40:60-25.11 - Appropriations; bonds and notes - New Jersey Statutes

40:60-25.11.  Appropriations;  bonds and notes    For the purpose of financing the acquisition of property pursuant to this act and the settlement, adjustment and discharge of leases, mortgages, liens, easements, agreements, covenants, servitudes, liabilities or other encumbrances  or claims, as provided by this act, the municipality may, at one time or from  time to time, appropriate money and issue its negotiable bonds, and in  anticipation of bonds may issue its negotiable notes, in the manner and mode of  procedure provided by the local bond law, constituting sections 40:1-1 to  40:1-88 of the Revised Statutes of the State of New Jersey, except that, if the  sum (being not less than five per centum (5%) of the maximum amount of the  obligations thereby authorized) which said local bond law requires to be  appropriated as a down payment, has not been made available by provision in a  previously adopted budget, the municipal bond ordinance may, nevertheless, be  finally passed, but, in that event, shall provide that the said sum shall be  financed by the issuance of bond anticipation notes which shall mature and be  paid in the next ensuing fiscal year.

     L.1944, c. 206, p. 730, s. 5, eff. April 21, 1944.