Title 40A, Title 40A: MUNICIPALITIES AND COUNTIES

40A:4-55.15. Surplus funds; inclusion in annual budget When any such appropriation is financed from surplus funds available, at least 1/3 of the amount thereof shall be included in each succeeding annual budget until the appropriation has been fully provided for. L.1968, c. 194, …

40A:4-55.16. Borrowing money; resolution When any such appropriation is to be financed by borrowing money, the governing body of the local unit shall, by a 2/3 vote of the full membership thereof, adopt a resolution: a. Setting forth the amount appropriated, and b. Making provisi…

40A:4-55.17. Applicability of tax anticipation notes provisions to special emergency notes; filing resolution The provisions of the chapter hereby supplemented relating to tax anticipation notes shall apply to special emergency notes. A copy of the resolution shall be filed forth…

40A:4-55.18. Distressed municipality defined As used in this act the term "distressed municipality" means any municipality required to pay a judgment in an amount which would require an increase in the municipal purposes levy for any year in excess of 40% over the immediately pre…

40A:4-55.19. Judgments; payment; appropriation; resolution; notes; conditions a. The governing body of a distressed municipality may by resolution approved by not less than two-thirds vote of its full membership provide for the payment of any judgment against it resulting from an…

40A:4-55.2. Financing appropriation Any municipality may finance such appropriation from surplus funds available or may borrow money to finance the same in the manner hereinafter prescribed. L.1961, c. 22, p. 107, s. 2, eff. May 9, 1961.

40A:4-55.20. Approval of resolution No resolution approved pursuant to this act shall have effect unless approved by the Local Finance Board pursuant to rules and regulations prescribed by it. L.1982, c. 66, s. 3, eff. July 12, 1982.

40A:4-55.21. Powers and obligations of municipality; ad valorem taxes; levy The power and obligation of a municipality to pay any note or obligation issued pursuant to this act shall be unlimited and the municipality shall have power and be obligated to levy ad valorem taxes upon…

40A:4-55.3. Manner of financing appropriation from surplus funds When any such appropriation is financed from surplus funds available, at least 1/3 of the amount thereof shall be included in each annual budget until the appropriation has been fully provided for. L.1961, c. 22, p.…

40A:4-55.4. Manner of financing appropriation by borrowing money When any such appropriation is to be financed by borrowing money, the governing body of the municipality shall, after the adoption of any such ordinance, by a 2/3 vote of the full membership thereof adopt a resoluti…

40A:4-55.5. Approval and filing of ordinance or resolution No such ordinance or resolution shall be valid unless it is approved by the Local Government Board and a copy thereof shall be filed forthwith after it is adopted with the Director of the Division of Local Government in t…

40A:4-55.6. Rules and regulations; proof of emergency and need for appropriation The Local Government Board shall promulgate suitable rules and regulations as to the adoption of such ordinances and may require proof by engineering data as to the existence of any such emergency an…

40A:4-55.7. Effect of revision of Title 40 This act shall continue in effect after, and notwithstanding the taking effect of, chapter 169 of the laws of 1960. L.1961, c. 22, p. 108, s. 7, eff. May 9, 1961.

40A:4-55.8. County colleges; special emergency appropriation; resolution; contents Upon the receipt of a certification from the board of school estimate of the board of trustees of a county college, a county may by a 2/3 vote of its entire governing body, adopt a resolution autho…

40A:4-55.9. Financing; reduction of appropriation; resolution The county may finance such appropriation from available surplus funds or borrow money in the manner prescribed above. When State or Federal funds are appropriated and become available to the board of trustees, the cou…

40A:4-56. Contracts of special or technical nature A local unit may, if it so elects, enter into a contract for the purposes set forth in 40A:4-53 without advertising, provided the governing body shall, by resolution duly adopted by not less than 2/3 vote of the full membership t…

40A:4-57. Expenditures void without appropriations No officer, board, body or commission shall, during any fiscal year, expend any money (except to pay notes, bonds or interest thereon), incur any liability, or enter into any contract which by its terms involves the expenditure o…

40A:4-58. Appropriation transfers during last 2 months of fiscal year a. Should it become necessary, during the last 2 months of the fiscal year, to expend for any of the purposes specified in the budget an amount in excess of the respective sums appropriated therefor and there s…

40A:4-59. Appropriation transfers during first 3 months of succeeding year a. If, during the first 3 months of any fiscal year, the amount of any appropriation reserve for the immediately preceding fiscal year is insufficient to pay the claims authorized or incurred during said p…

40A:4-6. Advertisement of budget 40A:4-6. Every budget shall be advertised after approval. The advertisement shall contain a copy of the budget or a budget summary as provided in section 12 of P.L.1995, c.259 (C.40A:4-6.1), and shall set forth the date, the time and the place of …

40A:4-6.1. Satisfaction of advertisement of budget requirements 12. The governing body of a municipality or county may satisfy the advertisement requirements for the introduction and passage of a budget in the following manner: a. The publication of a summary pursuant to the prov…

40A:4-60. Unexpended balances canceled by resolution Any unexpended balances of appropriations may, by resolution of the governing body, be canceled prior to the end of the fiscal year. Said resolution shall set forth the titles of the appropriations and the amounts to be cancele…

