not necessary for such purposes, such part shall be used to pay such outstanding obligations, or if in the opinion of the governing body it is in the best interest of the local unit such part may be appropriated to and used to finance the cost of any other purpose or purposes for which bonds may be issued. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.