27:1B-27 - Counties and municipalities; temporary state aid anticipation notes - New Jersey Statutes

27:1B-27.  Counties and municipalities;  temporary state aid anticipation notes
    When the commissioner shall notify the governing body of a county or municipality of the amount of State funds allocated to a project, the governing  body may borrow money on temporary loan to an amount not to exceed the amount  of the State funds allocated to the project, in anticipation of the payment of  the amount of State funds so allocated to the county or municipality, and may  apply the proceeds of the loan to the payment of the cost of the project.  The  temporary loan shall be repaid upon payment to the county or municipality of  the sum, in anticipation of payment of which the loan was made.

     L.1984, c. 73, s. 27, eff. July 10, 1984.