reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 40 - Municipalities and Counties › Section 40:141-1 - Waterworks; water for fire and other purposes

40:141-1. Waterworks; water for fire and other purposes
L.1884, c. 31, p. 44 (C.S. pp. 5476 to 5485, s.s. 191 to 204, 209, 210, 212 to 217), entitled "An act to enable incorporated towns to construct water works for the extinguishment of fires, and supplying the inhabitants thereof with pure and wholesome water," passed March fifth, one thousand eight hundred and eighty-four, together with the following amendments thereof and supplements thereto approved on the following dates, saved from repeal.
March 17, 1887 (L.1887, c. 27, p. 37; C.S. p. 5480, s. 205, C.S. p. 5481, s. 206 and C.S. p. 5485, s. 218).
March 17, 1887 (L.1887, c. 28, p. 40; C.S. p. 5485, s. 219).
March 28, 1892 (L.1892, c. 190, p. 315; C.S. p. 5477, s. 192).
February 8, 1893 (L.1893, c. 6, p. 16; C.S. pp. 5486, 5487, s.s. 220 to 227).
March 14, 1893 (L.1893, c. 148, p. 264; C.S. p. 5480, s. 205).
February 25, 1901 (L.1901, c. 11, p. 34; C.S. p. 5481, s. 206).
April 1, 1902 (L.1902, c. 82, p. 246; C.S. p. 5482, s.s. 207, 208).
May 15, 1907 (L.1907, c. 207, p. 461; C.S. p. 5483, s. 211).
March 19, 1917 (L.1917, c. 71, p. 127; 1924 Suppl. s. 215-207).
[This act provides a method for the establishment of a water supply system and prescribes the method of financing the same.]
2023 New Jersey Revised Statutes › Title 40 - Municipalities and Counties › Section 40:141-1(1) - Board of Water Commissioners

40:141-1(1). Board of Water Commissioners
a. Any incorporated town in this State which has adopted the provisions of this act and its supplements prior to the effective date of this act, is hereby authorized to establish and continue a Board of Water Commissioners, empowered to construct waterworks for the extinguishment of fires and supplying the inhabitants of the town with pure and wholesome water. The governing body of such town shall appoint three commissioners to be called "water commissioners," who shall have the powers and perform the duties hereinafter mentioned; the first of said water commissioners shall hold his office until the first Monday in May succeeding his appointment, the second for one year, and the third for two years from the first Monday in May succeeding their appointment; on the first Monday in May in each year after their appointment, one water commissioner shall be appointed by such town, who shall hold his office for the term of three years; in case a vacancy should occur in the office of water commissioners, the governing body of such town shall appoint a proper person to fill the same and serve the unexpired term; no member of the governing body of such town shall be eligible to the office of water commissioner.
b. Notwithstanding any provisions of law to the contrary, the governing body of any town, which has established a board of water commissioners pursuant to this act, may, by ordinance, abolish the board and assume to itself the functions exercised by the board. Upon the adoption of an ordinance abolishing the board, all of the assets and liabilities of the board shall be transferred to the municipality.
L. 1884, c. 31, s. 1; amended 1988,c.7,s.2.
2023 New Jersey Revised Statutes › Title 40 - Municipalities and Counties › Section 40:151-41 - Records of creation of fire district lost or destroyed; existence recognized

40:151-41. Records of creation of fire district lost or destroyed; existence recognized
L.1930, c. 96, p. 339, entitled "An act prescribing the method of proof of the creation of a fire district where the record of such creation has been lost, destroyed or mislaid," approved April fourteenth, one thousand nine hundred and thirty, saved from repeal. [This act prescribes the method of recognizing the existence of certain fire districts created before April 14, 1930, the records of the creation of which have been lost.]
2023 New Jersey Revised Statutes › Title 40 - Municipalities and Counties › Section 40:151-48 - Fire districts created by legislature; assets and debts of old district distributed

40:151-48. Fire districts created by legislature; assets and debts of old district distributed
Whenever any fire district shall have been created by any act of the legislature defining the territory to be comprised in said fire district such fire district shall have and own all the property and assets used for fire purposes which at the time of its incorporation belonged to or was vested in any other fire district existing within its limits. It shall also be liable to pay its proportionate amount of property, assets or indebtedness which shall be ascertained in the manner hereinafter in sections 40:151-49 to 40:151-53 of this title provided.
2023 New Jersey Revised Statutes › Title 40 - Municipalities and Counties › Section 40:151-49 - Joint committee to divide property; appointment

