reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-13.5 - Manner of certifying resolution; binding effect

52:27-13.5. Manner of certifying resolution; binding effect
Any resolution adopted by the commission pursuant to sections 52:27-13.1 to 52:27-13.4 of this title may be certified to the municipality by the commission in the manner provided in section 52:27-64 of this title, and when so certified the provisions of such resolution shall be binding upon such municipality.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-14 - Funding or refunding indebtedness; resolution by commission

52:27-14. Funding or refunding indebtedness; resolution by commission
The commission may from time to time prepare and certify to the governing body of any municipality in which the commission is functioning, resolutions providing for the funding or refunding of notes or bonds, or other indebtedness of the municipality, and the interest thereon, which the commission shall have found after public hearing to be outstanding and unpaid and to be due or to become due.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-15 - Public hearing on resolution

52:27-15. Public hearing on resolution
Any proposed resolution providing for the issuance of notes or bonds, if such notes or bonds are payable more than one year from the date of issue, shall be so certified only after a public hearing by the commission, but no resolution or amendment thereto determining or altering the form of notes or bonds or providing for their sale, execution or delivery shall require any public hearing before such certification.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-17 - Other laws not applicable; debt statements as including obligations issued after December 31, 1946

52:27-17. Other laws not applicable; debt statements as including obligations issued after December 31, 1946
Such resolutions and any notes or bonds issued thereunder shall not be subject to the limitations or other provisions of any other law. Notwithstanding the provisions of any other law, no notes or bonds issued after December thirty-first, one thousand nine hundred and forty-six by any municipality pursuant to this chapter shall be included in computing either the gross debt or the net debt of the municipality in any annual debt statement or in any supplemental debt statement filed in connection with the authorization of bonds or notes for other purposes, unless, by provision or recital in such resolution or in such notes or bonds, the faith and credit of such municipality shall have been pledged for the payment of principal of or interest on such notes or bonds.
Amended by L.1947, c. 54, p. 189, s. 1.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-18 - Publication of resolution; when effective; validity

52:27-18. Publication of resolution; when effective; validity
Excepting resolutions determining or altering the form of notes or bonds or providing for their sale, execution or delivery, and resolutions amendatory thereof or supplemental thereto, such resolutions shall be published in a newspaper circulating in the municipality and shall take effect immediately upon such publication. Resolutions not required to be published shall take effect immediately upon adoption by the proper officials of such municipality. Thirty days after taking effect all resolutions shall be conclusively presumed to have been duly and regularly adopted by such municipality, and to comply with the provisions of this and every other law, and the validity of any such resolution shall not thereafter be questioned by either a party plaintiff, or a party defendant, except in a suit, action, or proceeding commenced prior to the expiration of such thirty days.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-19 - Terms and form of notes or bonds; sale or exchange

52:27-19. Terms and form of notes or bonds; sale or exchange
Subject only to the limitations of this chapter, such resolutions supplemental thereto shall determine the terms and the form of notes or bonds to be issued thereunder, and provide for their sale or exchange and their execution and delivery, by such officers of the municipality as shall be therein designated, and it shall be mandatory upon such officers to sell or exchange and execute and deliver such notes or bonds as so determined and provided.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-20 - Public or private sale of notes or bonds; prices

52:27-20. Public or private sale of notes or bonds; prices
All such notes or bonds shall be sold in such manner as may be determined by resolution approved in writing by the commission, at public or private sale before or after public offering, or in exchange before or after public offering for any notes or bonds, including interest thereon, to be funded or refunded thereby, at such price or prices, computed in the manner or mode of procedure described by "Acme Tables of Bond Value" (published by Financial Publishing Company, Boston, Massachusetts), as will yield to the purchasers or the holders of the notes or bonds or interest thereon surrendered in exchange income at a rate not exceeding six per centum (6%) per annum to the maturity dates of the several notes or bonds so sold on the money paid or the face amount of notes, bonds and interest surrendered therefor. Such notes or bonds of any authorized issue or any authorized maturity may be sold or exchanged as hereinabove provided from time to time and in such blocks as may be deemed advisable.
Amended by L.1941, c. 50, p. 132, s. 1.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-21 - Presumption of validity of notes and bonds

