New Jersey § 40a:5a-5
Full text of New Jersey New Jersey Statutes § 40a:5a-5, with citation guidance and answers to common questions.
§ 40a:5a-5.
The Local Finance Board shall, within 60 days of its receipt of an application pursuant
to section 4 of this act, 1 approve in writing the creation of the proposed authority if it shall determine that
the creation of the proposed authority is an efficient and feasible means of providing
and financing this project or projects, given the needs of, and the financial burdens
to be placed upon, the inhabitants of the local unit or units. If the application is not disapproved within 60 days of its submission to the Local
Finance Board, it shall be deemed to be approved, and the local unit or units may
proceed to adopt the proposed ordinance or resolution. If the Local Finance Board shall not approve the creation of the authority, it shall
specify in writing the reason or reasons therefor, and shall file its statement with
the clerk or clerks of the local unit or units. A local unit shall not adopt any ordinance or resolution which is disapproved by
the Local Finance Board within the 60 days, but may resubmit the application to the
board with such changes as the local unit deems appropriate, and the review and approval
of the resubmitted application shall be subject to the limitations set forth above. 1
N.J.S.A. § 40A:5A-4.
Frequently Asked Questions About New Jersey § 40a:5a-5
What does New Jersey Statutes § 40a:5a-5 cover?
Section 40a:5a-5 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-5?
A common citation format is "New Jersey Statutes § 40a:5a-5" (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-5 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.