40A:5A-19. Order implementing financial plan to alleviate financial difficulties

214 words·~1 min read·/nj/title-40a/chapter-5a/40a-5a-19

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

If the Local Finance Board determines that financial difficulties exist which

(1)jeopardize the payment of operating expenses and debt service on obligations of the authority or either of the aforesaid; or place an undue financial burden on the inhabitants of the local unit or units or the users of the system or facilities of an authority; and

(2)that these difficulties are likely to recur and, if they continue, will impair the credit of the authority and local unit or units or either of the aforesaid to the detriment of the inhabitants thereof; and

(3)no financial plan designed to prevent a recurrence of these conditions and which is deemed to be practicable and feasible by the director has been undertaken by the authority or the local unit or units, the Local Finance Board shall order the implementation of a financial plan which will assure the payment of debt service on obligations of the authority, or provide relief from undue financial burden. The order shall be deemed conclusive and final and upon receipt of the order all persons shall be estopped from contesting the order or the provisions thereof and the authority or local unit or units affected thereby shall take the action to comply with the order.

L.1983, c. 313, s. 19.