New Jersey § 40A:4-74 Utility anticipation notes

New Jersey Statutes

§ 40A:4-74 — Utility anticipation notes

New Jersey § 40A:4-74

Title 40AMUNICIPALITIES AND COUNTIES

This text of New Jersey § 40A:4-74 (Utility anticipation notes) 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:4-74 (2026).

Text

40A:4-74. Any local unit which operates or owns a municipal public utility may, pursuant to resolution of the governing body passed by a majority of the full membership thereof, borrow money and issue its negotiable notes to provide funds necessary to operate the utility or enterprise and meet the necessary payments for debt service. Such notes shall be designated as "Utility Revenue Notes of 19.... (stating the year)" . The amount of notes which may be issued in any fiscal year shall not exceed 50% of the revenue from Utility Rents and Miscellaneous Utility Revenues Anticipated in the annual utility budget. Notes may be renewed from time to time but shall mature not later than 90 days after the close of the fiscal year in which the notes were originally issued. Borrowing power provided in

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40A:4-74. Any local unit which operates or owns a municipal public utility may, pursuant to resolution of the governing body passed by a majority of the full membership thereof, borrow money and issue its negotiable notes to provide funds necessary to operate the utility or enterprise and meet the necessary payments for debt service. Such notes shall be designated as "Utility Revenue Notes of 19.... (stating the year)" . The amount of notes which may be issued in any fiscal year shall not exceed 50% of the revenue from Utility Rents and Miscellaneous Utility Revenues Anticipated in the annual utility budget. Notes may be renewed from time to time but shall mature not later than 90 days after the close of the fiscal year in which the notes were originally issued. Borrowing power provided in this section shall be exclusive of and in addition to the borrowing power provided for tax anticipation notes permitted by this chapter. Amended 1991,c.75,s.24.