40A:2-42. Supplemental debt statement

181 words·~1 min read·/nj/title-40a/chapter-2/40a-2-42

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

A supplemental debt statement shall be in form prescribed by the director and shall set forth as to the local unit:

a. The net debt as stated in the annual debt statement or revision thereof last filed; the amount by which such net debt has been increased by the authorization of additional debt or decreased by payment of outstanding debt or reduction of the authorization to incur debt;

b. The amounts and purposes separately itemized of obligations about to be authorized, together with any deductions which may be made on account of any such item;

c. The net debt of the local unit as determined by addition of the net amounts stated in subsections a and b;

d. The equalized valuations of the taxable real estate, together with improvements for the last 3 preceding years, and the average thereof as stated in the annual debt statement or revision thereof last filed; and

e. Net debt expressed as a percentage of said average of equalized valuations.

L.1960, c. 169, s. 1, eff. Jan. 1, 1962. Amended by L.1964, c. 72, s. 6.