N.J. Admin. Code § 5:30-13.8

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:30-13.8 - Issuance of debt

(a) The municipality shall not authorize the issuance of bonds or notes without the prior approval of the board.

(b) Any bond ordinance proposed to be adopted, together with such other information as the board may require, shall be submitted to the board for review and approval prior to introduction of the ordinance.

(c) If the board is satisfied that the purpose or purposes to be funded by the proposed ordinance are consistent with the approved financial plan for the municipality, it shall approve the proposed ordinance.

(d) Upon receipt of such approval, the governing body of the municipality may proceed with the introduction and adoption of the ordinance. The financial review board must approve any amendments to the ordinance before these amendments are adopted by the governing body of the municipality.

(e) The procedures set forth in this section shall be in addition to, and not in lieu of, any procedures which the municipality would be required to follow in seeking the issue of debt in accordance with the provisions of the "Municipal Qualified Bond Act," P.L. 1976, c.38 (40A:3-1 et seq.).

N.J. Admin. Code § 5:30-13.8

Amended by R.2003 d.404, effective 10/20/2003.
See: 35 New Jersey Register 2427(a), 35 New Jersey Register 4862(b).
Substituted references to the municipality for references to the City throughout.