40A:4-61. Assessment revenue fund All receipts derived from special assessments on property specially benefited by any local improvements shall be segregated by the municipality and kept in a separate fund to be known as an "assessment revenue fund." They shall be applied only to…

40A:4-62. Public utility funds All moneys derived from the operation of publicly owned or operated utility or enterprise and any other moneys applicable to its support, shall be segregated by the local unit and kept in a separate fund which shall be known as "utility fund" and sh…

40A:4-62.1 Storm recovery reserves; permitted, rules, regulations. 1. a. (1) A local unit may, by resolution, establish a storm recovery reserve. Unexpended balances budgeted annually for storm recovery may be lapsed into the reserve. Upon passage of a resolution of the governing…

40A:4-62.2 Establishment of mosquito control reserve fund. 1. a. A county board of chosen freeholders may, by resolution, establish a mosquito control reserve fund. Unexpended balances budgeted annually for mosquito control may be lapsed into the reserve. Upon passage of a resolu…

40A:4-63. Money in separate funds treated as trust funds Moneys held in any separate fund shall be treated by the officers of the local unit as moneys held in trust for the purpose for which such separate fund was created, and no banking institution accepting any such fund as pro…

40A:4-64. Tax anticipation notes In any fiscal year, in anticipation of the collection of taxes for such year, whether levied or to be levied in such year, or in anticipation of other revenues for such year, any local unit may, by resolution, borrow money and issue its negotiable…

40A:4-65. Application of proceeds The proceeds of the sale of tax anticipation notes, unless used to pay outstanding notes issued in anticipation of the collection of taxes of the same fiscal year, shall be applied only to purposes provided for in the budget or for which taxes ar…

40A:4-66. Limitation of amount The amount of tax anticipation notes of any fiscal year outstanding at any 1 time shall not exceed an amount certified as the gross borrowing power, and no such notes shall be authorized in excess of an amount certified as the net borrowing power, e…

40A:4-67. Limitation of maturity and renewals 40A:4-67. Tax anticipation notes may be renewed from time to time, but all such notes and any renewals thereof shall mature, in the case of municipalities within 120 days after the beginning of the succeeding fiscal year, and in the c…

40A:4-68. Interest rate Tax anticipation notes shall bear interest at a rate not exceeding 6% per annum. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.

40A:4-69. Form, registration and redemption All tax anticipation notes may be in registered form or in coupon form with or without privileges of registration, and may be made redeemable prior to maturity at the option of the local unit at not exceeding par and accrued interest. L…

40A:4-7. Time of public hearing No budget shall be adopted until a public hearing has been held thereon and taxpayers and all persons having an interest therein shall have been given an opportunity to present objections. Such hearing shall be held not less than 18 days in the cas…

40A:4-70. Recital of borrowing power; authorization In the text of each tax anticipation note there shall appear in substance the following recital: "This note is issued pursuant to the local budget law and in anticipation of the collection of taxes of the budget year 19 (stating…

40A:4-71. Execution of notes or coupons All tax anticipation notes shall be executed in the name of the local unit by such financial officer and by such other officer as may be designated by resolution, and shall be under the seal of the local unit and attested by the clerk. Coup…

40A:4-72. Sale and report of sale All tax anticipation notes may be sold at not less than par and accrued interest at private sale without previous public offering, either by resolution of the governing body or by a financial officer authorized to sell such notes by resolution of…

40A:4-73. Conclusive presumption of validity of proceedings and notes Unless a suit, action or proceeding questioning the authorization, sale or execution or otherwise questioning the validity of tax anticipation notes be begun prior to the delivery of such notes, any such notes …

40A:4-74. Utility anticipation notes 40A:4-74. Any local unit which operates or owns a municipal public utility may, pursuant to resolution of the governing body passed by a majority of the full membership thereof, borrow money and issue its negotiable notes to provide funds nece…

40A:4-75. Liability on notes The power and obligation of a local unit to pay any note or obligation issued pursuant to this chapter shall be unlimited and the local unit shall have power and be obligated to levy ad valorem taxes upon all the taxable property within the local unit…

40A:4-76. Examination of budget The director shall examine the budget filed in his office with reference to all estimates of revenue and to the following appropriations: a. Payment of interest and debt redemption charges. b. Deferred charges and statutory expenditures. c. Cash de…

40A:4-77. Scope of examination The director shall determine upon the basis of information and data available whether: a. all estimates of revenue are reasonable, accurate and correctly stated; b. items of appropriation are properly set forth; c. in itemization, form, arrangement …

40A:4-78 Approval of budget, exemptions. 40A:4-78. a. If the director finds that all requirements of law and of the regulations of the local government board have been met, the director shall approve the budget, otherwise the director shall refuse to approve it. The director, in …

40A:4-79. Certification of director Immediately after the making of his examination of the budget, the director shall certify the results of his determination to the governing body. A governing body shall not finally adopt a budget until a certification of approval by the directo…

40A:4-8 Public hearing; time and place. 40A:4-8. The public hearing shall be held at the time and place specified in the advertisement thereof, but may be adjourned from time to time until the hearing is closed. The budget shall be read, at the public hearing in full, or it may b…

40A:4-80. Action on disapproved budget If the budget is disapproved, a full statement of reasons with instructions for corrections of the budget shall be transmitted to the local unit with notice of the refusal by the director to approve the same. The certification of disapproval…