40A:2-3 - Power to incur indebtedness, borrow money, issue bonds
40A:2-3 Power to incur indebtedness, borrow money, issue bonds.
40A:2-3. Any local unit, by bond ordinance, may incur indebtedness, borrow money, authorize and issue negotiable obligations for financing:
a.any capital improvement or property which it may lawfully make or acquire;
b.any purpose for which it is authorized or required by law to make an appropriation, except current expenses, as may be defined by rule and regulation of the Local Finance Board, and payment of obligations (other than those for temporary financing); or
c.the amount of any contribution by a local unit that is a sending municipality under a regional contribution agreement pursuant to section 12 of P.L.1985, c.222 (C.52:27D-312).
No local unit shall borrow money or issue its obligations for purposes authorized under this chapter except as provided in this chapter.
Amended 1996, c.113, s.9; 2007, c.62, s.16.