18A:71A-12. Limitations on issue of bond anticipation notes and other obligations.
132 words·~1 min read·
/nj/title-18a/chapter-71a/18a-71a-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Limitations on Issue of Bond Anticipation Notes and Other Obligations.
The authority may issue bond anticipation notes and other short-term obligations which may be renewed from time to time, but the maximum maturity of the notes or obligations, including renewals thereof, shall not exceed five years from the date of issue of the original. The notes or obligations shall be paid from any revenues or other moneys of the authority available therefor and not otherwise pledged, or from the proceeds of sale of the bonds of the authority in anticipation of which they were issued.
The notes or obligations shall be issued in the same manner as bonds, and the resolution or resolutions authorizing them may contain any provisions, conditions or limitations which a bond resolution of the authority may contain.
L.1999,c.46,s.1.