40:60-25.11.Ā  Appropriations;Ā  bonds and notes For the purpose of financing the acquisition of property pursuant to this act and the settlement, adjustment and discharge of leases, mortgages, liens, easements, agreements, covenants, servitudes, liabilities or other encumbrancesĀ  or claims, as provided by this act, the municipality may, at one time or fromĀ  time to time, appropriate money and issue its negotiable bonds, and inĀ  anticipation of bonds may issue its negotiable notes, in the manner and mode ofĀ  procedure provided by the local bond law, constituting sections 40:1-1 toĀ  40:1-88 of the Revised Statutes of the State of New Jersey, except that, if theĀ  sum (being not less than five per centum (5%) of the maximum amount of theĀ  obligations thereby authorized) which said local bond law requires to beĀ  appropriated as a down payment, has not been made available by provision in aĀ  previously adopted budget, the municipal bond ordinance may, nevertheless, beĀ  finally passed, but, in that event, shall provide that the said sum shall beĀ  financed by the issuance of bond anticipation notes which shall mature and beĀ  paid in the next ensuing fiscal year.

L.1944, c. 206, p. 730, s. 5, eff. April 21, 1944.
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