Title 52, Title 52: STATE GOVERNMENT, DEPARTMENTS AND OFFICERS

52:27-40. Filing of petition by political subdivision; approval of commission Any county, municipality, school district or other political subdivision of this State, hereinafter in this article referred to as "political subdivision," shall have power to file a petition or petitio…

52:27-41. Ordinance or resolution of governing body to authorize filing of petition The filing of such petition shall be authorized only by ordinance of the governing body of the political subdivision adopted by the affirmative vote of not less than two-thirds of all the members …

52:27-42. Approval by commission of readjustment plan necessary No plan of readjustment filed with or in the proceedings upon any such petition shall be approved by the court or put into temporary effect or finally confirmed without the approval of the commission. No political su…

52:27-43. Commission authorized to approve petition and plan; restrictions The commission may in its discretion give its approval in the manner provided by this article to the filing of any petition for the purpose of effecting readjustment of its debt which any political subdivi…

52:27-44. Powers of political subdivision upon confirmation of readjustment plan; issuance of bonds or notes Upon the confirmation of any plan of readjustment approved by the commission, the political subdivision assenting to such plan of readjustment may, by ordinance in the cas…

52:27-45. Request for approval of petition, plan, etc.; procedure The approval of any petition, plan of readjustment or other papers to be filed in any United States court or court in bankruptcy, or of any ordinance or resolution shall be requested by filing in the office of the …

52:27-45.1. Municipalities effecting plan for readjustment or composition of debts; powers; "court" defined Any municipality in which the Municipal Finance Commission, continued by chapter twenty-seven of Title 52 of the Revised Statutes, may be functioning and which may have her…

52:27-45.10. Issuance of new warrants of different denominations at request of registered holders Any municipality which has issued or may hereafter issue warrants, under the authority of an act entitled "An act in relation to the powers and duties of municipalities in which the …

52:27-45.11. Execution and delivery of new warrants A registered holder of any warrant issued by any municipality in accordance with said act desiring a warrant or warrants of different denomination or denominations shall request in writing the issuance of such new warrant or war…

52:27-45.2. Warrants for funding or refunding indebtedness; ordinance or resolution; special fund for payment of warrants; form; interest Any such municipality may provide in any such plan or plans for the issuance of warrants for the purpose of funding or refunding all or any pa…

52:27-45.3. Board for liquidation of assets; members, appointment, compensation and expenses; nature and government of board The ordinance or resolution authorizing the issuance of any such warrants shall provide for the creation of a board for the liquidation of such assets to b…

52:27-45.4. Duties of board in liquidation of assets pledged to special fund; proceeds of liquidation; cancellation of outstanding and unpaid warrants after properties and assets liquidated It shall be the duty of any board created and established pursuant to this act and any suc…

52:27-45.5. Periodic accountings by board as trustee; cooperation of council or other governing body; suspension of performance of acts The ordinance or resolution authorizing warrants hereunder and establishing any such board shall provide for periodic accountings as trustee in …

52:27-45.6. Covenants in ordinance or resolution protecting security and rights of warrant holders Any ordinance or resolution authorizing the issuance of warrants hereunder may contain covenants of any such municipality to protect and safeguard the security and rights of the hol…

52:27-45.7. General powers and duties of board; by-laws and rules; employees; real estate brokers; liquidation of assets Any board created and established pursuant to this act shall have power to: (a) adopt its own by-laws and rules of procedure; appoint and remove at pleasure su…

52:27-45.8. Discharge of board; extension of existence; surplus in special fund Upon the payment of all warrants issued under any ordinance or resolution adopted or enacted pursuant to the provisions of this act, together with all expenses and claims whatsoever incurred or contra…

52:27-45.9. Invalidity or illegality of ordinance or resolution; board prevented from performance of duties Should any ordinance or resolution establishing or creating any board hereunder be declared to be invalid or illegal by any court of competent jurisdiction, or should said …

52:27-46. School districts to which applicable; resolution by commission Whenever, pursuant to this chapter, the commission shall function in a municipality having a school district coterminous therewith which is governed by the provisions of chapter 7 of the title Education (s. …

52:27-47. Public hearing on resolution Any proposed resolution providing for the issuance of notes or bonds, if such notes or bonds are payable more than one year from the date of issue, shall be certified as aforesaid only after a public hearing by the commission; but no resolut…

52:27-48. Adoption of resolution by board of education Such resolutions shall, on direction of the commission, be adopted by the board of education of such school district, by the vote of a majority of the members thereof, in the form certified by the commission.

52:27-49. No referendum; other laws inapplicable Such resolutions and any notes or bonds authorized to be issued thereunder shall not be subject to a referendum of the legal voters of the school district or to the limitations or other provisions of any other law.

