New Jersey § 40A:4-55.19 Judgments;  payment;  appropriation;  resolution;  notes; conditions

New Jersey Statutes

§ 40A:4-55.19 — Judgments; payment; appropriation; resolution; notes; conditions

New Jersey § 40A:4-55.19

Title 40AMUNICIPALITIES AND COUNTIES

This text of New Jersey § 40A:4-55.19 (Judgments; payment; appropriation; resolution; notes; conditions) 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:4-55.19 (2026).

Text

a.The governing body of a distressed municipality may by resolution approved by not less than two-thirds vote of its full membership provide for the payment of any judgment against it resulting from an order of the court by providing an appropriation therefor, and financing such from surplus funds or by borrowing through issuance of notes or other obligations in the name of the municipality.

b.Any resolution adopted under the provisions of this act shall provide that in the case of any notes issued to finance appropriations, at least one-fifth of all such notes, and any renewals thereof, shall mature and be paid each year, so that all notes and renewals shall have matured and have been paid not later than the last day of the fifth year following the date of the resolution. L.1982, c. 66,

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a. The governing body of a distressed municipality may by resolution approved by not less than two-thirds vote of its full membership provide for the payment of any judgment against it resulting from an order of the court by providing an appropriation therefor, and financing such from surplus funds or by borrowing through issuance of notes or other obligations in the name of the municipality. b. Any resolution adopted under the provisions of this act shall provide that in the case of any notes issued to finance appropriations, at least one-fifth of all such notes, and any renewals thereof, shall mature and be paid each year, so that all notes and renewals shall have matured and have been paid not later than the last day of the fifth year following the date of the resolution. L.1982, c. 66, s. 2, eff. July 12, 1982.