New Jersey Statutes 40A:2-28. Sale of bond anticipation notes or capital notes
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Terms Used In New Jersey Statutes 40A:2-28
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- local unit: means a county or municipality. See New Jersey Statutes 40A:1-1
All bond anticipation notes or capital notes may be sold at private sale pursuant to resolution of the governing body, or by a financial officer of the local unit expressly designated by resolution to sell such notes. The financial officer making any such sale shall report in writing to the governing body at the next meeting thereof as to the principal amount, interest rate, and maturities of the notes sold, the price obtained and the name of the purchaser.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.