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Code · New Jersey · Title 27 — State Control of Manufacture and Sale of Liquor [Repealed] · Chapter 1B

27:1B-27. Counties and municipalities; temporary state aid anticipation notes

118 words·~1 min read·/nj/title-27/chapter-1b/27-1b-27

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

When the commissioner shall notify the governing body of a county or municipality of the amount of State funds allocated to a project, the governing body may borrow money on temporary loan to an amount not to exceed the amount of the State funds allocated to the project, in anticipation of the payment of the amount of State funds so allocated to the county or municipality, and may apply the proceeds of the loan to the payment of the cost of the project. The temporary loan shall be repaid upon payment to the county or municipality of the sum, in anticipation of payment of which the loan was made.
L.1984, c. 73, s. 27, eff. July 10, 1984.
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