40:151-49. Joint committee to divide property; appointment
Whenever such fire district shall have been created from another fire district as provided in section 40:151-48 of this title after the first election of fire commissioners therein a committee of three shall be appointed from and by the members of the board of fire commissioners of each of said districts, and the said committees shall meet on the first Monday succeeding the first election of fire commissioners in the said district so created from another district. The said committees together shall be termed a joint committee, but no such joint committee shall function in case either of said fire districts shall proceed to have commissioners appointed under the provisions of section 40:151-53 of this title.
2023 New Jersey Revised Statutes › Title 40 - Municipalities and Counties › Section 40:151-50 - Joint meeting; property and indebtedness apportioned

40:151-50. Joint meeting; property and indebtedness apportioned
Whenever a joint committee is created as provided by section 40:151-49 of this title, the governing body of the township in which such district is situated shall appoint a time and place on the first Monday succeeding the first election of fire commissioners in said new district for a meeting of the joint committee. At the appointed time and place the joint committee shall meet, and shall then and there, or as soon thereafter as may be, proceed to appraise, state an account of, allot and divide between the old and new fire districts all the moneys on hand, property, assets and liens, and all the indebtedness of said district in proportion to the taxable property and ratables within the respective limits of such districts as the same shall remain. Such apportionment shall be based upon the last abstract of ratables made for the purpose of levying taxes in each of said fire districts. Any real estate belonging to the old fire district acquired and held for public use shall be and remain the property of the fire district within whose limits it may lie after separation, and any indebtedness then existing incurred for or on account of such property, shall be and remain the indebtedness of the fire district which retains said property, and neither said property nor said indebtedness shall be included or taken into account in making the apportionment and division herein provided for.
2023 New Jersey Revised Statutes › Title 40 - Municipalities and Counties › Section 40:151-51 - Quorum; procedure; clerk appointed

40:151-51. Quorum; procedure; clerk appointed
In effecting such division a decision of the majority of those present of the committee of the newly created fire district, concurred in by a majority of those present and of the committee of the fire district the assets and debts of which are being divided, shall be final and conclusive. If any of the members of said committees shall fail to attend such meeting, those assembled may act, and a majority of the whole number of such joint committee may adjourn the meeting from time to time not exceeding one week. The joint committee shall appoint a clerk from their own number who shall keep a record of their proceedings and certify to each fire district affected the apportionment of assets and debts so made.
2023 New Jersey Revised Statutes › Title 40 - Municipalities and Counties › Section 40:151-52 - Powers; examine witnesses; subpoenas

40:151-52. Powers; examine witnesses; subpoenas
Such joint committee shall have power to issue subpoenas, compel the attendance of any of the officers of the fire districts affected, compel the production of all books and papers relating to the subject matter under consideration, administer oaths or affirmations to any person appearing before it to testify, and shall have the same power to enforce its process of subpoena and to compel any person to attend and testify as is given to committees appointed by the common council of any city under the provisions of sections 40:48-25 to 40:48-28 of this title.
2023 New Jersey Revised Statutes › Title 40 - Municipalities and Counties › Section 40:151-53 - Commissioners appointed where no agreement reached

40:151-53. Commissioners appointed where no agreement reached
40:151-53. If the joint committee herein provided for should be unable to agree upon a division of the assets or debts of said fire districts, or if either of said fire districts desires to have such allotment and division made by commissioners appointed by the Superior Court, then the commissioners of either of said fire districts may apply to the Superior Court for the appointment of three disinterested persons as commissioners, who shall make the above appraisement and apportionment in the manner hereinbefore provided. Their determination in writing, signed by any two of them, shall be binding and conclusive upon each of said districts. Such commissioners shall receive for their services such compensation as the court may think proper, to be paid for by said fire districts equally.
Amended 1953,c.37,s.288; saved from repeal N.J.S.40A:14-102; amended 1991,c.91,s.391.
2023 New Jersey Revised Statutes › Title 40 - Municipalities and Counties › Section 40:151-54 - Bonds to pay water bills in arrears prior to 1935

40:151-54. Bonds to pay water bills in arrears prior to 1935
L.1935, c. 135, p. 347 entitled "An act concerning the payment of past due water service charges of fire districts in townships of this state," approved March twenty-sixth, one thousand nine hundred and thirty-five, saved from repeal. [This act provides for the payment by township fire districts of arrearages for water service where such arrearages existed before 1935. It provides the rate of interest, maturity dates and amount of the annual installments for amortization.]
2023 New Jersey Revised Statutes › Title 40 - Municipalities and Counties › Section 40:160-2 - Villages separated from townships; autonomy of local government

