40A:2-57 - Standards for action by local government board - New Jersey Statutes

40A:2-57.  Standards for action by local government board
    In considering any refunding bond ordinance presented to it for its consent,  the local government board shall have regard to the probable capacity of the  local unit to pay at maturity the refunding bonds proposed to be issued, and  all notes and bonds and other indebtedness and liabilities of the local unit  then outstanding, taking into consideration the assessed and true valuation of  taxable property in the local unit, the equitable distribution of the burden of  interest and debt redemption charges in connection with such refunding bonds,  and the bonds and notes and other indebtedness and liabilities theretofore  outstanding or which may necessarily thereafter be incurred.  If the local  government board shall refuse to endorse its consent upon any such refunding  bond ordinance, it shall certify to the local unit a statement of its reasons  for such refusal.

     L.1960, c. 169, s. 1, eff. Jan. 1, 1962.