52:27-21. Presumption of validity of notes and bonds
Unless a suit, action or proceeding questioning the validity of notes or bonds, purporting to be issued by virtue of any such resolution, be commenced prior to the expiration of the thirty-day period mentioned in section 52:27-18 of this title, any such notes or bonds reciting that they are issued pursuant to this chapter shall, after their issuance and delivery, if no suit relating thereto is then pending, be conclusively presumed to be fully authorized by all the laws of this state and to have been issued, sold, executed and delivered by the municipality in conformity therewith, and shall not be questioned by the municipality or any taxpayer thereof in any court, anything herein or in other statutes to the contrary notwithstanding.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-22 - Consent of commission to municipality issuing notes or bonds; limitations on municipal expenditures; claims certified

52:27-22. Consent of commission to municipality issuing notes or bonds; limitations on municipal expenditures; claims certified
In order to conserve the financial resources of the municipality, its governing body, without the assent in writing of the commission, shall pass no ordinances or resolutions authorizing the issuance of notes or bonds of any kind or character or creating any obligation or indebtedness of the municipality, except tax anticipation or tax revenue notes or bonds for the current year. Nor shall such governing body, without like consent, include in any annual budget or tax ordinance amounts for local expenditures in excess of the like amounts for the preceding annual budget, exclusive of appropriations for the purpose of raising the principal and interest on the public debt.
After an appropriation has been approved by the commission, the actual expenditure thereunder shall be made by the municipal authorities, but no claims whether under appropriations approved by the commission, or included in the annual budget or tax ordinance or otherwise, shall be passed for payment by the officers of such municipality until the auditor shall have certified that the same have been examined by him and found to be within appropriations theretofore duly made by the municipality, and that there is or will be available in an appropriate account, sufficient ready funds for such payment.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-22.1 - Scrip or tax anticipation notes or bonds; approval

52:27-22.1. Scrip or tax anticipation notes or bonds; approval
No municipality of this State which is under the jurisdiction of the municipal finance commission shall hereafter issue any scrip or tax anticipation notes or bonds in payment of payrolls, claims or other obligations or indebtedness of the municipality unless the issuance of such scrip or tax anticipation notes shall be approved, in writing, by the auditor to the municipal finance commission in the same manner as warrants for other like payments are required to be approved.
L.1938, c. 169, p. 379, s. 1.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-22.2 - Penalty for violation of act

52:27-22.2. Penalty for violation of act
Any official of any municipality who shall violate the provisions of this act in any municipality under the jurisdiction of the municipal finance commission shall be guilty of a misdemeanor and punished accordingly.
L.1938, c. 169, p. 380, s. 2.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-23 - Limitation on school budget when municipality in default

52:27-23. Limitation on school budget when municipality in default
Whenever a municipality in which the commission is functioning has been or shall be in default for twelve months in the payment of interest on any of its bonds or notes or other written evidence of indebtedness (except where the same is under litigation as to its validity, or where the validity thereof has been denied by formal notice given by the municipality, and no suit, action or proceeding to enforce the same has been commenced by the holder); or whenever any such municipality has been or shall be in default for six months in the payment of any part of its regular pay roll, or in the payment of any sums due from the annual tax levy to the state, county or school district, no subsequent budget or tax ordinance or appropriation for local school purposes shall include any amounts in excess of such limits as may be fixed by the commission, exclusive of appropriations for the purpose of raising the principal and interest on the public debt, and exclusive of appropriations to create a reserve fund under the provisions of section 52:27-25 of this title.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-23.2 - Reserve or sinking funds; payment to sinking fund commission

52:27-23.2. Reserve or sinking funds; payment to sinking fund commission
Any resolution authorizing the issuance of notes or bonds hereunder may provide that any sums required pursuant to such resolution to be set aside by the municipality for reserve or sinking funds shall be paid to the sinking fund commission of such municipality, and all moneys so paid to such commission shall be held and applied by it only as in such resolution provided and shall not be commingled with any other moneys held by such commission.
The provisions of chapter 3 of the title Municipalities and Counties (s. 40:3-1 et seq.), in so far as they relate to the creation, setting aside or maintenance of sinking funds and the investment, application and disposition thereof, shall have no application with respect to notes or bonds issued under this chapter or any reserve or sinking funds provided therefor.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-23.3 - Cancellation of notes or bonds; payment of other municipal indebtedness