52:27-5. Powers of commission and director to cease upon annulment of order adjudging municipality in default Whenever the Superior Court has heretofore made or shall hereafter make an order or judgment annulling, vacating and discharging any order or judgment theretofore made by…

52:27-50. Form of notes or bonds; terms, provisions and conditions Subject only to the limitations of this article, such resolution or resolutions supplemental thereto shall determine the terms and the form of notes or bonds to be issued thereunder. Such notes or bonds may be sub…

52:27-51. Collateral agreements; provisions in resolutions as to taxation, sinking fund, pledges and limitations; enforcement To the end that the principal of and interest on the notes or bonds issued hereunder may be further secured and thereby a more favorable sale or exchange …

52:27-51.1. Sinking fund commission; payments of reserve or sinking fund to Any resolution authorizing the issuance of notes or bonds hereunder may provide that any sums required pursuant to such resolution to be set aside by the school district for reserve or sinking funds shall…

52:27-51.2. Release of sinking funds Any resolution authorizing the issuance of notes or bonds hereunder may provide that the notes, bonds or other obligations of the school district then held by the sinking fund commission thereof shall be canceled and that other property or fun…

52:27-52. Sale or exchange of notes or bonds Subject only to the limitations of this article, such resolution or resolutions supplemental thereto shall provide for the sale or exchange and the execution and delivery by such officers of the school district as shall be therein desi…

52:27-53. Conditions of sale or exchange All such notes or bonds shall be sold at not less than par at public sale after notice setting forth the terms and conditions of sale, published in such newspaper circulating in the school district, and in such financial newspaper, as shal…

52:27-54. Effect of resolutions; publication; validity; presumptions Excepting resolutions determining or altering the form of notes or bonds or providing for their sale, execution and delivery, and resolutions amendatory thereof or supplemental thereto, such resolutions adopted …

52:27-55. Tax to pay notes and bonds; reserve or sinking fund Any school district which shall have issued any notes or bonds pursuant to this article shall have the power to raise by a district tax any sum or sums for the purpose of providing for the payment of the interest there…

52:27-56. Additional indebtedness and expenditures; assent of commission necessary In order to conserve the financial resources of the school district, neither the legal voters nor the board of education thereof, without the assent in writing of the commission, shall issue or aut…

52:27-57. Default in payment of interest, salaries, etc.; limitation on expenditures Whenever such school district, or the municipality with which such school district is coterminous, has been or shall be in default for twelve months in the payment of interest on any of its bonds…

52:27-58. Auditors and assistants; expenses limited For the purpose of enabling the commission to carry out this article, the commission shall have power to employ an auditor and such other assistants, legal, clerical or otherwise, and to fix their duties, terms of service and co…

52:27-59. Powers and duties of auditor; office Whenever the commission shall certify to the board of education that it intends to exercise the powers conferred by this section, thereafter no claims shall be passed for payment by the board of education or other officers of the sch…

52:27-6. Secretary, auditor and other assistants; limitation on expenses For the purpose of enabling the commission to carry out this chapter it may appoint a secretary and counsel, employ an auditor and such other assistants, legal, clerical or otherwise, and fix their duties, t…

52:27-60. Expenses to be paid by school district The commission shall from time to time certify to the board of education the amount of its expenses, which amount shall be a legal charge upon the school district payable to the commission, and may be raised by the issuance of note…

52:27-61. Failure of school authorities to act; commission to act directly Whenever any direction of the commission authorized under this article has not been fully performed or carried out by the board of education or other officials of the school district affected, the commissi…

52:27-62. Remedies; enforcement of judgments, etc.; bringing of actions or proceedings stayed; exceptions Whenever the commission shall function in a municipality having a school district coterminous therewith which is governed by the provisions of chapter seven of the Title Educ…

52:27-63. Plan of adjustment or composition of claims of creditors; procedure; effect a. Whenever the commission shall function in any municipality having a school district coterminous therewith which is governed by the provisions of chapter seven of the Title Education (s. 18:7-…

52:27-64. "Certified" resolutions defined; form of certificate; signing The word "certified" as used in this chapter shall, as to resolutions prepared by the commission and certified to the governing body of a municipality, be construed to mean transmission by first-class mail of…

52:27-65. Remedial law to meet public emergency; liberal construction It is declared that this chapter is intended by the legislature to meet the public emergency arising from a default in the payment of municipal and school district obligations and the resulting impairment of pu…

52:27-66. Powers and duties severable The powers granted and duties imposed by this chapter shall be construed to be independent and severable, and a judicial determination that one or more of such powers or duties are not constitutionally conferred or imposed shall not invalidat…

52:27-7. Duties of secretary The secretary shall keep minutes of the transactions and proceedings of the commission and shall be the official reporter of the proceedings of the commission.

52:27-8. Office for auditor; access to books and records The auditor employed by the commission shall have an adequate office in the municipal building, if any, and shall have access to all books of account, records, papers and memoranda of such municipality.

52:27-9. Warrants and checks to be countersigned by auditor All warrants, checks or other instruments for the withdrawal or transfer of funds of the municipality shall be submitted to such auditor for his countersignature, and no banking institution in which funds of the municipa…