40A:4-55.18. Distressed municipality defined
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/nj/title-40a/chapter-4/40a-4-55-18·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this act the term "distressed municipality" means any municipality required to pay a judgment in an amount which would require an increase in the municipal purposes levy for any year in excess of 40% over the immediately preceding year.
L.1982, c. 66, s. 1, eff. July 12, 1982.