52:27-23.3. Cancellation of notes or bonds; payment of other municipal indebtedness
Any resolution authorizing the issuance of notes or bonds hereunder may provide that the notes, bonds or other obligations of the municipality then held by the sinking fund commission thereof shall be canceled and that other property or funds in the custody of such commission shall be applied to the payment of other indebtedness of the municipality as in such resolution provided, and said commission shall cancel said notes, bonds or other obligations and apply such property or funds accordingly; but nothing herein contained shall be deemed to permit, without the consent of such holder, the impairment of any rights of the holder of any note, bond or other obligation of the municipality for the security or payment of which any such notes, bonds, obligations, property or funds shall be held.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-24 - Terms, provisions, conditions and limitations in notes or bonds; negotiability

52:27-24. Terms, provisions, conditions and limitations in notes or bonds; negotiability
All notes or bonds issued under this chapter may be subject to such terms of redemption, with or without premium, and contain such provisions, conditions and limitations with respect to the acceleration of the obligation to pay the principal thereof upon such default in the payment of interest on or principal of any bonds or notes, or in respect to the provisions concerning debt service and sinking fund payments, as the resolution authorizing their issuance may provide.
Any notes or bonds issued under this chapter in exchange for any instrument issued under this chapter or any other law may be authorized by such resolution to contain a provision that, in case of default in payment of the principal of or interest on any such note or bond, the holder thereof shall not only have all his rights and remedies thereunder, but in addition shall be reinvested with such of the rights or remedies which he would have had were he then the owner and in possession of the instrument in exchange for which such note or bond shall have been issued as may be specified in such resolution.
Such notes or bonds may contain such reference to any special covenants or provisions contained in the resolution authorizing their issuance and such other terms, conditions or provisions not inconsistent herewith deemed by the commission to give such notes or bonds a higher degree of marketability as the resolution or resolutions determining the form of the notes or bonds may provide.
All notes or bonds issued under this chapter containing any one or more of such references, terms, provisions or conditions shall be deemed negotiable instruments, the provisions or limitations of any other law to the contrary notwithstanding; but nothing in this section shall be construed to impair the negotiability of any other instruments negotiable under other laws of this state.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-25 - Municipal tax to pay notes and bonds; reserve fund; withdrawals

52:27-25. Municipal tax to pay notes and bonds; reserve fund; withdrawals
Any municipality in which the commission is functioning may levy taxes ad valorem upon all taxable property therein for the purpose of paying the principal of or interest on any notes, bonds or other obligations or indebtedness of such municipality issued under this or any other law, except notes or bonds issued after December thirty-first, one thousand nine hundred and forty-six pursuant to this chapter for the payment of principal of or interest on which the faith and credit of the municipality shall not have been pledged by provision or recital in such notes or bonds or in the resolution or resolutions providing for the issuance of such notes or bonds, and such municipality may also provide for a reserve fund for the payment of said principal and interest, which fund shall be under the immediate jurisdiction of the sinking fund commissioners or of a financial officer of the municipality, as the commission shall approve.
No money shall be withdrawn from said reserve fund or sinking fund for investment or otherwise without the approval of the commission.
Amended by L.1947, c. 54, p. 189, s. 2.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-26 - Compromise or adjustment of delinquent taxes and assessments

52:27-26. Compromise or adjustment of delinquent taxes and assessments
The governing body of any municipality in which the commission is functioning may compromise and adjust the whole or any part of any special assessments or taxes delinquent to the municipality, but nothing in this section shall be construed to impair or affect in any way the existing rights and remedies of any holder of a certificate of tax sale, representing any tax title or titles to lands in such municipality sold on account of delinquent taxes or delinquent assessments, or both.
No claims of the municipality for taxes or assessments, and interest thereon, in excess of five hundred dollars, shall be compromised without the assent in writing of the commission.
All moneys received by the municipality by compromise or adjustment of taxes or special assessments shall, if the commission so provide, be paid only to the account of the reserve fund referred to in section 52:27-25 of this title.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-27 - Assessment, reassessment, etc., of taxable ratables; cost; employment of experts

