40A:4-55.16 - Borrowing money; resolution - New Jersey Statutes

40A:4-55.16.  Borrowing money;  resolution    When any such appropriation is to be financed by borrowing money, the governing body of the local unit shall, by a   2/3   vote of the full membership thereof, adopt a resolution:

    a.  Setting forth the amount appropriated, and

     b.  Making provision for the borrowing of money by the issuance of "special  emergency notes"  which may be renewed from time to time, but at least   1/3  of all such notes, and the renewals thereof, shall mature and be paid in each  succeeding year so that all notes and renewals shall have matured and have been  paid not later than the last day of the third year following the date of the  special emergency resolution.

     L.1968, c. 194, s. 4, eff. July 19, 1968.