New Jersey § 40a:2-26

§ 40a:2-26.

Maturities of all bonds shall be as determined by bond ordinance or by subsequent

resolution and within the following limitations: a. All bonds shall mature within the period or average period of usefulness determined

in the bond ordinance. b. All bonds shall mature in annual installments, the first of which shall be payable

not more than one year from the date of the bonds. No annual installment shall exceed by more than 100 percent the amount of the smallest prior installment. c. The first installment of bonds to finance a municipal public utility may be made

payable not later than the end of the second year's operation, computed from the estimated

date of completion, as fixed in the project report submitted pursuant to this chapter. d. Bonds to finance that part of the cost of a local improvement which is to be assessed

on property shall mature in annual installments not exceeding in number the number

of annual installments or average thereof fixed in the bond ordinance for the payment

of special assessments. The first annual installment of such bonds shall be payable not more than two years

from the date of the bonds, and no annual installment shall exceed the amount of the

smallest prior installment. e. A governing body which has concluded that the limitations as to maturities or amounts

of annual installments will adversely affect the financial position of the local unit,

may make written application to the Local Finance Board setting forth its conclusion

and the reasons therefor and the desired maturities or the amounts of annual installments

for bonds about to be issued. If the Local Finance Board finds such conclusion to be well founded, it may, by

order, fix the maturities or amounts of annual installments of such bonds as desired

by the local unit, or fix any such other maturities or amounts of annual installments

which the circumstances warrant. Application to the Local Finance Board shall not be required if the maturities or

the amounts of annual installments have been determined by (1) the “New Jersey Infrastructure Bank ,” created pursuant to section 4 of P.L.1985, c. 334 ( C.58:11B-4 ), in connection with a loan made by the trust relating to the financing of one or more environmental infrastructure projects or

transportation projects as defined in section 3 of P.L.1985, c. 334 ( C.58:11B-3 ) or (2) the State, acting by and through the Department of Environmental Protection,

in connection with a loan made by the State, relating to the financing of one or more environmental infrastructure projects as

defined in section 3 of P.L.1985, c. 334 ( C.58:11B-3 ). f. The governing body, by resolution, may provide for a single and combined issue

of bonds not exceeding the aggregate amount of bonds authorized by two or more bond

ordinances. The bonds of such issue shall mature within the average period of usefulness which

shall be determined in said resolution, taking into consideration the respective amount

of bonds authorized by each of the bond ordinances and the period or average period

of usefulness therein determined. The provisions of this chapter applicable to the sale and issuance of a single issue

of bonds shall apply to the sale and issuance of such combined issue of bonds. g. The governing body, by resolution, may allow the adjustment of, or otherwise delegate

to a finance officer the authority to adjust, the maturity schedule of the bonds,

up to 24 hours prior to the time advertised for the receipt of bids and within 24

hours after the award of bids; provided that no maturity schedule adjustment shall

exceed 10 percent of the principal for any maturity with the aggregate adjustment to maturity not to

exceed 10 percent of the principal for the overall issue. When an adjustment has been made to a maturity schedule previously approved by the

Local Finance Board, a copy of the final maturity schedule which meets or complies

with the limitations in this subsection shall be filed with the board within 30 days

of the sale and shall be conclusively deemed to have been approved by the board.