40A:4-70 - Recital of borrowing power; authorization - New Jersey Statutes

40A:4-70.  Recital of borrowing power;  authorization    In the text of each tax anticipation note there shall appear in substance the following recital:

     "This note is issued pursuant to the local budget law and in anticipation of the collection of taxes of the budget year 19 (stating the budget  year); the gross borrowing power in respect of such notes, as determined in accordance with said act, is $         (stating the gross borrowing power as shown on the certificate quoted in the resolution authorizing such note);  the amount of such notes outstanding, including all notes delivered simultaneously with this note, is $        ."

    Such recital shall be deemed to be made by any financial officer who signs the note, and his signature to the note shall constitute a declaration to the other officers who sign such note that the recital is correct.  Such recital shall constitute conclusive evidence to the holder or holders of such note that  the same was fully authorized under and within the powers, limitations and  provisions of this chapter.

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