40:160-2. Villages separated from townships; autonomy of local government
L.1904, c. 153, p. 287 (C.S. pp. 5757, 5758, s.s. 104 to 108), entitled "An act concerning villages which have been or shall become separated from the township in which they were or are contained and which have been or shall be given complete autonomy of local government," approved March twenty-eighth, one thousand nine hundred and four, as supplemented by L.1905, c. 147, p. 270 (C.S. p. 5759, s. 109), approved April fourteenth, one thousand nine hundred and five, saved from repeal. [This act together with its supplement sets forth the effect of the separation of a village from the township in which it was situate and prescribes the method of settling the division of property.]
2023 New Jersey Revised Statutes › Title 40 - Municipalities and Counties › Section 40:160-3 - Elections in villages set off from townships

40:160-3. Elections in villages set off from townships
L.1882, c. 121, p. 158 (C.S. p. 5753, s.s. 78 to 84), entitled "An act concerning elections in villages," approved March twenty-second, one thousand eight hundred and eighty-two, as amended by L.1890, c. 162, p. 262 (C.S. pp. 5754 to 5756, s.s. 85 to 99), approved April fifteenth, one thousand eight hundred and ninety, and supplemented by L.1899, c. 187, p. 491 (C.S. p. 5754, s. 85a), approved March twenty-fourth, one thousand eight hundred and ninety-nine, saved from repeal. [This act with its amendment and supplement provided for election officers and procedure in villages set off from townships.]
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:1-1 - Definitions.

40A:1-1 Definitions.
40A:1-1. The following words, as used in this title, 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 the "Local Budget Law";
"clerk" means the clerk of a municipality or of a board of chosen freeholders;
"director" means the Director of the Division of Local Government Services in the Department of Community Affairs;
"fiscal year" means the period for which a local unit adopts a budget, as required pursuant to the "Local Budget Law," N.J.S.40A:4-1 et seq., and shall be the calendar year beginning on January 1 and ending on December 31, unless the local unit is a municipality in which the fiscal year has been changed to the State fiscal year, pursuant to section 2 or 3 of P.L.1991, c.75 (C.40A:4-3.1 or C.40A:4-3.2), in which case, "fiscal year" shall mean the State fiscal year or the transition year, as appropriate;
"full membership of a governing body" means the number of members of the body when all the seats are filled;
"local finance board" means the Local Finance Board in the Division of Local Government Services in the Department of Community Affairs;
"local unit" means a county or municipality;
"municipal public utility" means any water, sewer, electric power or gas system, or any combination thereof, or any public parking system, redevelopment, or any other utility, enterprise or purpose authorized to be undertaken by a local unit from which it may receive fees, rents, or other charges, and with respect to redevelopment utilities, incremental revenues authorized pursuant to section 11 of P.L.2009, c.90 (C.52:27D-489k);
"State fiscal year" means the period commencing on July 1 and ending on June 30 in any municipality in which the fiscal year has been changed pursuant to section 2 or 3 of P.L.1991, c.75 (C.40A:4-3.1 or C.40A:4-3.2);
"transition year" means the period beginning on January 1 and ending on June 30 in the calendar year during which the change in a municipality's fiscal year takes effect, as authorized under the provisions of section 2 or 3 of P.L.1991, c.75 (C.40A:4-3.1 or C.40A:4-3.2).
Amended 1991, c.75, s.1; 2009, c.90, s.15.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:1-2 - Citation of revision

40A:1-2. Citation of revision
This revision shall be deemed to be a part of the general and permanent statutes of this State. In any citation, the abbreviation "N.J.S." , meaning New Jersey Statutes, shall be equivalent to a reference to the said revision; and sections of such revision and of any subsequent revision may be cited by section number only, preceded by such abbreviation.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:1-3 - Effective repealers

40A:1-3. Effective repealers
The repeal herein of any sections of Title 40 of the Revised Statutes or any other law shall not affect any right now vested in any person pursuant to the provisions of said title, nor any remedy where an action or proceeding thereunder has heretofore been instituted and is pending on the effective date of said repeal.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:1-4 - Revision of common law