52:27-27. Assessment, reassessment, etc., of taxable ratables; cost; employment of experts
The commission may require the municipality to cause to be made an assessment, reassessment, valuation, revaluation, appraisal or reappraisal, or any one or all of them, of the taxable ratables of the municipality as the basis for any subsequent tax levy, and the cost thereof, whether or not directed by the commission, shall at the request of the governing body, be included in the amount of indebtedness to be refunded under this chapter. Any tax duplicate based thereon shall be used for all purposes in connection with the levy, apportionment and collection of taxes. For any or all such purposes the governing body of the municipality may employ such experts as it may deem advisable.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-29 - Installment payments of assessments for local improvements

52:27-29. Installment payments of assessments for local improvements
Whenever, pursuant to this chapter, the commission shall function in any municipality, such municipality may with the approval in writing of such commission extend the period theretofore granted for the payment of assessments for benefits for local improvements, by granting to the owner of the property so assessed the privilege of paying in five additional equal annual installments the amount of all such assessments confirmed and due and payable, by reason of a default or otherwise, as of the date of the resolution hereinafter mentioned, and of the interest thereon and penalties and other charges relating to such assessments accrued to such date. Such action shall be taken by resolution of the governing body of the municipality describing with clearness sufficient for identification the property so affected, the amount of such assessments, interest, penalties and other charges, and the annual dates when the installments of such amount shall thereafter be due and payable. Such resolution shall not take effect until approved in writing by the commission after public notice published in a newspaper having a substantial circulation in the municipality. There need not be a separate resolution for each property or property owner.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-30 - Expenses of commission to be paid by municipality

52:27-30. Expenses of commission to be paid by municipality
The commission shall from time to time certify to the proper officials of the municipality the amount of the commission's expenses, which expenses shall be a legal charge upon the municipality and may be paid by the issuance of emergency notes or bonds, but if not so paid prior to the end of the fiscal year shall be included in the budget of the ensuing year.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-31 - Expenses of issuing notes or bonds and of foreclosure or perfecting title; including in debt to be funded; appropriation

52:27-31. Expenses of issuing notes or bonds and of foreclosure or perfecting title; including in debt to be funded; appropriation
The estimated expense of issuing and selling any notes or bonds under this chapter including estimated cost of printing, advertising, attorneys' fees, execution, certification, exchange, delivery, and any other cost or expense in connection with the formulation, approval, acceptance or consummation of a refinancing operation resulting in the issuance of such notes or bonds, and provision for any estimated discount to be incurred upon the sale or exchange of such notes or bonds, and provision for any estimated cost and expense, including counsel fees, of foreclosing or otherwise perfecting titles to real estate acquired at any sale or sales of real estate for delinquent taxes or special assessments, may be included by the commission in the amount of indebtedness to be funded or refunded under this chapter, or, in whole or in part, may be provided for by appropriation made by the resolution authorizing the issuance of such notes or bonds of available cash on hand.
Amended by L.1941, c. 50, p. 132, s. 2; L.1947, c. 54, p. 190, s. 3.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-32 - Article inapplicable to bonds issued after June 1, 1936

52:27-32. Article inapplicable to bonds issued after June 1, 1936
This article shall not apply to bonds issued after June first, one thousand nine hundred and thirty-six, by any municipality pursuant to this chapter, nor to actions or proceedings for the enforcement of such bonds, nor to the enforcement of any judgment, decree, levy or execution for the recovery of the amount due on such bonds.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-32.1 - Enforcement of judgments, etc., against municipality stayed; necessity of court order

52:27-32.1. Enforcement of judgments, etc., against municipality stayed; necessity of court order
Whenever the commission shall function in any municipality and so long as it shall continue so to do, no judgment, levy or execution against the municipality or the property thereof for the recovery of the amount due on any bonds, notes or other obligations of the municipality, in the payment of which the municipality has defaulted, shall be enforced until otherwise directed by the Superior Court in an appropriate action or proceeding for such purpose, after notice to the commission; and the enforcement of any such judgment, levy or execution shall be stayed until otherwise directed as aforesaid.
Amended by L.1953, c. 49, p. 871, s. 34.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-33 - Proceedings against municipality for assessment or collection of taxes prohibited; exceptions; remedies of holders of unpaid claims against municipality

