52:27BB-57 - Limitation on debt and other financial liabilities
52:27BB-57.Ā Limitation on debt and other financial liabilities
The board may require that obligations, bonded or otherwise, shall not be issued or authorized by the municipality, including school districts or any special districts except as expressly authorized by the director.
The board may require that the municipality and its special districts shallĀ not borrow any moneys, make any purchase, enter into any arrangements orĀ contracts requiring the expenditure of any revenues or engaging the credit ofĀ the municipality in any way or undertake any financial liabilities or indebtedness whatsoever unless expressly authorized by the director.Ā The boardĀ shall limit those purchases and contracts requiring authorization of theĀ director to those exceeding $4,500.00, unless the board shall find good andĀ sufficient cause for requiring otherwise.Ā In any case, the board shall informĀ the municipal governing body, by resolution, of the types and amounts of theĀ purchases and contracts which shall require authorization.
L.1947, c. 151, p. 665, s. 57.Ā Amended by L.1981, c. 211, s. 3, eff. July 20,Ā 1981.
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The board may require that obligations, bonded or otherwise, shall not be issued or authorized by the municipality, including school districts or any special districts except as expressly authorized by the director.
The board may require that the municipality and its special districts shallĀ not borrow any moneys, make any purchase, enter into any arrangements orĀ contracts requiring the expenditure of any revenues or engaging the credit ofĀ the municipality in any way or undertake any financial liabilities or indebtedness whatsoever unless expressly authorized by the director.Ā The boardĀ shall limit those purchases and contracts requiring authorization of theĀ director to those exceeding $4,500.00, unless the board shall find good andĀ sufficient cause for requiring otherwise.Ā In any case, the board shall informĀ the municipal governing body, by resolution, of the types and amounts of theĀ purchases and contracts which shall require authorization.
L.1947, c. 151, p. 665, s. 57.Ā Amended by L.1981, c. 211, s. 3, eff. July 20,Ā 1981.
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