Title 40A, Title 40A: MUNICIPALITIES AND COUNTIES

40A:2-48. Self-liquidating utility deficits The amount of the deficit in the income of a self-liquidating municipal public utility applicable to interest and debt redemption, or the prospective amount of such deficit as determined by the local government board or, in the case of …

40A:2-49. Conclusiveness of authorization of obligations After 20 days after publication after final passage of a bond ordinance, the following shall be conclusively presumed: a. the accuracy, correctness and sufficiency of any annual or supplemental debt statement filed in conne…

40A:2-5. Authorization as appropriation An authorization of obligations shall constitute an appropriation of the proceeds thereof for the purposes stated in the bond ordinance. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.

40A:2-50. Conclusiveness of validity of obligations After issuance, all obligations shall be conclusively presumed to be fully authorized and issued by all the laws of this State, and any person shall be estopped from questioning their sale, execution or delivery by the local uni…

40A:2-51 Issuance of refunding bonds. 40A:2-51. Any local unit may incur indebtedness, borrow money, authorize and issue refunding bonds, notwithstanding any provision or limitation contained in this chapter or in any other law, and in any amount determined to be necessary by the…

40A:2-51.1. Issuance of refunding bonds 1. Notwithstanding the provisions of N.J.S.40A:2-51 to the contrary, a county or a municipality in which a pension fund has been established pursuant to P.L.1943, c.160 (C.43:10-18.1 et seq.), R.S.43:10-1 through R.S.43:10-18, P.L.1948, c.3…

40A:2-51.2. Local unit authorized to issue bonds If a local unit shall require moneys for the purpose of assuring against adopting a budget which sets forth a deficit, the director may recommend that the Local Finance Board authorize the local unit to issue bonds, entitled "fisca…

40A:2-51.3 Issuance of refunding bonds by local government entity for certain ERI liabilities. 1. Notwithstanding the provisions of N.J.S.40A:2-51 to the contrary, a county or municipality may incur indebtedness, borrow money, authorize and issue negotiable refunding bonds, in an…

40A:2-52 Authorization of refunding bonds. 40A:2-52. Refunding bonds shall be authorized by a refunding bond ordinance which shall be adopted in the manner prescribed for adoption of a bond ordinance, except that no down payment shall be required. Bonds to be paid, funded or refu…

40A:2-53. Contents of refunding bond ordinance A refunding bond ordinance shall contain in substance the following: a. An authorization of the issuance of the refunding bonds, stating in brief and general terms sufficient for reasonable identification the purpose or purposes for …

40A:2-54. Special refunding program If the local government board shall find that a special refunding program is in the public interest and is based upon a sound financial plan for equalizing or reducing the debt service of a local unit, a refunding bond ordinance may authorize r…

40A:2-55. Filing and effective date of refunding bond ordinance A certified copy of any refunding bond ordinance shall be filed with the director before final passage, together with a complete statement in form prescribed by the director and signed by the chief financial officer …

40A:2-56. Powers of local government board The local government board may examine into any estimates, computations or calculations made in connection with any issue of refunding bonds, may require the production of any papers, documents, witnesses or information, may make or caus…

40A:2-57. Standards for action by local government board In considering any refunding bond ordinance presented to it for its consent, the local government board shall have regard to the probable capacity of the local unit to pay at maturity the refunding bonds proposed to be issu…

40A:2-58. Details of refunding bonds Refunding bonds may be issued in 1 or more series and shall contain the word "refunding" in their title and shall recite that they are issued pursuant to this chapter and shall bear such date or dates, mature at such time or times not exceedin…

40A:2-59. Sale of refunding bonds 40A:2-59. Refunding bonds may be sold at public or private sale, or may be exchanged for any outstanding bonds or notes to be funded or refunded, pursuant to resolution adopted by not less than 2/3 of the full membership of the governing body, at…

40A:2-6. Debt limitation No bond ordinance shall be finally adopted if it appears from the supplemental debt statement required by this chapter that the percentage of net debt as stated therein pursuant to 40A:2-42 exceeds 2.00%, in the case of a county, or 3 1/2 %, in the case o…

40A:2-60. Sinking or reserve fund; disposition; deposits; investment Moneys or investments in any sinking fund or reserve fund of the local unit established or held for any obligations to be paid, funded or refunded by issuance of refunding bonds shall, unless the refunding bond …

40A:2-61. Validity of obligations The power to authorize and issue obligations pursuant to this chapter and the validity of such obligations so issued shall not be affected by or be dependent in any way upon the requirements of any other law or the validity or regularity of any p…

40A:2-62. Debt service reserve fund The governing body, by bond ordinance or resolution, may establish a reserve fund to provide for payment of principal of and interest on any obligations and appropriate thereto any unappropriated funds arising from other than tax sources, or an…

40A:2-63. Application of chapter Bonds or bond anticipation notes of any county or municipality authorized by county bond resolution or municipal bond ordinance finally passed prior to the effective date of this chapter in accordance with the provisions of the local bond law, con…

40A:2-64. Effect of amendatory act upon bond ordinance and bonds or notes authorized thereunder Any bond ordinance passed upon first reading prior to the effective date of this act may be finally adopted as if this act had not taken effect, and bonds or notes authorized by any su…

