New Jersey § 40a:5a-19

§ 40a:5a-19.

If the Local Finance Board determines that financial difficulties exist which (1)

jeopardize the payment of operating expenses and debt service on obligations of the

authority or either of the aforesaid; or place an undue financial burden on the inhabitants

of the local unit or units or the users of the system or facilities of an authority;

and (2) that these difficulties are likely to recur and, if they continue, will impair

the credit of the authority and local unit or units or either of the aforesaid to

the detriment of the inhabitants thereof; and (3) no financial plan designed to prevent

a recurrence of these conditions and which is deemed to be practicable and feasible

by the director has been undertaken by the authority or the local unit or units, the

Local Finance Board shall order the implementation of a financial plan which will

assure the payment of debt service on obligations of the authority, or provide relief

from undue financial burden. The order shall be deemed conclusive and final and upon receipt of the order all

persons shall be estopped from contesting the order or the provisions thereof and

the authority or local unit or units affected thereby shall take the action to comply

with the order.