40:54-29.19. Appropriation for capital improvements; borrowing
Each municipality, to provide for such capital improvement, shall either:
(a) appropriate its proportionate share of the sum or sums for the purposes certified or agreed upon or determined in the same manner as other appropriations are made by it pursuant to the Local Budget Law (R.S. 40:2-1 et seq.); or
(b) by ordinance appropriate such sum or sums for such purposes, pursuant to said ordinance borrow the sum or sums so appropriated and secure the repayment of the sum or sums so borrowed by the authorization and issuance of bonds or notes of the municipality pursuant to and in the manner and within the limitations prescribed by the Local Bond Law (R.S. 40:1-1 et seq.).
L.1959, c. 155, p. 623, s. 17, eff. Sept. 4, 1959.
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Last modified: October 11, 2016