State Codes and Statutes

Statutes > New-jersey > Title-40a > Section-40a-3 > 40a-3-11

40A:3-11.  Issuance of qualified bonds under ordinances not in compliance with act if in compliance prior to issuance or to refund outstanding bonds
    a.  Qualified bonds may be issued pursuant to the provisions hereof for the  purpose of funding ordinances which have been adopted in the absence of compliance by the municipality with the provisions as to approval for qualification set forth herein, even if notes have been sold or other obligations incurred pursuant to said ordinance, provided that prior to the issuance of such bonds the municipality shall have complied with such provisions.  In addition, outstanding bonds of a local unit may be refunded by the issuance of qualified refunding bonds whether or not in advance of the maturity or redemption date of the outstanding bonds in any amount determined to be necessary by the governing body of the municipality to effect the refunding.  A bond ordinance authorizing qualified refunding bonds shall become  effective and qualified refunding bonds shall be sold and issued in the manner  provided in N.J.S. 40A:2-52 to 40A:2-60, both inclusive, and the provisions of  said sections shall be applicable thereto and to such refunding bonds and such  refunding bonds shall recite that they are issued pursuant to said provisions  and this act.

    b.  The Local Finance Board shall in undertaking the investigation required  by subsection b of section 3 of P.L.1976, c. 38 (C. 40A:3-4), take into  consideration the probable capacity of the municipality to pay at maturity the  qualified refunding bonds proposed to be issued and all other obligations  thereof then outstanding, taking into consideration the assessed and true  valuation of taxable property in the municipality, the equitable distribution  of the burden of interest and debt redemption charges in connection with such  qualified refunding bonds and the obligations theretofore outstanding or which  may necessarily thereafter be incurred.

     L.1978, c. 35, s. 1, eff. June 19, 1978.
 

State Codes and Statutes

Statutes > New-jersey > Title-40a > Section-40a-3 > 40a-3-11

40A:3-11.  Issuance of qualified bonds under ordinances not in compliance with act if in compliance prior to issuance or to refund outstanding bonds
    a.  Qualified bonds may be issued pursuant to the provisions hereof for the  purpose of funding ordinances which have been adopted in the absence of compliance by the municipality with the provisions as to approval for qualification set forth herein, even if notes have been sold or other obligations incurred pursuant to said ordinance, provided that prior to the issuance of such bonds the municipality shall have complied with such provisions.  In addition, outstanding bonds of a local unit may be refunded by the issuance of qualified refunding bonds whether or not in advance of the maturity or redemption date of the outstanding bonds in any amount determined to be necessary by the governing body of the municipality to effect the refunding.  A bond ordinance authorizing qualified refunding bonds shall become  effective and qualified refunding bonds shall be sold and issued in the manner  provided in N.J.S. 40A:2-52 to 40A:2-60, both inclusive, and the provisions of  said sections shall be applicable thereto and to such refunding bonds and such  refunding bonds shall recite that they are issued pursuant to said provisions  and this act.

    b.  The Local Finance Board shall in undertaking the investigation required  by subsection b of section 3 of P.L.1976, c. 38 (C. 40A:3-4), take into  consideration the probable capacity of the municipality to pay at maturity the  qualified refunding bonds proposed to be issued and all other obligations  thereof then outstanding, taking into consideration the assessed and true  valuation of taxable property in the municipality, the equitable distribution  of the burden of interest and debt redemption charges in connection with such  qualified refunding bonds and the obligations theretofore outstanding or which  may necessarily thereafter be incurred.

     L.1978, c. 35, s. 1, eff. June 19, 1978.
 

State Codes and Statutes

State Codes and Statutes

Statutes > New-jersey > Title-40a > Section-40a-3 > 40a-3-11

40A:3-11.  Issuance of qualified bonds under ordinances not in compliance with act if in compliance prior to issuance or to refund outstanding bonds
    a.  Qualified bonds may be issued pursuant to the provisions hereof for the  purpose of funding ordinances which have been adopted in the absence of compliance by the municipality with the provisions as to approval for qualification set forth herein, even if notes have been sold or other obligations incurred pursuant to said ordinance, provided that prior to the issuance of such bonds the municipality shall have complied with such provisions.  In addition, outstanding bonds of a local unit may be refunded by the issuance of qualified refunding bonds whether or not in advance of the maturity or redemption date of the outstanding bonds in any amount determined to be necessary by the governing body of the municipality to effect the refunding.  A bond ordinance authorizing qualified refunding bonds shall become  effective and qualified refunding bonds shall be sold and issued in the manner  provided in N.J.S. 40A:2-52 to 40A:2-60, both inclusive, and the provisions of  said sections shall be applicable thereto and to such refunding bonds and such  refunding bonds shall recite that they are issued pursuant to said provisions  and this act.

    b.  The Local Finance Board shall in undertaking the investigation required  by subsection b of section 3 of P.L.1976, c. 38 (C. 40A:3-4), take into  consideration the probable capacity of the municipality to pay at maturity the  qualified refunding bonds proposed to be issued and all other obligations  thereof then outstanding, taking into consideration the assessed and true  valuation of taxable property in the municipality, the equitable distribution  of the burden of interest and debt redemption charges in connection with such  qualified refunding bonds and the obligations theretofore outstanding or which  may necessarily thereafter be incurred.

     L.1978, c. 35, s. 1, eff. June 19, 1978.