52:27-33. Proceedings against municipality for assessment or collection of taxes prohibited; exceptions; remedies of holders of unpaid claims against municipality
Whenever the commission shall function in any municipality and so long as it shall continue so to do, no action or proceeding of any kind, either direct or ancillary, including a proceeding in lieu of prerogative writ, shall be brought against such municipality or any public officers for the assessment, levy or collection of taxes by or for such municipality and any and all actions or proceedings therefor shall be and they hereby are stayed; except that first, the Superior Court, after notice to the commission, may authorize one or more creditors of such municipality to bring and maintain an action or proceeding therefor in the Superior Court, which shall be brought for the benefit of themselves and all other creditors of such municipality and in which all other creditors of such municipality shall have the right to intervene and assert their claim and in which all other creditors of such municipality may, and the commission shall, be made parties in such manner and upon such notice as the court shall prescribe; and except that, second, the commission may bring and maintain an action or actions or a proceeding in lieu of prerogative writ or any other appropriate proceeding or proceedings for the assessment, levy or collection of taxes by such municipality for the payment of principal or interest of the indebtedness of the municipality found to be outstanding as provided in section 52:27-14 of this Title.
Without limiting its power otherwise to direct by a proceeding in lieu of prerogative writ the assessment, levy or collection of taxes, the Superior Court, in the action or proceeding aforesaid may, to the extent which it shall deem just and equitable, afford to the holders collectively of any due and unpaid claims against a municipality any remedy which might be afforded under any other law to any individual creditor in any proceeding in lieu of prerogative writ for the assessment, levy or collection of taxes, to the same extent as if there had been an entry of judgment in their favor, issuance of execution and return thereof unsatisfied, service thereof upon public officials and performance of any and all other conditions precedent to the affording of such relief by a proceeding in lieu of prerogative writ under such other law; provided, that the court be first satisfied from proof submitted by affidavit or otherwise that the claims for the enforcement of which such remedy is sought are claims upon which a judgment could be obtained.
Amended by L.1953, c. 49, p. 872, s. 35.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-33.1 - Taxes collected by municipality paid to designated banks

52:27-33.1. Taxes collected by municipality paid to designated banks
Whenever the commission shall function in any municipality and so long as it shall continue so to do, it may prepare and certify to the governing body of the municipality resolutions providing in substance that any and all moneys collected as taxes by the municipality over and above an amount sufficient to pay the reasonable current operating expenditures of the municipality (not including therein the principal or interest of any bonds or notes of the municipality) and such capital expenditures, if any, as may be approved by the commission as reasonably necessary to preserve the value of the taxable property within the municipality, shall be paid by the municipality to such banks or trust companies as the governing body of the municipality may designate.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-33.2 - Action in Superior Court to determine application and distribution to creditors of property or funds of municipality

52:27-33.2. Action in Superior Court to determine application and distribution to creditors of property or funds of municipality
Whenever the commission shall function in any municipality and so long as it shall continue to do so, no action or proceeding shall be brought or prosecuted, the purpose of which is to affect the disposition of property or funds owned or controlled by the municipality, except as provided in this chapter.
If any such municipality has in its possession or under its control, or there is in the possession or under the control of the commission, any property or funds of such municipality which are or may be available for the payment of interest or principal upon any of the debts of such municipality (over and above the payment of the current operating expenses of the municipality and the maintenance of a reasonable working capital), then such municipality in its discretion may bring an action, or if directed by the commission shall do so, in the Superior Court to determine the application and distribution of such property or funds to and among the creditors of the municipality, and in any such case the court in its discretion may permit an action for relief of the same character to be made by any creditor of the municipality. In any such action all creditors of the municipality shall be made parties thereto, and any creditor may appear therein and assert his rights to receive all or any part of such property or funds. The court may proceed in the action in a summary manner or otherwise.
In case any such action shall be instituted, the court may direct the municipality to make no payments from any of such moneys so available until the determination of the action or until permitted by the court. Unless and until such a direction shall be made, payments may be made by such municipality on account of principal and interest as the municipality may determine and as may be approved by the commission.
Amended by L.1953, c. 49, p. 873, s. 36.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-33.3 - Court may vacate, modify or restrict statutory stay

