40A:4-3.4. Report to Legislature on which municipalities have adopted State fiscal year

390 words·~2 min read·/nj/title-40a/chapter-4/40a-4-3-4

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

1. On or before October 15, 1992 and for five years annually thereafter, the Director of the Division of Local Government Services in the Department of Community Affairs shall issue a preliminary report to the Legislature regarding which municipalities have adopted the State fiscal year, as authorized pursuant to P.L.1991, c.75 (C.40A:4-3.1 et al.) during that calendar year. On or before February 1, next succeeding that calendar year and for five years annually thereafter, the director shall issue a final report to the Legislature for that previous calendar year.

Data for any municipality for which complete data are not reported in the February 1 final report shall be reported in the succeeding October 15 preliminary report in those years in which a preliminary report is required to be issued, as set forth hereunder. On or before February 1, 1998 and annually thereafter, the division shall issue one annual report, which shall be included as part of the annual report of the Division of Local Government Services. The director shall set forth in the report those municipalities which have issued or in which an ordinance has been proposed authorizing the issuance of "fiscal year adjustment bonds," as authorized pursuant to section 5 of that act, the following information:

a. the amount of the proposed or issued "fiscal year adjustment bonds";

b. the amount of the actual or proposed issuance costs;

c. the amount of the actual or proposed total issue;

d. the amount of the proposed interest costs;

e. the proposed total costs of the issue;

f. the proposed or actual interest rate;

g. the proposed or actual term;

h. the current amount of tax anticipation notes outstanding;

i. the current credit ratings by Moody's Investors Service and Standard & Poors Corporation;

j. whether there is bond insurance for the issue;

k. the method of issuance;

l. the amount of outstanding debt prior to issue;

m. the percentage of net debt prior to issue;

n. the percentage of net debt following issue;

o. the amounts paid or to be paid to the financial advisor, the bond counsel, the local attorney, the accountant, the auditor, and the underwriter;

p. the amounts paid or to be paid for any other issuance costs; and

q. identification of the financial advisor, the bond counsel, the local attorney, the accountant, the auditor, and the underwriter.

L.1992,c.26.