40A:4-55 - Special emergency notes - New Jersey Statutes

40A:4-55.  Special emergency notes
    After the adoption of an ordinance or resolution for special emergency appropriations, the local unit shall by   2/3   vote of the full governing body  adopt a resolution setting forth:

    a.  The amount appropriated.

     b.  Provision for the borrowing of money and the issuance of  "Special Emergency Notes"  which may be renewed from time to time, but at least   1/5 of all such notes, and the renewals thereof, shall mature and be paid in each year, so that all notes and renewals shall have matured and have been paid not later than the last day of the fifth year following the date of the emergency resolution.  The provisions of this chapter relating to tax anticipation notes shall apply to special emergency notes.

    c.  A local unit may finance such appropriation from surplus funds available  or borrow money in the manner prescribed above.  Where any appropriation is  financed from surplus funds available, at least   1/5   of the amount thereof  shall be included in each annual budget until the appropriation has been fully  provided for.

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