52:27-33.3. Court may vacate, modify or restrict statutory stay
Upon the application of any creditor made upon notice to the municipality and the commission, the Superior Court may vacate, modify or restrict any statutory stay contained in this article.
Amended by L.1953, c. 49, p. 874, s. 37.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-34 - Action by creditors; plan of adjustment or composition; parties

52:27-34. Action by creditors; plan of adjustment or composition; parties
The Superior Court may take jurisdiction of an action brought by any creditors of a municipality in which the commission shall function, where the action is instituted by the plaintiff or plaintiffs on behalf of themselves and all other creditors of the municipality, for the approval of a plan of adjustment or composition of the claims of all creditors or of a class or classes of them similarly situated. The court may proceed in the action in a summary manner or otherwise.
The municipality, the commission and all creditors of the municipality shall be made parties to the action and any creditor of the municipality may appear and assert his rights.
Amended by L.1953, c. 49, p. 874, s. 38.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-36 - Approval by Supreme Court justice of plan of adjustment or composition; findings

52:27-36. Approval by Supreme Court justice of plan of adjustment or composition; findings
In any such action, after hearing on the plan proposed or on the plan as modified by order and if such plan as proposed or modified is approved in writing by creditors representing eighty-five per centum (85%) in amount of the indebtedness affected thereby and by the municipality and the commission, the Superior Court may authorize and approve such adjustment or composition if the court determines (1) that the municipality is unable to pay in full according to their terms the claims proposed to be adjusted or composed, and perform its public functions and preserve the value of property subject to taxation, (2) that the adjustment or composition is substantially measured by the capacity of the municipality to pay, (3) that it is in the interest of all the creditors affected thereby, and (4) that it is not detrimental to other creditors of the municipality.
Amended by L.1953, c. 49, p. 875, s. 40.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-37 - Approved plan binding on all creditors; substituted obligations

52:27-37. Approved plan binding on all creditors; substituted obligations
The plan of adjustment so authorized and approved shall forthwith and without any further action of any kind be binding upon all the creditors included in the plan, whether or not they appear in the proceeding. In so far as said plan provides for the substitution of any new bonds, notes or other obligations of the municipality in place of any outstanding bonds, notes or other obligations, or claims then outstanding, such substitution shall be effectual from and after such date as may be fixed in such order.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-38 - Continuance of stay of proceedings against municipality; action by creditor to enforce claim restricted

52:27-38. Continuance of stay of proceedings against municipality; action by creditor to enforce claim restricted
After the institution of any action or proceeding provided for by this article and pending the determination thereof, the Superior Court may by order continue the stay provided by sections 52:27-32.1 and 52:27-33 of this Title.
In the event that a plan shall be authorized and approved pursuant to this article the court shall retain jurisdiction of such action or proceeding and thereafter no creditor whose claim is included in such adjustment or composition shall be authorized to bring any action or proceeding of any kind or character for the enforcement of his claim except with the permission of the court and then only to recover and enforce the rights given him by the adjustment or composition.
Amended by L.1953, c. 49, p. 875, s. 41.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-39 - Reduction in principal of outstanding notes or bonds prohibited

52:27-39. Reduction in principal of outstanding notes or bonds prohibited
Notwithstanding any provisions of this article the commission shall not approve any adjustment or composition, or plan presented pursuant to this article, which provides for the reduction in the principal amount of any outstanding notes or bonds of the municipality.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-39.1 - State, State school or county taxes, compromise of county's claim against certain municipalities for

52:27-39.1. State, State school or county taxes, compromise of county's claim against certain municipalities for
If a municipality in which the municipal finance commission may be or may have been functioning shall for eight years have been in arrears in the payment of the whole or any part of any taxes levied in the municipality for either State, State school or county purposes or any interest thereon, the county may in accordance with this act enter into a compromise settlement in full discharge of all claim of such county and its treasurer for any taxes for State, State school or county purposes, or any interest thereon, or for any note or bond or other receivable, due and in arrears at the date of such settlement from the municipality, together with any interest thereon, whether such taxes, interest or other receivable have been due and in arrears for more or for less than eight years.
L.1946, c. 35, p. 76, s. 1.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-39.2 - Resolution of county board required; previous payment by county to State required

