New Jersey Statutes 40A:4-66. Limitation of amount
Terms Used In New Jersey Statutes 40A:4-66
- clerk: means the clerk of a municipality or of a board of chosen freeholders. See New Jersey Statutes 40A:1-1
- fiscal year: means the period for which a local unit adopts a budget, as required pursuant to the "Local Budget Law" N. See New Jersey Statutes 40A:1-1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
a. The gross borrowing power in respect to tax anticipation notes of such fiscal year, being 30% of the tax levy of the next preceding fiscal year, for all purposes in the case of a municipality and for county purposes in the case of a county, plus 30% of the amount of miscellaneous revenues realized in cash during the next preceding fiscal year, is $ .
b. The amount of notes outstanding in anticipation of the collection of taxes of such fiscal year, except such notes as will be renewed by or paid from the proceeds of the notes to be issued, is $ .
c. The net borrowing power, being the excess of the first over the second of the 2 above amounts, is $ .
Such certificate shall be made by the financial officer who is designated to sign such notes, filed in the office of the clerk, and quoted in full in the resolution authorizing such notes.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.