40:9-2.3. Appropriation of funds; bonds or notes
Funds to carry out the purposes of this act shall be included in the annual budget of the county or municipality as required by law and shall be appropriated as are funds for other public purposes. Any county or municipality may authorize and issue bonds or notes to finance the costs of acquisition of the public passenger or freight line in accordance with the provisions of the Local Bond Law, N.J.S. 40A:2-1 et seq., provided that the bonds shall be outstanding for a period of not exceeding 40 years.
L.1964, c. 209, s. 3, eff. Oct. 20, 1964. Amended by L.1982, c. 15, s. 4, eff. March 29, 1982.
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Last modified: October 11, 2016