App.A:4-19. Power to issue bonds; purposes
281 words·~1 min read·
/nj/title-app-a/chapter-4/app-a-4-19A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Subject to the terms and provisions of this act, any city, borough, town, township, village or any other municipality (hereinafter referred to as "municipality" ) in this state shall have power under this act from time to time to incur indebtedness, to borrow money and to issue its negotiable bonds for any or all of the following purposes:
(a)To pay, fund or refund any or all tax anticipation bonds or notes, tax revenue bonds or notes, tax title bonds or notes, emergency bonds or notes, or interest deficiency notes, which recite that they are issued pursuant to an act of the legislature entitled "An act concerning municipal and county finances," approved March twenty-eighth, one thousand nine hundred and seventeen, as amended and supplemented, and a resolution or resolutions of the governing body of the municipality, and any renewals or extensions thereof, whether due or to become due, including any indebtedness evidenced thereby or interest due or accrued thereon;
(b)To pay, fund or refund any or all amounts unpaid and owing by such municipality or the collector of the taxing district for school, county, state and local district taxes;
(c)To pay, fund or refund any or all indebtedness of such municipality for the payment of which an appropriation has been made in any budget or tax ordinance of the municipality, including any interfund indebtedness where there is not sufficient cash in the debtor fund to repay the creditor fund, any sinking fund and amortization requirements, contract indebtedness and any unpaid bills or claims;
(d)To pay the cost of issuance of such bonds, including printing, advertising, accounting, financial and legal expenses.
(L.1934, c. 60, s. 1, p. 163.)