18A:24-74 - Temporary borrowings to meet redemptions
18A:24-74. Temporary borrowings to meet redemptions
Because the amounts of redemptions from time to time may be such as to deplete the reserve fund provided for in section 6, the issuing board is authorized to make temporary borrowings from any available source, to provide funds to meet redemptions. The authorization of the Division of Local Finance may require that binding arrangements be made for the availability of such temporary funds, unless the bonds to be issued hereunder are guaranteed by municipal guaranty.
L.1971, c. 36, s. 9, eff. March 4, 1971.