40A:5A-19 - Order implementing financial plan to alleviate financial difficulties - New Jersey Statutes

40A:5A-19.  Order implementing financial plan to alleviate financial difficulties
    If the Local Finance Board determines that financial difficulties exist which (1) jeopardize the payment of operating expenses and debt service on obligations of the authority or either of the aforesaid;  or place an undue financial burden on the inhabitants of the local unit or units or the users of the system or facilities of an authority;  and (2) that these difficulties are likely to recur and, if they continue, will impair the credit of the authority and local unit or units or either of the aforesaid to the detriment of the inhabitants thereof;  and (3) no financial plan designed to prevent a recurrence of these conditions and which is deemed to be practicable and feasible by the director has been undertaken by the authority or the local unit  or units, the Local Finance Board shall order the implementation of a financial  plan which will assure the payment of debt service on obligations of the  authority, or provide relief from undue financial burden.  The order shall be  deemed conclusive and final and upon receipt of the order all persons shall be  estopped from contesting the order or the provisions thereof and the authority  or local unit or units affected thereby shall take the action to comply with  the order.

     L.1983, c. 313, s. 19.