New Jersey § 40a:5a-13
Full text of New Jersey New Jersey Statutes § 40a:5a-13, with citation guidance and answers to common questions.
§ 40a:5a-13.
To the extent not otherwise provided for by law, an authority is authorized and shall
have the power to issue obligations to be designated “Authority Temporary Funding
Notes” in an amount not exceeding the realized deficit in revenues for the preceding
fiscal year and an estimated deficit in revenues for the current fiscal year. The notes may be renewed from time to time. All notes and any renewals thereof shall mature not later than the close of the
succeeding fiscal year and shall be payable in that fiscal year. Payment shall, however, be subordinate to the payment of principal and interest
on, or sinking fund payments with respect to, bonds or other obligations (other than
“Authority Temporary Funding Notes”) of the authority. The proceeds of the sale of “Authority Temporary Funding Notes” shall be deposited
in the fund or funds in which a deficiency exists, or is expected to exist, as set
forth in the resolution under which the notes are issued. An authority shall notify the Local Finance Board in writing of its intention to issue
“Authority Temporary Funding Notes” pursuant to this section, including therein a
statement of the deficits which the proceeds of the notes are intended to fund, and
a statement of the manner in which the authority plans to either retire or refinance
the notes on or before the close of the succeeding fiscal year. The notification shall be made at least 30 days prior to issuance, or within such
lesser time period as the Local Finance Board shall permit.
Frequently Asked Questions About New Jersey § 40a:5a-13
What does New Jersey Statutes § 40a:5a-13 cover?
Section 40a:5a-13 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:5a-13?
A common citation format is "New Jersey Statutes § 40a:5a-13" (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:5a-13 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.