40:48-8.29 - Ordinance operative without referendum; validity of ordinance to protect bondholders - New Jersey Statutes

40:48-8.29.  Ordinance operative without referendum;  validity of ordinance  to protect bondholders
    In any municipality in which the provisions of the act of which this act is  amendatory and supplementary are presently operative pursuant to an ordinance  and referendum thereon approving the same heretofore adopted and held in  accordance with the provisions of said 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 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.1979, c. 273, s. 4, eff. Jan. 3, 1980.