reglab/housing_qa huggingface dataset:
NJ Rev Stat § 40A:2-54 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:2-54 - Special refunding program

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 refunding bonds for refunding some or all of any bonds of the local unit which will become due over a period of not exceeding 5 years. Such refunding bond ordinance shall provide for the sale annually during such period, or at such other time or times as the local government board may approve, of blocks or series of refunding bonds to provide funds to pay the bonds and interest to be refunded and such ordinance may also provide for the investment and application of the proceeds of such refunding bonds, pending the maturity or maturities of the bonds to be refunded and for reinvestment or other application of income and realizations upon such investments. Such investment and reinvestment shall be restricted to (a) purchase and holding of unlimited bonds or notes or other obligations (whether or not interest-bearing) issued or unconditionally guaranteed as to both principal and interest by the United States of America and which mature or which the United States of America is on demand obligated to pay, not later than the end of the respective calendar years of the maturities of the several bonds to be refunded, or (b) purchase and cancellation of any of the bonds to be refunded in the manner or mode of procedure prescribed by the Fiscal Affairs Law. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
NJ Rev Stat § 40A:2-55 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:2-55 - Filing and effective date of refunding bond ordinance

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 of the local unit as to the outstanding obligations to be paid, funded or refunded by issuance of the refunding bonds. No refunding bond ordinance or any resolution performing, determining or authorizing matters or acts in connection with refunding bonds shall take effect until the consent of the local government board shall have been endorsed upon a certified copy thereof as adopted. Any certification or endorsement of consent made by the local government board or by a majority of the members thereof or by the secretary thereof pursuant to its direction as to any issue of refunding bonds shall, after the issuance of such refunding bonds in reliance thereon, be conclusive as to its validity or regularity and shall not be contested in any action or proceeding relating to such refunding bonds instituted after the issuance of such bonds. L.1960, c. 169, s. 1, eff. Jan. 1, 1962. Amended by L.1978, c. 36, s. 4, eff. June 19, 1978.
NJ Rev Stat § 40A:2-56 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:2-56 - Powers of local government board

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 cause to be made any audit or investigation and may take any other action which it may deem advisable in connection with any issue of refunding bonds. All powers and duties of the funding commission pursuant to any other law as heretofore exercised and performed by such commission shall be vested in and exercised and performed by the local government board as if such board constituted such commission. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
NJ Rev Stat § 40A:2-57 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:2-57 - Standards for action by local government board

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 issued, and all notes and bonds and other indebtedness and liabilities of the local unit then outstanding, taking into consideration the assessed and true valuation of taxable property in the local unit, the equitable distribution of the burden of interest and debt redemption charges in connection with such refunding bonds, and the bonds and notes and other indebtedness and liabilities theretofore outstanding or which may necessarily thereafter be incurred. If the local government board shall refuse to endorse its consent upon any such refunding bond ordinance, it shall certify to the local unit a statement of its reasons for such refusal. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
NJ Rev Stat § 40A:2-58 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:2-58 - Details of refunding bonds

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 exceeding 40 years as may be approved by the Local Finance Board from their date, bear interest at such rate or rates, payable at such time or times, be in such denomination and in such form, either coupon or registered, carry such registration privileges, be executed in such manner consistent with the provisions of this chapter for bonds of a local unit, be payable at such place or places, and be subject to such terms of redemption, with or without premium, as may be determined by the refunding bond ordinance or by subsequent resolution or resolutions of the governing body. L.1960, c. 169, s. 1, eff. Jan. 1, 1962. Amended by L.1978, c. 36, s. 5, eff. June 19, 1978.
NJ Rev Stat § 40A:2-59 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:2-59 - Sale of refunding bonds

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 such price or prices, computed according to standard tables of bond values, as will yield to the purchasers or to the holders of the bonds or notes surrendered in exchange, an income at a rate not to exceed the prevailing market rate to the maturity dates of the bonds sold or exchanged, on the money paid or the principal amount of the bonds or notes surrendered therefor to the local unit. Refunding bonds of any authorized issue or of any authorized maturity may be sold or exchanged as hereinabove provided from time to time and in such blocks as may be deemed advisable. The officer of the local unit delivering any refunding bonds in exchange for outstanding bonds or notes shall report in writing to the governing body at the next meeting thereof as to the principal amounts, maturities and numbers of the refunding bonds so delivered and as to the outstanding bonds or notes received in exchange, which report shall be entered in the minutes of the governing body, and a copy of such report shall be filed within five days thereafter with the director.  L.1960, c.169, s.1; amended 1991,c.75,s.8.
NJ Rev Stat § 40A:2-60 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:2-60 - Sinking or reserve fund; disposition; deposits; investment