40A:1-4. Revision of common law
The said repeal of said sections of Title 40 of the Revised Statutes, as amended and supplemented, shall not of itself be deemed to revive any common law, right or remedy abolished by any provision of the said Title.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:1-5 - Construction with prior law

40A:1-5. Construction with prior law
The provisions of Title 40A not inconsistent with those of prior laws shall be construed as a continuation of such laws.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:1-6 - Classification and arrangement

40A:1-6. Classification and arrangement
The classification and arrangement of the several sections of the chapters of Title 40A have been made for the purpose of convenient reference and orderly arrangement and, therefore, no implication or presumption of a legislative construction is to be drawn therefrom.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:1-7 - Construction of outline and analysis

40A:1-7. Construction of outline and analysis
In the construction of Title 40A, or any part thereof, no outline or analysis of the contents of said Title or any part thereof, no reference or cross-reference note and no head note or source note to any section of said chapters of Title 40A shall be deemed to be a part of the said chapter.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:1-8 - Invalidity of sections

40A:1-8. Invalidity of sections
If any chapters of Title 40A, or any section or provision thereof, shall be declared to be unconstitutional, invalid or inoperative, in whole or in part, by a court of competent jurisdiction, such chapter, section or provision shall, to the extent that it is not held to be unconstitutional, invalid or inoperative, be enforced and effectuated, and no such determination shall be deemed to invalidate or make ineffectual the remaining provisions of the said chapter or section of said Title.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:1-9 - Applicability of R.S. 1:1 et seq.

40A:1-9. Applicability of R.S. 1:1 et seq.
The provisions of R.S. 1:1-8 and sections R.S. 1:1-11 to R.S. 1:1-21, both inclusive, shall be applicable to the enactment and operation of the chapters of Title 40A.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-2 - Definitions

40A:2-2. Definitions
The following words as used in this chapter shall have the following meanings, unless the context clearly indicates a different meaning:
"bond ordinance" means an ordinance adopted as herein provided by the governing body of a local unit authorizing obligations;
"equalized valuation basis" of a local unit means the average for the last 3 preceding years, of the sum total of
a. the aggregate equalized valuation of real property together with improvements, as certified in the Table of Equalized Valuations by the Director of the Division of Taxation in the Department of the Treasury, on October 1 of each year, pursuant to chapter 86 of the laws of 1954, and
b. the assessed valuation of Class II railroad property as set forth in the table of equalized valuations referred to in "a" above.
"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;
"local improvement" means an improvement or property, part or all of the cost of which has been, or is to be specially assessed on property;
"obligations" means bonds or notes of a local unit;
"refunding bond ordinance" means an ordinance adopted by the governing body of the local unit authorizing refunding bonds.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962. Amended by L.1964, c. 72, s. 1.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-3 - Power to incur indebtedness, borrow money, issue bonds.

40A:2-3 Power to incur indebtedness, borrow money, issue bonds.
40A:2-3. Any local unit, by bond ordinance, may incur indebtedness, borrow money, authorize and issue negotiable obligations for financing:
a. any capital improvement or property which it may lawfully make or acquire;
b. any purpose for which it is authorized or required by law to make an appropriation, except current expenses, as may be defined by rule and regulation of the Local Finance Board, and payment of obligations (other than those for temporary financing); or
c. the amount of any contribution by a local unit that is a sending municipality under a regional contribution agreement pursuant to section 12 of P.L.1985, c.222 (C.52:27D-312).
No local unit shall borrow money or issue its obligations for purposes authorized under this chapter except as provided in this chapter.
Amended 1996, c.113, s.9; 2007, c.62, s.16.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-3.1 - Local governments, funding of animal shelter operated by nonprofit organization.

40A:2-3.1 Local governments, funding of animal shelter operated by nonprofit organization.
1. Notwithstanding the provisions of any other law to the contrary, and in addition to any other law authorizing these expenditures, a municipality or county may appropriate funds as a capital improvement pursuant to the "Local Bond Law," N.J.S. 40A:2-1 et seq., for the construction, by an organization organized as a not-for-profit as described in section 501(c)(3) of the federal Internal Revenue Code of 1986, 26 U.S.C. s.501, and exempt from taxation under section 501(a) of the federal Internal Revenue Code of 1986, 26 U.S.C. s.501, of a facility on publicly owned land to shelter and care for abandoned and stray animals, provided that the facility is licensed as required pursuant to section 8 of P.L.1941, c.151 (C.4:19-15.8). Funds appropriated pursuant to this section shall be contributed or loaned to an organization described in this section only if there is a contract for services between the organization and the municipality or county; and provided further that any title or interest in the facility held by an organization shall revert to the municipality or county on whose publicly owned land the facility is constructed upon the termination of the contract.
L.2003,c.289,s.1.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-4 - Payment of obligations

