40A:4-55.4 - Manner of financing appropriation by borrowing money - New Jersey Statutes

40A:4-55.4.  Manner of financing appropriation by borrowing money    When any such appropriation is to be financed by borrowing money, the governing body of the municipality shall, after the adoption of any such ordinance, 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 and 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 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 emergency resolution.  The provisions of the chapter hereby supplemented relating to tax anticipation notes shall apply to special emergency notes.

     L.1961, c. 22, p. 107, s. 4, eff. May 9, 1961.