New Jersey Statutes 32:22B-10. Acceptance of advances; prohibition against borrowing; expenditures
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Terms Used In New Jersey Statutes 32:22B-10
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The commission may accept advances from one or more of the party States or from the Federal Government; but it may not otherwise borrow money nor may it issue notes or bonds. It shall not incur any obligation in excess of the amounts appropriated or otherwise available to it or for its purposes and each of its expenditures shall be within the terms of the annual budget hereinbefore mentioned.
L.1965, c. 12, s. 1.