52:27BB-58 - Limitation upon appropriations and expenditures - New Jersey Statutes

52:27BB-58.  Limitation upon appropriations and expenditures
    The board may require that any or all expenditures and appropriations of a municipality subject to this article and sections 20 and 21 of this amendatory and supplementary act be expressly authorized by the director.

    This section shall not be construed to authorize an appropriation of less than the full amount required for the payment of debt service;  or to authorize  the abrogation of any covenant entered into with bondholders. With the  approval of the director, the municipality may exceed the spending limitations  of P.L.1976, c. 68 (C. 40A:4-45.1 et seq.).

     L.1947, c. 151, p. 665, s. 58.  Amended by L.1981, c. 211, s. 4, eff. July 20,  1981.