New Jersey § 40a:3-2
Full text of New Jersey New Jersey Statutes § 40a:3-2, with citation guidance and answers to common questions.
§ 40a:3-2.
The Legislature finds and declares that: a. Maintenance of strong financial credit in New Jersey municipalities is essential
in providing necessary capital improvement or property at minimum cost, for the citizens
of this State; b. While the credit status of New Jersey's municipalities is sound, it can be strengthened
by a pledge of and statutory lien on State Urban Aid, Gross Receipts Tax, State Revenue Sharing, Municipal Purposes Tax
Assistance Fund distributions, Business Personal Property Tax Replacement Revenues
and any other funds appropriated as State aid and not otherwise dedicated to specific
municipal programs to guarantee debt service payments on qualified bonds; c. Such a pledge and statutory lien should expand the market for and lower the interest costs on qualified bonds issued
pursuant to the terms of P.L.1976, c. 38 , thus reducing the borrowing costs of participating municipalities.
Frequently Asked Questions About New Jersey § 40a:3-2
What does New Jersey Statutes § 40a:3-2 cover?
Section 40a:3-2 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:3-2?
A common citation format is "New Jersey Statutes § 40a:3-2" (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:3-2 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.