New Jersey Statutes
§ App.A:4-38 — Bonds may be refunded notwithstanding budget provisions or previous appropriation
7.Any bonds or notes authorized by this act to be funded or refunded may be funded or refunded, notwithstanding that provision for their payment shall have been made in any budget theretofore adopted, or that funds or revenues remaining uncollected have by law been appropriated to their payment. The funds to be realized from such appropriations or from the collection of such funds or revenues may, however, by resolution adopted by the governing body prior to the issuance of refunding bonds, be pledged to the payment of such refunding bonds, and such pledge shall thereafter be deemed a contract between such municipality and the holders of said bonds. Such funds or revenues so pledged shall when received be deposited forthwith in a trust fund which shall be established by the governing body
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New Jersey § App.A:4-38 (Bonds may be refunded notwithstanding budget provisions or previous appropriation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Nearby Sections
15
§ App.A:4-10
Local approval of reclamation project§ App.A:4-11
Application of act§ App.A:4-12
Effective date§ App.A:4-12.2
Refund to municipalities§ App.A:4-12.3
Effective date§ App.A:4-13
Disposition of water system revenues to meet bonds issued pursuant to contract with federal government§ App.A:4-14
Effective date§ App.A:4-19
Power to issue bonds; purposes§ App.A:4-20
Name of bonds; ordinance; procedure; details§ App.A:4-22
Provisions of ordinance§ App.A:4-23
Sale price; exchange or sale of bonds§ App.A:4-25
Budget provisions