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 ordinance provides otherwise, be applied to the payment or retirement of any such obligations. The refunding bond ordinance may provide that the proceeds from the sale of any refunding bonds shall be deposited in such sinking fund or reserve fund in trust to provide for the payment and retirement of the obligations being refunded at the maturity dates thereof or by redemption prior to the maturity dates and provision may be made for the pledge and disposition of any amounts in excess of the amounts required for such purposes. Money in any such sinking fund may be invested in (a) direct obligations of the United States Government, (b) obligations the principal of and interest on which are guaranteed by the United States Government, (c) to the extent then permitted by law in obligations of any agency or instrumentality of the United States Government, or (d) in certificates of deposit issued by a bank or trust company located in this State if such certificates shall be secured by a pledge of any of said obligations described in (a), (b) or (c) above having an aggregate market value, exclusive of accrued interest, equal at least to the principal amount of the certificates so secured. Nothing herein shall be construed as a limitation on the duration of any deposit in trust for the retirement of obligations being refunded but which shall not have matured and which shall not be presently redeemable or, if presently redeemable, shall not have been called for redemption. L.1960, c. 169, s. 1, eff. Jan. 1, 1962. Amended by L.1978, c. 36, s. 6, eff. June 19, 1978.
NJ Rev Stat § 40A:2-61 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:2-61 - Validity of obligations

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 proceedings pursuant to or under which any bonds or notes or indebtedness or liability to be paid, funded or refunded or renewed or extended by the issuance of obligations, were or was authorized and issued, and shall be independent of the power to make improvements or acquire property and shall not be dependent upon or affected by the validity or regularity of any improvement or the acquisition of any property or the authorization therefor, for the financing of which such obligations are issued or are to be issued. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
NJ Rev Stat § 40A:2-62 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:2-62 - Debt service reserve fund

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 any other moneys made or to be made available by budget or otherwise. A certified copy of such ordinance or resolution shall be filed in the office of the director. The establishment of such fund shall be irrevocable so long as the obligations with respect to which it was created are outstanding or unpaid. Such fund may be invested in the same manner as other moneys of the local unit unless otherwise provided. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
NJ Rev Stat § 40A:2-63 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:2-63 - Application of chapter

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, constituting sections 40:1-1 to 40:1-88 of the Revised Statutes, as amended and supplemented, may be issued, sold or delivered as if this chapter had not taken effect and in accordance with the provisions either of said law or of this chapter for issuance, sale or delivery of bonds or bond anticipation notes. Where any other law refers to the issuance of indebtedness in accordance with the provisions of chapter 1 of Title 40, it shall be taken to mean that the indebtedness shall be issued pursuant to this chapter. This chapter shall not affect or apply to the incurring of indebtedness or the issuance of bonds or notes for school purposes except as other laws may provide for the issuance of such bonds or notes pursuant to this chapter. L.1960, c. 169, s. 1, eff. Jan. 1, 1962. Amended by L.1964, c. 72, s. 10.
NJ Rev Stat § 40A:2-64 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:2-64 - Effect of amendatory act upon bond ordinance and bonds or notes authorized thereunder

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 such bond ordinance or any bond ordinance finally adopted prior to the effective date of this act may be issued, sold or delivered pursuant to the provisions of the local bond law as if this act had not taken effect. L.1964, c. 72, s. 11.
NJ Rev Stat § 40A:3-1 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:3-1 - Short title

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.
NJ Rev Stat § 40A:3-2 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:3-2 - Findings, declarations.

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 credit status of New Jersey's municipalities is sound, it can be strengthened by a pledge of and statutory lien on State Urban Aid, Gross Receipts Tax, State Revenue Sharing, Municipal Purposes Tax Assistance Fund distributions, Business Personal Property Tax Replacement Revenues and any other funds appropriated as State aid and not otherwise dedicated to specific municipal programs to guarantee debt service payments on qualified bonds; c. Such a pledge and statutory lien should expand the market for and lower the interest costs on qualified bonds issued pursuant to the terms of P.L.1976, c.38, thus reducing the borrowing costs of participating municipalities. L.1976, c.38, s.1; amended 1991, c.180, s.1; 2015, c.95, s.35.
NJ Rev Stat § 40A:3-5 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:3-5 - Recitals in bonds; authorization; issuance; maturity.

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 the provisions of P.L.1976, c.38. Except as otherwise provided in P.L.1976, c.38, all qualified bonds shall be authorized and issued in the manner provided for in Title 40 or Title 40A. Qualified bonds shall mature not later than 30 years from their date of issuance without regard to any limitations as to maturities or amounts of annual installments for bonds as provided in Title 40 or Title 40A. b. The proceedings of the municipality authorizing the issuance of qualified bonds shall contain such covenants and provisions for protecting and enforcing the rights and remedies of the bondholders as set forth in P.L.1976, c.38 or as may be reasonable and proper and not in violation of law, including covenants restricting the issuance of additional qualified bonds. L.1976, c.38, s.4; amended 2015, c.95, s.37.
NJ Rev Stat § 40A:3-6 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:3-6 - Bond anticipation notes

