40A:4-45.3b - Proceeds of sale of municipal assets for immediately preceding year as exceptions
40A:4-45.3bĀ Proceeds of sale of municipal assets for immediately preceding year as exceptions.
2.Notwithstanding any provisions of P.L.1976, c.68 (C.40A:4-45.1 et seq.) toĀ the contrary, municipalities shall, in budget year 1981 and in all subsequentĀ budget years in deriving their final appropriations for the prior year upon which theĀ 2.5% annual increase permitted under section 2 of P.L.1976, c.68 (C.40A:4-45.2) is calculated, not be required to treat as exceptions to the priorĀ year's final appropriations any appropriations of the proceeds of the sale ofĀ municipal assets which were contained in their budgets for the year 1980 or forĀ any prior budget year.Ā In all fiscal years subsequent to budget year 1981, municipalities shall, in deriving their final appropriations for theĀ immediately preceding budget year upon which the 2.5% annual increase isĀ calculated, treat the amounts of the proceeds of the sale of municipal assetsĀ appropriated in their budgets for the immediately preceding year as exceptions to the final appropriations under section 3 of P.L.1976, c.68 (C.40A:4-45.3).
L.1981,c.64,s.2; amended 2004, c.74, s.6.
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2.Notwithstanding any provisions of P.L.1976, c.68 (C.40A:4-45.1 et seq.) toĀ the contrary, municipalities shall, in budget year 1981 and in all subsequentĀ budget years in deriving their final appropriations for the prior year upon which theĀ 2.5% annual increase permitted under section 2 of P.L.1976, c.68 (C.40A:4-45.2) is calculated, not be required to treat as exceptions to the priorĀ year's final appropriations any appropriations of the proceeds of the sale ofĀ municipal assets which were contained in their budgets for the year 1980 or forĀ any prior budget year.Ā In all fiscal years subsequent to budget year 1981, municipalities shall, in deriving their final appropriations for theĀ immediately preceding budget year upon which the 2.5% annual increase isĀ calculated, treat the amounts of the proceeds of the sale of municipal assetsĀ appropriated in their budgets for the immediately preceding year as exceptions to the final appropriations under section 3 of P.L.1976, c.68 (C.40A:4-45.3).
L.1981,c.64,s.2; amended 2004, c.74, s.6.
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