New Jersey § 40a:14-86
Full text of New Jersey New Jersey Statutes § 40a:14-86, with citation guidance and answers to common questions.
§ 40a:14-86.
The board of commissioners of a fire district, following the authorization by voters
of the issuance of bonds pursuant to N.J.S. 40A:14-86 , may by resolution borrow money and issue negotiable notes in anticipation of the
bond issue. Any note shall be designated a “bond anticipation note” and shall contain a recital
that it is issued in anticipation of the issuance of bonds. Such notes may be issued for a period not to exceed 1 year, and may be renewed from
time to time not to exceed 1 year; but all such notes, including renewals, shall
mature and be paid not later than the third anniversary of the date of the original
notes; provided, however, that no notes shall be renewed beyond the first anniversary
date of the original notes unless an amount of such notes, at least equal to the first
legally payable installment of the bonds in anticipation of which the notes are issued
is paid and retired on or before the second anniversary date, and if the notes are
renewed beyond the second anniversary date of the original notes, a like amount is
paid or retired on or before the third anniversary date from funds other than the
proceeds of obligations; except that the notes shall mature and be paid not later
than the first day of the fifth month following the close of the third fiscal year
next following the date of the original notes, provided that, in addition to amounts
paid and retired pursuant to this section, an amount of such notes equal to not less
than the first legally payable installment of the bonds in anticipation of which the
notes are issued has been paid and retired not later than the end of the third fiscal
year from funds other than the proceeds of obligations. The period of usefulness as defined in N.J.S. 40A:2-22 of any purpose for which bonds are issued shall include the period during which notes
issued in anticipation of such bonds are outstanding, including all renewals thereof. Funds derived from the issuance of fire district bonds may be used to redeem notes
issued in anticipation of the bond issue.
Frequently Asked Questions About New Jersey § 40a:14-86
What does New Jersey Statutes § 40a:14-86 cover?
Section 40a:14-86 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:14-86?
A common citation format is "New Jersey Statutes § 40a:14-86" (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:14-86 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.