New Jersey § 40a:4-55
Full text of New Jersey New Jersey Statutes § 40a:4-55, with citation guidance and answers to common questions.
§ 40a:4-55.
a. The governing body of a distressed municipality may by resolution approved by not
less than two-thirds vote of its full membership provide for the payment of any judgment
against it resulting from an order of the court by providing an appropriation therefor,
and financing such from surplus funds or by borrowing through issuance of notes or
other obligations in the name of the municipality. b. Any resolution adopted under the provisions of this act shall provide that in the
case of any notes issued to finance appropriations, at least one-fifth of all such
notes, and any renewals thereof, shall mature and be paid each year, so that all notes
and renewals shall have matured and have been paid not later than the last day of
the fifth year following the date of the resolution.
Frequently Asked Questions About New Jersey § 40a:4-55
What does New Jersey Statutes § 40a:4-55 cover?
Section 40a:4-55 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 40a:4-55?
A common citation format is "New Jersey Statutes § 40a:4-55" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 40a:4-55 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.