40:48-8.29a - Ordinances; adoption of supplementary act; operative without voter approval; covenant not to reduce or repeal tax - New Jersey Statutes

40:48-8.29a.  Ordinances;  adoption of supplementary act;  operative without  voter approval;  covenant not to reduce or repeal tax
    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 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.1981, c. 461, s. 3, eff. Jan. 8, 1982.