New Jersey § 40a:2-57

§ 40a:2-57.

In considering any refunding bond ordinance presented to it for its consent, the local

government board shall have regard to the probable capacity of the local unit to pay

at maturity the refunding bonds proposed to be issued, and all notes and bonds and

other indebtedness and liabilities of the local unit then outstanding, taking into

consideration the assessed and true valuation of taxable property in the local unit,

the equitable distribution of the burden of interest and debt redemption charges in

connection with such refunding bonds, and the bonds and notes and other indebtedness

and liabilities theretofore outstanding or which may necessarily thereafter be incurred. If the local government board shall refuse to endorse its consent upon any such

refunding bond ordinance, it shall certify to the local unit a statement of its reasons

for such refusal.