40A:2-4. Payment of obligations
The power and obligation of a local unit to pay any and all bonds and notes issued by it pursuant to this chapter, or any act of which this chapter is a revision, shall be unlimited, and the local unit shall levy ad valorem taxes upon all the taxable property within the local unit for the payment of the principal of and interest on such bonds and notes without limitation as to rate or amount.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-6 - Debt limitation

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 of a municipality.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962. Amended by L.1964, c. 72, s. 2.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-8.1 - Issuance of bond anticipation note; rules, regulations.

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 such note shall be designated as a "bond anticipation note" and shall be subject to the following provisions:
(1) every note shall contain a recital that it is issued for a period not exceeding one year and may be renewed from time to time for additional periods, none of which shall exceed one year;
(2) all such notes, including renewals, shall mature and be paid not later than the first day of the fifth month following the close of the tenth fiscal year next following the date of the original notes; and
(3) (a) no such notes shall be renewed beyond the third anniversary date of the original notes unless an amount of such notes, at least equal to the first legally payable installment of the bonds in anticipation of which those notes are issued, is paid and retired on or before each subsequent anniversary date beyond which such notes are renewed from funds other than the proceeds of obligations; or
(b) for a bond ordinance approved prior to the effective date of P.L.2003, c.15, the governing body may choose to apply the following renewal requirements instead of the requirements of subparagraph (a) of this paragraph: no such notes shall be renewed beyond the third anniversary date of the original notes unless an amount of such notes, at least equal to the first legally payable installment of the bonds in anticipation of which those notes are issued, is paid and retired on or before the third anniversary date, and if such notes are renewed beyond the fourth anniversary date of the original notes, a like amount is paid or retired on or before the fourth anniversary date from funds other than the proceeds of obligations.
b. The local finance board shall, in accordance with the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), adopt such rules and regulations as are necessary to implement the provisions of this act.
L.2003,c.15,s.11; amended 2003, c.306.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-9 - Interim obligations

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 such interim obligations in exchange therefor.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-10 - Filing of supplemental debt statement required.

40A:2-10 Filing of supplemental debt statement required.
40A:2-10. Prior to the passage on first reading of any bond ordinance, refunding bond ordinance or ordinance amending such ordinance, except amending as to matters which are not required to be contained in such ordinance or which does not increase the total amount of the obligations authorized by such ordinance, a financial officer of the local unit shall execute and swear to a supplemental debt statement which shall be filed in the office of the clerk. Prior to the final passage of such ordinance, an executed duplicate of such statement shall be filed in the office of the director.
L.1960, c.169, s.1; amended 2003, c.15, s.1.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-11 - Down payment.

40A:2-11 Down payment.
40A:2-11. a. No bond ordinance shall be finally adopted unless it appropriates to the purpose, or ratably to the respective purposes to be financed, in addition to the obligations thereby authorized, a sum as a down payment which is not less than five percent of the amount of the obligations authorized.
b. Said sum so appropriated as a down payment must have been made available prior to final adoption of the bond ordinance from any one or more of the following:
1. by provision in a previously adopted budget or budgets of the local unit for down payment or for capital improvement purposes;
2. from moneys then actually held by the local unit and previously contributed for such purpose other than by the local unit; or
3. by emergency appropriation.
c. The provisions of this section shall not apply to a bond ordinance which authorizes obligations solely for any purpose referred to in paragraphs a., b., c., d., e., and h. of N.J.S.40A:2-7 or for those bond ordinances which involve projects funded by State grants such as Green Acres, Transportation Trust Fund, and other similar programs, or for those bond ordinances which involve environmental infrastructure projects or transportation projects, as defined in section 3 of P.L.1985, c.334 (C.58:11B-3), funded by loans from the "New Jersey Infrastructure Bank," created pursuant to section 4 of P.L.1985, c.334 (C.58:11B-4), or the State, acting by and through the Department of Environmental Protection.
amended 2003, c.15, s.2; 2015, c.95, s.33; 2021, c.80, s.1.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-12 - Bond ordinance; contents

