27:14-49. Municipality may borrow certain amount for road repairs; repayment
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/nj/title-27/chapter-14/27-14-49A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When the commissioner shall issue to a municipality or public body charged with the maintenance of any improved roads, his certificate setting forth the amount set aside by him for the repair of any such road, from moneys under his control available for road repairs, the body having control of the finances of the municipality or public body may borrow money on temporary loan to an amount not to exceed the amount named in such certificate in anticipation of the payment of the amount named in such certificate to the municipality or public body in accordance with the provisions of this article, and may apply the proceeds of the loan to the payment of the cost of the repairs of such road.
The temporary loan shall be repaid upon payment to the municipality or public body of the sum in anticipation of payment of which the loan was made.