52:27-39.2. Resolution of county board required; previous payment by county to State required
Such compromise settlement shall be entered into only upon authorization by resolution of the board of chosen freeholders of the county and only if prior thereto the county or its treasurer shall have paid to the State the full amount of any taxes included in such settlement levied for State or State school purposes.
L.1946, c. 35, p. 77, s. 2.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-39.3 - Settlement may include what; terms; consideration

52:27-39.3. Settlement may include what; terms; consideration
Such compromise settlement may include and be made on such terms as the board of chosen freeholders may deem fair and equitable and, without limiting the generality of the foregoing, may provide for the acceptance by the county or its treasurer in full and final discharge of the claim covered thereby of a sum in cash or of notes or bonds, or both, or of any other consideration, whether or not the face value or market value of such considerations shall equal the amount of such claim.
L.1946, c. 35, p. 77, s. 3.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-39.4 - County treasurer to perform compromise settlement--disposition of consideration received

52:27-39.4. County treasurer to perform compromise settlement--disposition of consideration received
The county treasurer shall carry out and perform any such compromise settlement so authorized in accordance with its terms and provisions. Any notes or bonds or other considerations received other than cash may be sold, exchanged, renewed, refinanced or otherwise disposed of at any time or from time to time at such price or prices and upon such terms as the board of chosen freeholders may by resolution authorize, and such notes or bonds, or other obligations received in exchange, renewal or refinancing thereof, shall be enforceable by the county in accordance only with their terms and the laws governing the same.
L.1946, c. 35, p. 77, s. 4.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-39.5 - Effective date; limitation of time for adoption of resolution

52:27-39.5. Effective date; limitation of time for adoption of resolution
This act shall take effect immediately, but no compromise settlement shall be entered into under this act unless a resolution authorizing the same shall have been adopted pursuant to section two of this act within two years from the effective date of this act.
L.1946, c. 35, p. 77, s. 5.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-40 - Filing of petition by political subdivision; approval of commission

52:27-40. Filing of petition by political subdivision; approval of commission
Any county, municipality, school district or other political subdivision of this State, hereinafter in this article referred to as "political subdivision," shall have power to file a petition or petitions with any United States court or court in bankruptcy under an act of the Congress of the United States entitled "An act to establish a uniform system of bankruptcy throughout the United States," approved July first, one thousand eight hundred and ninety-eight, and acts amendatory thereof and supplementary thereto, as the same may be amended from time to time, hereinafter in this article referred to as the "municipal bankruptcy act," for the purpose of effecting a plan of readjustment of its debts or for the composition of its debts, which adjustment and composition are hereinafter interchangeably referred to as readjustment. Such petition or petitions shall not be so filed unless the approval of the municipal finance commission, which is hereby constituted a commission for the purposes of this article, be first had and obtained.
Amended by L.1938, c. 243, p. 551, s. 1.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-41 - Ordinance or resolution of governing body to authorize filing of petition

52:27-41. Ordinance or resolution of governing body to authorize filing of petition
The filing of such petition shall be authorized only by ordinance of the governing body of the political subdivision adopted by the affirmative vote of not less than two-thirds of all the members elected to such governing body, except that in the case of a county or of a school district governed by the provisions of chapter 7 of the title Education (s. 18:7-1 et seq.), such filing shall be authorized by resolution of the governing body adopted by the affirmative vote of not less than two-thirds of all the members elected to such governing body. For the purposes of this article the board of education of a school district governed by the provisions of said chapter 7 shall be deemed to be the "governing body" of such school district.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-42 - Approval by commission of readjustment plan necessary

52:27-42. Approval by commission of readjustment plan necessary
No plan of readjustment filed with or in the proceedings upon any such petition shall be approved by the court or put into temporary effect or finally confirmed without the approval of the commission. No political subdivision shall so file any such plan which shall not have been approved by the commission nor shall any political subdivision accept any such plan as thereafter changed or modified without express authority from the commission to do so.
Amended by L.1938, c. 243, p. 551, s. 2.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-43 - Commission authorized to approve petition and plan; restrictions

