40:54-29.19 - Appropriation for capital improvements; borrowing - New Jersey Statutes

40:54-29.19.  Appropriation for capital improvements;  borrowing
    Each municipality, to provide for such capital improvement, shall either:

    (a) appropriate its proportionate share of the sum or sums for the purposes  certified or agreed upon or determined in the same manner as other appropriations are made by it pursuant to the Local Budget Law (R.S. 40:2-1 et seq.);  or

    (b) by ordinance appropriate such sum or sums for such purposes, pursuant to  said ordinance borrow the sum or sums so appropriated and secure the repayment  of the sum or sums so borrowed by the authorization and issuance of bonds or  notes of the municipality pursuant to and in the manner and within the  limitations prescribed by the Local Bond Law (R.S. 40:1-1 et seq.).

     L.1959, c. 155, p. 623, s. 17, eff. Sept. 4, 1959.