New Jersey § 40a:4-74
Full text of New Jersey New Jersey Statutes § 40a:4-74, with citation guidance and answers to common questions.
§ 40a:4-74.
Any local unit which operates or owns a municipal public utility may, pursuant to
resolution of the governing body passed by a majority of the full membership thereof,
borrow money and issue its negotiable notes to provide funds necessary to operate
the utility or enterprise and meet the necessary payments for debt service. Such notes shall be designated as “Utility Revenue Notes of 19 (stating the year)”. The amount of notes which may be issued in any fiscal year shall not exceed 50%
of the revenue from Utility Rents and Miscellaneous Utility Revenues Anticipated in
the annual utility budget. Notes may be renewed from time to time but shall mature not later than 90 days after
the close of the fiscal year in which the notes were originally issued. Borrowing power provided in this section shall be exclusive of and in addition to
the borrowing power provided for tax anticipation notes permitted by this chapter.
Frequently Asked Questions About New Jersey § 40a:4-74
What does New Jersey Statutes § 40a:4-74 cover?
Section 40a:4-74 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:4-74?
A common citation format is "New Jersey Statutes § 40a:4-74" (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:4-74 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.