40A:2-11. a. No bond ordinance shall be finally adopted unless it appropriates to the purpose, or ratably to the respective purposes to be financed, in addition to the obligations thereby authorized, a sum as a down payment which is not less than 5% of the amount of the obligations authorized.
b.Said sum so appropriated as a down payment must have been made available prior to final adoption of the bond ordinance from any one or more of the following:
1.by provision in a previously adopted budget or budgets of the local unit for down payment or for capital improvement purposes;
2.from moneys then actually held by the local unit and previously contributed for such purpose other than by the local unit; or
3.by emergency appropriation.
c.The provisions of this section shall not apply to a bond ordinance which authorizes obligations solely for any purpose referred to in paragraphs a, b, c, d, e and h of section 40A:2-7 or for those bond ordinances which involve projects funded by State grants such as Green Acres, Environmental Trust Fund, Transportation Trust Fund, and other similar programs.
40A:2-11. a. No bond ordinance shall be finally adopted unless it appropriates to the purpose, or ratably to the respective purposes to be financed, in addition to the obligations thereby authorized, a sum as a down payment which is not less than 5% of the amount of the obligations authorized.
b.Said sum so appropriated as a down payment must have been made available prior to final adoption of the bond ordinance from any one or more of the following:
1.by provision in a previously adopted budget or budgets of the local unit for down payment or for capital improvement purposes;
2.from moneys then actually held by the local unit and previously contributed for such purpose other than by the local unit; or
3.by emergency appropriation.
c.The provisions of this section shall not apply to a bond ordinance which authorizes obligations solely for any purpose referred to in paragraphs a, b, c, d, e and h of section 40A:2-7 or for those bond ordinances which involve projects funded by State grants such as Green Acres, Environmental Trust Fund, Transportation Trust Fund, and other similar programs.
40A:2-11. a. No bond ordinance shall be finally adopted unless it appropriates to the purpose, or ratably to the respective purposes to be financed, in addition to the obligations thereby authorized, a sum as a down payment which is not less than 5% of the amount of the obligations authorized.
b.Said sum so appropriated as a down payment must have been made available prior to final adoption of the bond ordinance from any one or more of the following:
1.by provision in a previously adopted budget or budgets of the local unit for down payment or for capital improvement purposes;
2.from moneys then actually held by the local unit and previously contributed for such purpose other than by the local unit; or
3.by emergency appropriation.
c.The provisions of this section shall not apply to a bond ordinance which authorizes obligations solely for any purpose referred to in paragraphs a, b, c, d, e and h of section 40A:2-7 or for those bond ordinances which involve projects funded by State grants such as Green Acres, Environmental Trust Fund, Transportation Trust Fund, and other similar programs.
