40:48-8.25b - Ordinance and referendum adopting provisions of act; approval by voters - New Jersey Statutes

40:48-8.25b.  Ordinance and referendum adopting provisions of act; approval  by voters    In any municipality in which the provisions of P.L.1947, c. 71 (C. 40:48-8.15 et seq.) are presently operative pursuant to an ordinance and referendum thereon approving the same heretofore adopted and held in accordance  with the provisions of that act, any ordinance to adopt the provisions of this  amendatory and supplementary act shall, upon adoption, become operative within  the municipality without any requirement to submit the same to the voters for  their approval or disapproval.  Such municipality may also provide and covenant  by ordinance that the ordinance authorizing such tax will not be amended so as  to repeal or reduce such tax while bonds entitled to the benefits of this  amendatory and supplementary act are outstanding with the holders of such  bonds, unless the resolution authorizing such bonds shall provide otherwise.   Such covenant shall constitute a valid and legally binding contract between  such municipality and such holders.

     L.1982, c. 125, s. 2, eff. Sept. 2, 1982.