40A:2-29 - Minimum price for obligations - New Jersey Statutes

40A:2-29  Minimum price for obligations.

40A:2-29.  Obligations sold pursuant to subsection d. of N.J.S.40A:2-32 shall be sold at not less than par value plus any interest accrued to the date of delivery.  No other obligations shall be sold for less than 99% of par value and interest accrued to date of delivery unless the local unit has obtained the approval of the director, which approval may be subject to such conditions as the director deems necessary and appropriate.

L.1960, c.169, s.1; amended 2003, c.15, s.5.