App.A:4-21. Maturity; maximum amount; debt statement or limitation

478 words·~2 min read·/nj/title-app-a/chapter-4/app-a-4-21

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3. Each issue or series of bonds authorized under this act shall mature in annual installments, the first of which shall be payable not later than two, and the last of which shall be payable not later than twenty years from the date of the bonds; at least one-fifth of the principal amount of each authorized issue shall be payable not later than five years from the date of the bonds, and at least one-half of the principal amount of such authorized issue shall be payable not later than eleven years from the date of the bonds, and at least three-quarters of the principal amount of such authorized issue shall be payable not later than fifteen years from the date of the bonds.

No municipality shall issue bonds under this act which shall exceed in aggregate principal amount the amount of discount on the sale of any such bonds plus the aggregate amount of the outstanding indebtedness of such municipality or of the collector of the taxing district as of the last day of the fiscal year next preceding the date of the final passage of the first ordinance of the governing body of such municipality authorizing the issuance of any bonds under this act, in respect of tax anticipation bonds or notes, tax revenue bonds or notes, tax title bonds or notes, emergency bonds or notes, interest deficiency notes, whether due or to become due, unpaid and owing school, county, state and local district taxes, and any unpaid indebtedness for the payment of which an appropriation has been made in the budget or tax ordinance of such preceding or any prior fiscal year, or shall at any time issue bonds under this act which, together with any other bonds issued by such municipality under this act and outstanding, shall exceed in aggregate principal amount the gross amount of uncollected and unabated taxes of the next preceding four fiscal years, including the amount of such taxes represented by tax titles standing in the name of the municipality, which were unpaid and owing to the municipality or the collector of the taxing district as of the last day of the next preceding fiscal year.

No supplemental debt statement need be made or filed prior to the introduction or final passage of any ordinance authorizing bonds under this act. The power of a municipality to authorize and issue bonds granted by this act shall not be affected or limited by any limitation of indebtedness or by the requirements of any other law, except as expressly provided in this act, but any bonds issued under this act shall be included in any annual or supplemental debt statement thereafter made or filed in determining the power of a municipality issuing such bonds to become otherwise indebted, and shall not be deductible in determining such power.

(L.1934, c. 60, s. 3, p. 165.)