40A:2-12 Bond ordinance; contents
40A:2-12. A bond ordinance shall contain in substance the following:
a. (1) an authorization for the issuance of obligations, stating in brief and general terms sufficient for reasonable identification the purpose or purposes for which the obligations are to be issued, a statement of the estimated maximum amount of bonds or notes to be issued, and the estimated cost of such purpose or purposes, but related improvements or properties may be treated as one improvement or property; or
(2) an authorization for the assumption by the local unit of the obligations of the authority sought to be dissolved pursuant to section 20 of P.L.1983, c.313 (C.40A:5A-20) for which the local unit is not a guarantor;
b. a determination of the period of usefulness of the purpose within the limitations of this chapter or, if issued for several purposes, a determination of the average period of usefulness, taking into consideration the respective amounts of obligations authorized for the said several purposes;
c. a determination that (1) the supplemental debt statement has been filed in the office of the clerk, (2) such statement shows that the gross debt as defined in this chapter is increased by authorization of such obligations by $ or is not increased, and (3) the obligations authorized by the bond ordinance will be within debt limitations prescribed by this chapter, or the issuance thereof is permitted by an exception to said limitations naming the particular section, paragraph or law providing such exception;
d. a statement of the aggregate amount for items of expense permitted under 40A:2-20.
L.1960, c.169, s.1; amended 2001, c.29, s.2.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-13 - Multipurpose bond ordinances

40A:2-13. Multipurpose bond ordinances
Any 2 or more purposes for which this chapter authorizes obligations may be provided for in a single bond ordinance and may be combined in a single issue of obligations.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-14 - Local improvement obligations

40A:2-14. Local improvement obligations
a. Any bond ordinance to finance any local improvement, in addition to other required provisions, shall contain:
1. a determination of the amount or the percentage of the cost which the local unit will contribute to the payment of the cost of the local improvement;
2. a statement of the number of annual installments in which the special assessments may be paid, not exceeding 20, or the average thereof if more than 1 local improvement is being financed; and
3. a statement of the estimated maximum amount of the special assessments.
b. Before or after confirmation of special assessments, a local unit may authorize and issue obligations to finance a local improvement, except that
1. a local unit may not issue bonds to finance its share of the cost of a local improvement in excess of the amount or percentage of contribution;
2. bonds to finance the cost of a local improvement to be assessed against properties may not be issued in excess of the stated estimated maximum amount of special assessments, or the amount of special assessments then confirmed, unpaid and not delinquent.
c. Bonds to finance that part of the cost of a local improvement which is to be assessed on property shall not be issued to finance any other additional purpose and shall include in the title thereof the word "assessment" .
L.1960, c. 169, s. 1, eff. Jan. 1, 1962. Amended by L.1983, c. 169, s. 2, eff. May 3, 1983.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-15 - Power to make special covenants in bond

40A:2-15. Power to make special covenants in bond
Any bond ordinance to finance any cost or expense of a municipal public utility, or any ordinance amendatory thereof or supplemental thereto adopted prior to the issuance of obligations, may contain the following covenants with the holders of such obligations which shall be observed and performed by the local unit, notwithstanding the provisions of this or any other law:
a. As to the use and disposition of revenues derived or to be derived from the operation of the whole or any part of any municipal public utility, including any improvements thereto or extensions thereof thereafter constructed or acquired, whether said obligations are authorized to finance construction, improvement, enlargement, reconstruction, extension or acquisition of such or any other municipal public utility;
b. Pledging to the punctual payment of the principal of and interest on such obligations, all or any part of such revenues;
c. As to the setting aside out of such revenues of 1 or more reserve funds, and the regulation and disposition thereof;
d. As to the fixing and collection of such rates, rentals and other charges for connection with or the use of any such municipal public utility, including any improvements thereto or extensions thereof thereafter constructed or acquired as will annually produce revenues sufficient to provide for all or any lesser part described in said ordinance of the following:
1. expenses of operation, maintenance and repair of such utility and any other such utilities,
2. payment of the principal of and interest on said obligations,
3. such reserve funds as may have been provided for in said ordinance,
4. payment of any mortgage or mortgages subject to which such utility or any other such utilities, or any part thereof may have been acquired, and
5. payment of any obligations having a lien on the revenues of such utility or any other such utilities, or any part thereof prior to or on a parity with the lien of such obligations;
e. As to the procedure, if any, by which the terms of any covenant with the holders of such obligations may be amended or abrogated, the amount of obligations the holders of which must consent thereto and the manner in which such consent may be given.
Such obligations may contain such recitals of or reference to any such covenants as any resolution determining their form may provide.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-16 - Matters not in bond ordinance

40A:2-16. Matters not in bond ordinance
All matters not required to be contained in the bond ordinance may be determined by subsequent resolutions passed by the recorded affirmative votes of a majority of the full membership of the governing body.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-18 - Bond ordinance, effective date.

