New Jersey § 40a:2-7

§ 40a:2-7.

A bond ordinance may be finally adopted notwithstanding section 40A:2-6 if such ordinance authorizes obligations solely for one of the following: a. to meet an expenditure which is the result of fire, flood or other disaster and

if the local government board shall have determined that the expenditure is of such

character, and shall have caused such determination to have been endorsed on a certified

copy of the bond ordinance as passed on first reading; or b. to fund, renew, extend or retire notes issued or authorized pursuant to this chapter

or any act of which this chapter is a revision; or c. purposes permitted by this chapter if (1) it has been found by order of the State

Department of Health, which is hereby authorized to make such order in a proper case,

that the expenditure and every part thereof is necessary to protect the public health

and to prevent or suppress a present menace to the public health of sufficient gravity

to justify the incurrence of debt in excess of statutory limitations, and that no

less expensive method of preventing or suppressing such menace exists; and (2) the

principal amount of such obligations is not in excess of the amount determined by

the local government board to be necessary therefor and the local government board

shall have caused such determination to be endorsed on a certified copy of the bond

ordinance as passed on first reading; or d. purposes permitted by this chapter, if the local government board shall have caused

its consent to be endorsed upon a certified copy of the bond ordinance as passed upon

first reading, which consent said local government board shall cause to be so endorsed

thereon, if it shall be satisfied and shall have determined that each of the purposes

or improvements for which such obligations are authorized are in the public interest

and are for the health, welfare, convenience or betterment of the inhabitants of such

local unit, and that the amounts to be expended for each of the purposes or improvements

to be financed pursuant to such bond ordinance are not unreasonable or exorbitant

and that the issuance of such obligations will not materially impair the credit of

such local unit or substantially reduce its ability to pay punctually the principal

of and interest on its debts and to supply other essential public improvements and

services; or e. purposes permitted by this chapter when the expenditure is to be made for constructing

or reconstructing dikes, bulkheads, jetties or similar devices to prevent the encroachment

of the sea, and if the local government board shall have determined that an emergency

exists or is threatened which makes necessary the construction or reconstruction of

such dikes, bulkheads, jetties or other devices for the preservation of life or property; f. purposes permitted by this chapter if the amount of such obligations does not exceed

in the aggregate (1) the amount available, if any, for the issuance of obligations

by the local unit upon the effective date of this chapter pursuant to section 40:1-16(d)

of the Revised Statutes, 1 less (2) the amount of other obligations authorized prior to the adoption of such

bond ordinance pursuant to paragraphs d, f and g of this section; or g. purposes permitted by this chapter if the amount of such obligations and all other

obligations authorized pursuant to this subsection during the current fiscal year

does not exceed an amount equal to 2 / 3 of the amount of obligations (exclusive of utility and assessment obligations) for

the payment of which an appropriation was made in the budget of the local unit for

the current fiscal year, plus 2 / 3 of the amount raised in the tax levy of the current fiscal year by the local unit

for the payment of bonds or notes of any school district; h. purposes which are self-liquidating, if such obligations are deductible from gross

debt. 1

Repealed. Now this section.