New Jersey § 40a:5-14
Full text of New Jersey New Jersey Statutes § 40a:5-14, with citation guidance and answers to common questions.
§ 40a:5-14.
a. The governing body of a municipality shall apply to the Local Finance Board on
or before the 30th day prior to the closing of an agreement for the disposition of
an asset requiring board approval in accordance with section 2 of P.L.2008, c. 65 ( C.40A:5-14.3 ), for approval of a plan, in the form of an ordinance, to allocate the proceeds of
the sale, assignment, lease, transfer, or execution of a redevelopment agreement. The application shall be made in accordance with procedures or forms promulgated
by the Local Finance Board. The proposed allocation plan shall state the purposes for which the cash proceeds
resulting from the sale, assignment, lease, transfer, or redevelopment of the asset
shall be used. b. Upon the filing of an application pursuant to subsection a. of this section, the
Local Finance Board shall schedule a hearing within 45 calendar days upon receipt
of the application, for the purpose of approving a proposed plan to allocate the proceeds
of the sale, assignment, lease, transfer, or redevelopment of the asset. At the hearing the Local Finance Board may approve the proposed plan or require
its modification. The plan may be amended from time-to-time, as deemed necessary by the governing
body and the Local Finance Board subject to a two-thirds majority voter referendum. c. Upon approval by the Local Finance Board in accordance with subsection b. of this
section, a proposed ordinance to effectuate the allocation plan may be finally adopted
by the municipality. d. A sale, assignment, lease, transfer, or redevelopment of a municipal asset requiring
approval of an allocation plan pursuant to this section shall be voidable if the municipal
governing body fails to comply with the requirements of this section.
Frequently Asked Questions About New Jersey § 40a:5-14
What does New Jersey Statutes § 40a:5-14 cover?
Section 40a:5-14 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:5-14?
A common citation format is "New Jersey Statutes § 40a:5-14" (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:5-14 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.