40A:2-12 Bond ordinance; contents

264 words·~1 min read·/nj/title-40a/chapter-2/40a-2-12

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

A bond ordinance shall contain in substance the following:

(1)an authorization for the issuance of obligations, stating in brief and general terms sufficient for reasonable identification the purpose or purposes for which the obligations are to be issued, a statement of the estimated maximum amount of bonds or notes to be issued, and the estimated cost of such purpose or purposes, but related improvements or properties may be treated as one improvement or property; or

(2)an authorization for the assumption by the local unit of the obligations of the authority sought to be dissolved pursuant to section 20 of P.L.1983, c.313 (C.40A:5A-20) for which the local unit is not a guarantor;

b. a determination of the period of usefulness of the purpose within the limitations of this chapter or, if issued for several purposes, a determination of the average period of usefulness, taking into consideration the respective amounts of obligations authorized for the said several purposes;

c. a determination that

(1)the supplemental debt statement has been filed in the office of the clerk,

(2)such statement shows that the gross debt as defined in this chapter is increased by authorization of such obligations by $ or is not increased, and

(3)the obligations authorized by the bond ordinance will be within debt limitations prescribed by this chapter, or the issuance thereof is permitted by an exception to said limitations naming the particular section, paragraph or law providing such exception;

d. a statement of the aggregate amount for items of expense permitted under 40A:2-20.

L.1960, c.169, s.1; amended 2001, c.29, s.2.