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 applicable laws, subject to such additional terms or conditions with respect to such notes as may be fixed or required by the local finance board to insure that funds are borrowed only as needed to meet required payments for construction, reconstruction, development, extension, improvement, or acquisition of the facilities or improvements to be financed by the issuance of permanent qualified bonds. L.1976, c. 38, s. 5, eff. June 28, 1976.
NJ Rev Stat § 40A:3-8 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:3-8 - Payment of principal and interest due on qualified bonds; payment of operating expenses

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 year, the principal and interest maturing and becoming due on any qualified bonds issued by such municipality; provided, however, that to the extent of the amounts withheld from business personal property tax replacement revenues, gross receipts tax revenues, municipal purposes tax assistance fund distributions, State urban aid, State revenue sharing and any other funds appropriated as State aid and not otherwise dedicated to specific municipal programs payable to such municipality and forwarded to the paying agent for such qualified bonds pursuant to section 6, such budgeted amounts, to the extent not needed to pay debt service on such qualified bonds, may be applied to the payment of the operating expenses of such municipality for such year; and provided, further, that in any year in which business personal property tax replacement revenues, gross receipts tax revenues, municipal purposes tax assistance fund distributions, State urban aid, State revenue sharing or any other funds appropriated as State aid and not otherwise dedicated to specific municipal programs are not appropriated, such budgeted amounts shall be used to pay the debt service maturing and becoming due in such year on such qualified bonds of the municipality.  L.1976,c.38,s.7; amended 1978,c.35,s.4; 1991,c.180,s.5.
NJ Rev Stat § 40A:3-9 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:3-9 - Application to projects commenced prior to effective date of act

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, reconstruction, development, extension, improvement or acquisition of any capital improvement or property notwithstanding that the construction, reconstruction, development, extension, improvement or acquisition was authorized, approved or commenced prior to the effective date of this act. L.1976, c. 38, s. 8, eff. June 28, 1976.
NJ Rev Stat § 40A:3-10 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:3-10 - Severability

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 clause, sentence, paragraph, section or part thereof directly involved in the controversy in which such judgment shall have been rendered. L.1976, c. 38, s. 9, eff. June 28, 1976.
NJ Rev Stat § 40A:3-11 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 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

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 the absence of compliance by the municipality with the provisions as to approval for qualification set forth herein, even if notes have been sold or other obligations incurred pursuant to said ordinance, provided that prior to the issuance of such bonds the municipality shall have complied with such provisions. In addition, outstanding bonds of a local unit may be refunded by the issuance of qualified refunding bonds whether or not in advance of the maturity or redemption date of the outstanding bonds in any amount determined to be necessary by the governing body of the municipality to effect the refunding. A bond ordinance authorizing qualified refunding bonds shall become effective and qualified refunding bonds shall be sold and issued in the manner provided in N.J.S. 40A:2-52 to 40A:2-60, both inclusive, and the provisions of said sections shall be applicable thereto and to such refunding bonds and such refunding bonds shall recite that they are issued pursuant to said provisions and this act. b. The Local Finance Board shall in undertaking the investigation required by subsection b of section 3 of P.L.1976, c. 38 (C. 40A:3-4), take into consideration the probable capacity of the municipality to pay at maturity the qualified refunding bonds proposed to be issued and all other obligations thereof then outstanding, taking into consideration the assessed and true valuation of taxable property in the municipality, the equitable distribution of the burden of interest and debt redemption charges in connection with such qualified refunding bonds and the obligations theretofore outstanding or which may necessarily thereafter be incurred. L.1978, c. 35, s. 1, eff. June 19, 1978.
NJ Rev Stat § 40A:4-1 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:4-1 - Short title

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.
NJ Rev Stat § 40A:4-2 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:4-2 - Definitions

40A:4-2. Definitions  The following words, as used in this chapter, shall have the following meanings unless the context clearly indicates a different meaning: "budget" means the budget of a local unit. "cash basis budget" means a budget prepared in accordance with this chapter, and in such form that based on the limitations, percentages and estimates hereinafter provided there will be sufficient cash collected to meet all debt service requirements, necessary operations of the local unit for the fiscal year and, in addition, provide for any mandatory payments required to be met during the fiscal year. "county board" means the county board of taxation. "debt service" means the payment by the local unit of the principal and interest on the obligations issued by it, whether permanent or temporary. "governing body" means the board of chosen freeholders of a county, or the commission, council, board or body having control of the finances of a municipality. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
NJ Rev Stat § 40A:4-3 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:4-3 - Annual budget

40A:4-3. Annual budget  The governing body of each local unit shall adopt a budget for each fiscal year. The budget of each local unit shall be prepared on a cash basis unless otherwise permitted by law. L.1960, c. 169, s. 1, eff. Jan. 1, 1962.