New Jersey § 49:2b-21

§ 49:2b-21.

a. The issuing officials named in section 6 of this act 1 shall cause to be prepared and delivered to the Joint Appropriations Committee's

Subcommittee on Transfers, or its successor, reports or information as the subcommittee

may request from time to time concerning the use of the authority vested in the issuing

officials by this act. b. Upon the decision by the issuing officials to issue refunding bonds pursuant to

section 5, 2 and prior to the sale of those bonds, the issuing officials shall transmit to the

Joint Appropriations Committee's Subcommittee on Transfers a report that a decision

has been made, reciting the basis on which the decision was made, including an estimate

of the debt service savings to be achieved and the calculations upon which the issuing

officials relied when making the decision to issue refunding bonds. The report shall also disclose the intent of the issuing officials to issue and

sell the refunding bonds at public or private sale and the reasons therefor. c. The Joint Appropriations Committee's Subcommittee on Transfers shall have authority

to approve or disapprove the sale of refunding bonds as included in each report submitted

in accordance with subsection b. of this section. The subcommittee shall notify the issuing officials in writing of the approval or

disapproval as expeditiously as possible. d. No refunding bonds shall be issued unless the report has been submitted to and

approved by the Joint Appropriations Committee's Subcommittee on Transfers as set

forth in subsection b. of this section. e. Within 30 days after the sale of the refunding bonds, the issuing officials shall

notify the Subcommittee on Transfers of the result of that sale, including the prices

and terms, conditions and regulations concerning the refunding bonds, the actual amount

of debt service savings to be realized as a result of the sale of refunding bonds,

and the intended use of the proceeds from the sale of those bonds pursuant to section

13 of this act. 3 f. The subcommittee shall, however, review all information and reports submitted in

accordance with this section and may, on its own initiative, make observations and

recommendations to the issuing officials, or to the Legislature, or both, as it deems

appropriate. 1

N.J.S.A. § 49:2B-6. 2

N.J.S.A. § 49:2B-5. 3

N.J.S.A. § 49:2B-13.