New Jersey § 40A:4-55.4 Manner of financing appropriation by borrowing money

New Jersey Statutes

§ 40A:4-55.4 — Manner of financing appropriation by borrowing money

New Jersey § 40A:4-55.4

Title 40AMUNICIPALITIES AND COUNTIES

This text of New Jersey § 40A:4-55.4 (Manner of financing appropriation by borrowing money) 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:4-55.4 (2026).

Text

When any such appropriation is to be financed by borrowing money, the governing body of the municipality shall, after the adoption of any such ordinance, by a 2/3 vote of the full membership thereof adopt a resolution: a. Setting forth the amount appropriated, and b. Making provision for the borrowing of money and the issuance of "Special Emergency Notes" which may be renewed from time to time, but at least 1/3 of all such notes, and the renewals thereof, shall mature and be paid in each year, so that all notes and renewals shall have matured and have been paid not later than the last day of the third year following the date of the emergency resolution. The provisions of the chapter hereby supplemented relating to tax anticipation notes shall apply to special emergency notes. L.1961, c. 22

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

When any such appropriation is to be financed by borrowing money, the governing body of the municipality shall, after the adoption of any such ordinance, by a 2/3 vote of the full membership thereof adopt a resolution: a. Setting forth the amount appropriated, and b. Making provision for the borrowing of money and the issuance of "Special Emergency Notes" which may be renewed from time to time, but at least 1/3 of all such notes, and the renewals thereof, shall mature and be paid in each year, so that all notes and renewals shall have matured and have been paid not later than the last day of the third year following the date of the emergency resolution. The provisions of the chapter hereby supplemented relating to tax anticipation notes shall apply to special emergency notes. L.1961, c. 22, p. 107, s. 4, eff. May 9, 1961.