40A:2-18 Bond ordinance, effective date.
40A:2-18. A bond ordinance shall take effect 20 days after the first publication of the ordinance or of a summary thereof after final adoption. A bond ordinance which authorizes obligations to fund, refund, renew, extend or retire obligations issued or authorized pursuant to this chapter, or notes or bonds issued or authorized pursuant to any act of which this chapter is a revision shall not be subject to referendum.
L.1960, c.169, s.1; amended 2000, c.126, s.15.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-19 - Publications

40A:2-19 Publications
40A:2-19. Publications required by this chapter shall, in the case of a municipality, be in a newspaper published and circulating in the municipality, if there be one, and if not, in a newspaper published in the county and circulating in the municipality. In the case of a county, publications shall be in a newspaper published at the county seat, if there be one, and if not, in a newspaper published and circulating in the county. For the purposes of this section, a newspaper shall not be deemed to be published during any period of time in which the publication of such newspaper shall be interrupted by any involuntary suspension of publication resulting from loss, destruction, mechanical or electric failure of typesetting equipment or printing presses or the unavailability due to conditions beyond the control of the publisher, of paper or other materials and supplies necessary for operation, or resulting from a labor dispute with a recognized labor union.
L.1960, c.169, s.1; amended 1970, c.318.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-20 - Expenses included in cost

40A:2-20. Expenses included in cost
The cost of an improvement or property may include interest on obligations until the end of the fiscal year in which the obligations are issued or until 6 months after the completion of construction or acquisition, and architect's fees, accounting, engineering and inspection costs, legal expenses, costs of authorizing, selling and issuing obligations, preliminary planning, test and survey expenses, and a reasonable proportion of the compensation and expenses of employees of a local unit in connection with the construction or acquisition of such improvement or property.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-21 - Minimum period of usefulness

40A:2-21. Minimum period of usefulness
No local unit shall authorize obligations for any improvement or purpose having a period of usefulness of less than 5 years.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-22.1 - Request for determination of period of usefulness.

40A:2-22.1 Request for determination of period of usefulness.
18. A local unit may request, in a form and manner determined by rule and regulation of the Local Finance Board, that the Director of the Division of Local Government Services in the Department of Community Affairs determine a period of usefulness for any capital improvement or property not included in N.J.S.40A:2-22, provided that the maximum period of usefulness so determined shall not exceed 15 years.
L.2007, c.62, s.18.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-24 - Form of obligations

40A:2-24. Form of obligations
Notes may be issued payable to bearer, with interest payable to bearer or on presentation for endorsement or may be in registered form. Notes payable to bearer may be made subject to registration and the principal of and interest on notes so registered shall be payable to the registered owner.
Bonds may be issued either in coupon or registered form. Bonds in coupon form may contain provision for registration as to principal only and as to both principal and interest. Bonds issued in fully registered form or in coupon form with provision for registration as to both principal and interest may contain provision for conversion into bonds in coupon form at the request and expense of the registered owner or his duly authorized attorney or legal representative.
Any obligations may be issued subject to redemption prior to maturity with or without premium, or at such redemption price or prices and under such terms and conditions as may be fixed by resolution of the governing body.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-24.1 - Submission of financial cost estimate for projects not funded by trust.

40A:2-24.1 Submission of financial cost estimate for projects not funded by trust.
3. A local unit that does not finance an environmental infrastructure project with funding provided by the New Jersey Environmental Infrastructure Trust shall submit the financing cost estimate provided by the New Jersey Environmental Infrastructure Trust pursuant to section 2 of P.L.2017, c.71 (C.58:11B-5.2) together with the supplemental debt statement that is submitted to the Director of the Division of Local Government Services in the Department of Community Affairs pursuant to N.J.S.40A:2-42.
As used in this section, "environmental infrastructure project" shall have the same meaning as provided in section 3 of P.L.1985, c.334 (C.58:11B-3).
L.2017, c.71, s.3.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-25 - Execution and delivery of obligations

40A:2-25. Execution and delivery of obligations
Obligations shall be executed in the name of the local unit by the manual or facsimile signatures of such officials, including a financial officer, as may be designated by resolution, or if none be designated, of the director of the board of chosen freeholders of a county or the mayor, or other executive officer of the municipality and of a financial officer of the local unit, and shall be under the seal of the local unit affixed, imprinted or reproduced thereon and attested by the manual signature of the clerk or deputy clerk. Coupons attached to any obligation shall be authenticated by the facsimile or manual signature of the financial officer whose manual or facsimile signature appears upon the obligation.
Delivery of obligations fully executed by the officers holding office at the time of such execution shall be valid, notwithstanding any change in such officers or in the seal occurring after such execution.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962. Amended by L.1983, c. 370, s. 1, eff. Oct. 27, 1983.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-27 - Sale of bonds, methods.