40A:2-7. Exceptions to debt limitation A bond ordinance may be finally adopted notwithstanding section 40A:2-6 if such ordinance authorizes obligations solely for one of the following: a. to meet an expenditure which is the result of fire, flood or other disaster and if the local…

40A:2-8.1 Issuance of bond anticipation note; rules, regulations. 11. a. On and after the effective date of P.L.2003, c.15, a local unit may, in anticipation of the issuance of bonds, borrow money and issue notes if the bond ordinance or subsequent resolution so provides. Any suc…

40A:2-9. Interim obligations After the sale of obligations, and pending the preparation of the definitive obligations, a local unit may issue interim obligations to the purchasers of such obligations. The definitive obligations, when prepared, may be delivered to the holders of s…

40A:3-1. Short title This act shall be known and may be cited as the "Municipal Qualified Bond Act." L.1976, c. 38, s. 10, eff. June 28, 1976.

40A:3-10. Severability If any clause, sentence, paragraph, section or part of this act shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the…

40A:3-11. Issuance of qualified bonds under ordinances not in compliance with act if in compliance prior to issuance or to refund outstanding bonds a. Qualified bonds may be issued pursuant to the provisions hereof for the purpose of funding ordinances which have been adopted in …

40A:3-2 Findings, declarations. 1. The Legislature finds and declares that: a. Maintenance of strong financial credit in New Jersey municipalities is essential in providing necessary capital improvement or property at minimum cost, for the citizens of this State; b. While the cre…

40A:3-3 Definitions. 2. For the purposes of P.L.1976, c.38, unless the context clearly requires a different meaning: a. "Business Personal Property Tax Replacement Revenues" means the funds distributed to municipalities pursuant to P.L.1966, c.135 (C.54:11D-1 et seq.) or pursuant…

40A:3-4 Issuance of qualified bonds. 3. a. Bonds issued by any municipality pursuant to provisions of this act shall be "qualified bonds" and shall be entitled to the benefit of the provisions of this act. b. Whenever the governing body of a municipality determines, by passage of…

40A:3-5 Recitals in bonds; authorization; issuance; maturity. 4. a. All qualified bonds when issued shall contain a recital to the effect that they are issued pursuant to Title 40 of the Revised Statutes or Title 40A of the New Jersey Statutes and are entitled to the benefits of …

40A:3-6. Bond anticipation notes Any municipality which has authorized qualified bonds may issue bond anticipation notes (hereinafter "notes" ) in anticipation of the issuance of permanent qualified bonds to the extent permitted by the provisions of Title 40A or any other applica…

40A:3-7 Certification, withholding; lien; covenants. 6. a. Each municipality which issues qualified bonds shall certify to the State Treasurer the name and address of the paying agent, the maturity schedule, interest rate and dates of payment of debt service on such qualified bon…

40A:3-8. Payment of principal and interest due on qualified bonds; payment of operating expenses Nothing contained in this act shall be construed to relieve any municipality of the obligation imposed on it by law to include in its annual budget amounts necessary to pay, in each y…

40A:3-9. Application to projects commenced prior to effective date of act The provisions of this act shall not be construed to prohibit any municipality from applying for authorization to issue qualified bonds pursuant to the terms of this act in connection with the construction,…

40A:4-1. Short title This chapter may be cited as the "Local Budget Law" . L.1960, c. 169, s. 1, eff. Jan. 1, 1962.

40A:4-10 Adoption of budget; public inspection. 40A:4-10. No budget or amendment thereof shall be adopted unless the director shall have previously certified his approval thereof. Final adoption shall be by resolution adopted by a majority of the full membership of the governing …

40A:4-11. Budget to be transmitted to county board 40A:4-11. The clerk of the local unit shall transmit a certified copy of the budget, as adopted, to the county board not later than 15 days following the adoption of the budget. L.1960, c.169, s.1; amended 1991,c.75,s.12; 1994,c.…

40A:4-12. Amount to be raised by taxation for local purposes The amount to be raised by taxation, as stated in the county budget, shall be the amount to be raised by taxation for county purposes. The amount to be raised by taxation, as stated in the municipal budget, shall be the…

40A:4-12.1. Certification of preliminary municipal tax levy under State fiscal year 16. On or before May 13 of each year, the governing body of each municipality operating under the State fiscal year shall certify, by resolution, to the Director of the Division of Local Governmen…

40A:4-13. Inclusion of amount required for school purposes The amount to be raised by taxes for school purposes, required to be certified to the governing body of a municipality for inclusion in its budget, shall be set forth in a separate section of the budget upon adoption and …

40A:4-14. School items; separate certification In making the certifications of the budget for transmission to the county board, the amount to be raised by taxes for school purposes by a municipality shall be separately stated and a. In municipalities in which the amount to be rai…

40A:4-15. Late approval of budget The director may certify any budget not filed with him within the time prescribed. Such budget must be accompanied by a statement of reasons, satisfactory to the director, for such delay. All actions subsequently taken by the director and the loc…

40A:4-16. County board to advise director of failure to receive budget 40A:4-16. Where the county board has not received a copy of the budget resolution or other evidence showing the amount to be raised by taxation for the purposes of a county or taxing district not later than Ma…

40A:4-17. Director's certificate to the county board 40A:4-17. The director may, in accordance with subsection a. or b. of this section, after receipt of notice that the county board has not received a copy of the budget resolution or other evidence showing the amount to be raise…