App.A:4-22. Provisions of ordinance

328 words·~1 min read·/nj/title-app-a/chapter-4/app-a-4-22

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

4. Any ordinance authorizing the issuance of bonds under this act shall state:

(a)The principal amount of bonds authorized by such ordinance and that such bonds are authorized and to be issued under this act;

(b)The maximum interest rate which shall be borne by such bonds;

(c)The maturity dates of such bonds;

(d)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; and

(e)The principal amount of bonds issued under this act which will be outstanding after the bonds authorized by such ordinance are sold and delivered.

A certified copy of any such ordinance shall be filed before final passage thereof in the office of the state auditor. Any matter relating to bonds authorized under this act not herein above required by this section to be stated in an ordinance may be performed or determined by any resolution or resolutions of the governing body of the municipality issuing the same, or the performance or determination thereof may be delegated by any resolution or resolutions to any financial officer of the municipality, and the delivery of such bonds shall be conclusive as to such performance or determination.

After any ordinance authorized by this act takes effect, such ordinance, and any resolution or resolutions relating to the bonds authorized thereby, shall be conclusively presumed to have been duly and regularly adopted by such municipality; and to comply with the provisions of this and every other law; and the validity of any such ordinance, resolution or resolutions, or of any bonds issued pursuant to the authority thereof, shall not thereafter be questioned by either a party plaintiff or a party defendant.

(L.1934, c. 60, s. 4, p. 166.)