40A:2-27 Sale of bonds, methods.
40A:2-27. a. All bonds shall be sold at public sale upon the submission of sealed bids or through the submission of electronic proposals, except that bonds may be sold at private sale without any previous public offering:
(1) if constituting all or part of an authorized issue of $1,000,000 or less, or
(2) if sold to any board, body, agency, commission, instrumentality, district, authority or political subdivision of any local unit, or of the State, or of the Federal Government.
b. (1) If no legally acceptable bid is received at advertised public offering pursuant to subsection a. of this section, such bonds or any of them may be sold at private sale within 30 days after the advertised date for public bidding, provided, however, that no bonds shall contain substantially different provisions from those specified in said notice.
(2) Any purchaser of bonds at private sale, other than a public body, shall deposit a certified or cashier's or treasurer's check drawn upon a bank or trust company in an amount equal to 5% of the amount of bonds purchased and such amount shall be applied as in the case of a deposit made at public sale.
(3) Any private sale of bonds shall be made or confirmed by resolution of the governing body adopted by not less than a 2/3 vote of the full membership thereof, setting forth the date, maturities, interest rate and price of the bonds and the name of the purchaser.
c. If the governing body determines to conduct the public sale through the submission of electronic proposals, such electronic proposals shall be submitted in the form of open or closed auctions conducted through a nationally recognized electronic securities bidding service and in accordance with such rules as may be promulgated by the board. The local finance board may adopt rules in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), regulating the terms and conditions of the submission of electronic proposals.
L.1960, c.169, s.1; amended 1981, c.111, s.1; 2003, c.15, s.4.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-28 - Sale of bond anticipation notes or capital notes

40A:2-28. Sale of bond anticipation notes or capital notes
All bond anticipation notes or capital notes may be sold at private sale pursuant to resolution of the governing body, or by a financial officer of the local unit expressly designated by resolution to sell such notes. The financial officer making any such sale shall report in writing to the governing body at the next meeting thereof as to the principal amount, interest rate, and maturities of the notes sold, the price obtained and the name of the purchaser.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-29 - Minimum price for obligations.

40A:2-29 Minimum price for obligations.
40A:2-29. Obligations sold pursuant to subsection d. of N.J.S.40A:2-32 shall be sold at not less than par value plus any interest accrued to the date of delivery. No other obligations shall be sold for less than 99% of par value and interest accrued to date of delivery unless the local unit has obtained the approval of the director, which approval may be subject to such conditions as the director deems necessary and appropriate.
L.1960, c.169, s.1; amended 2003, c.15, s.5.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:2-30 - Advertisement of public sale of bonds.

40A:2-30 Advertisement of public sale of bonds.
40A:2-30. a. A notice of public sale of bonds containing the provisions described in subsection a. of N.J.S.40A:2-31 shall be advertised at least once at least seven days prior thereto in a newspaper qualified for publication of a bond ordinance of the local unit. A summary of the notice of public sale of bonds as provided for in subsection b. of N.J.S.40A:2-31 shall be advertised at least once at least seven days prior thereto in a nationally recognized local government bond marketing publication or electronic information service carrying municipal bond notices and devoted primarily to financial news or the subject of state and municipal bonds.
b. The governing body, may, by resolution, allow or otherwise delegate to a finance officer the authority to postpone a public sale without readvertisement provided that the notice pursuant to subsection a. of this section contained precise information concerning the postponement and rescheduling procedure. The postponement and rescheduling procedure shall provide that a public sale may be postponed upon not less than 24 hours' notice, and that if the public sale is postponed, it may be recommenced upon not less than 48 hours' notice without further notice of sale. A public sale may not be postponed for more than 60 days without readvertisement.
L.1960, c.169, s.1; amended 1992, c.178, s.3; 2003, c.15, s.6.