52:27-43. Commission authorized to approve petition and plan; restrictions
The commission may in its discretion give its approval in the manner provided by this article to the filing of any petition for the purpose of effecting readjustment of its debt which any political subdivision proposes to file, and of any plan of readjustment filed with or in the proceedings upon any such petition; but no such plan of readjustment shall provide for the payment of fees, compensation, reimbursement or other allowances for attorneys, agents, committees, or other representatives of creditors of the political subdivision, except subject to the express approval in writing by the commission of every such payment.
Amended by L.1946, c. 31, p. 72, s. 1.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-44 - Powers of political subdivision upon confirmation of readjustment plan; issuance of bonds or notes

52:27-44. Powers of political subdivision upon confirmation of readjustment plan; issuance of bonds or notes
Upon the confirmation of any plan of readjustment approved by the commission, the political subdivision assenting to such plan of readjustment may, by ordinance in the case of a municipality, by resolution in the case of a county, and by resolution of the board of education in the case of a school district governed by the provisions of chapter seven of the Title Education (s. 18:7-1 et seq.), authorize, issue, sell and deliver such bonds, notes or other obligations and enter into such agreements and do such other acts and things as may be required of it pursuant to said plan of readjustment. Such ordinance or resolution, as the case may be, shall not take effect until approved by the commission, and shall provide for the issuance of bonds in one or more series, bearing such date or dates, maturing at such time or times, bearing interest at such rate or rates of interest, not exceeding six per centum (6%) per annum, payable at such time or times, in such denominations, in such form, either coupon or registered, carrying such registration privileges, payable in such medium of payment at such place or places, subject to such terms of redemption, with or without premium, as the commission may approve. The foregoing powers shall be deemed to be in addition to and not in substitution for any powers which such political subdivision would, except for the foregoing grant thereof, have under any other provision of law.
Amended by L.1938, c. 243, p. 552, s. 3; L.1947, c. 54, p. 190, s. 4.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-45 - Request for approval of petition, plan, etc.; procedure

52:27-45. Request for approval of petition, plan, etc.; procedure
The approval of any petition, plan of readjustment or other papers to be filed in any United States court or court in bankruptcy, or of any ordinance or resolution shall be requested by filing in the office of the commission a certified copy of a resolution of the governing body of the political subdivision adopted by the affirmative vote of not less than two-thirds of all the members elected to such governing body, requesting such approval, together with a true and correct transcript duly certified of any proceedings relating to such petition, plan of readjustment, other papers, ordinance or resolution, and the authorization thereof, accompanied by, in the case of documents to be filed in the United States court or court in bankruptcy, the original and one certified copy of such documents, and in the case of an ordinance or resolution, two certified copies of such ordinance or resolution. The approval of the commission under this article of any petition, plan of readjustment or other papers filed or to be filed in a United States court or court in bankruptcy, shall be evidenced only by written indorsement thereof on the petition, plan of readjustment or other papers so filed and the approval of the commission under this article of any ordinance or resolution of the governing body of any political subdivision shall be evidenced only by written indorsement thereof on a certified copy of such ordinance or resolution.
2023 New Jersey Revised Statutes › Title 52 - State Government, Departments and Officers › Section 52:27-45.1 - Municipalities effecting plan for readjustment or composition of debts; powers; "court" defined

52:27-45.1. Municipalities effecting plan for readjustment or composition of debts; powers; "court" defined
Any municipality in which the Municipal Finance Commission, continued by chapter twenty-seven of Title 52 of the Revised Statutes, may be functioning and which may have heretofore filed or shall hereafter file a petition pursuant to section 52:27-40 of the Revised Statutes, with any United States Court or court in bankruptcy for the purpose of effecting a plan of readjustment of its debts or for the composition of its debts, may, pursuant to express provisions in such plan or in such plan as changed or modified, have and exercise the powers hereinafter provided and shall thereupon be charged with the duties hereinafter provided. The term "court" as used in this act shall mean the United States Court or court in bankruptcy in which is or may be pending the proceeding begun by such petition of the municipality, or, if no such proceeding is pending in said court or if said court shall not assume to act pursuant to this act, the Superior Court.
L.1939, c. 56, p. 82, s. 1. Amended by L.1953, c. 49, p. 876, s. 42.