40A:4-55.19 - Judgments; payment; appropriation; resolution; notes; conditions - New Jersey Statutes

40A:4-55.19.  Judgments;  payment;  appropriation;  resolution;  notes; conditions    a.  The governing body of a distressed municipality may by resolution approved by not less than two-thirds vote of its full membership provide for the payment of any judgment against it resulting from an order of the court by providing an appropriation therefor, and financing such from surplus funds or by borrowing through issuance of notes or other obligations in the name of the municipality.

    b.  Any resolution adopted under the provisions of this act shall provide that in the case of any notes issued to finance appropriations, at least one-fifth of all such notes, and any renewals thereof, shall mature and be paid  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  resolution.

     L.1982, c. 66, s. 2, eff. July 12, 1982.