New Jersey Statutes 40A:5A-6. Review of financing
Terms Used In New Jersey Statutes 40A:5A-6
- budget: means the budget of a local unit. See New Jersey Statutes 40A:1-1
- Contract: A legal written agreement that becomes binding when signed.
- local finance board: means the Local Finance Board in the Division of Local Government Services in the Department of Community Affairs. See New Jersey Statutes 40A:1-1
- local unit: means a county or municipality. See New Jersey Statutes 40A:1-1
a. The nature, purpose, and scope of the proposed project financing;
b. The engineering and feasibility studies prepared in connection therewith;
c. The terms and provisions of the proposed service contracts, bond resolutions and, in the instance of a negotiated offering, the proposed or maximum terms and conditions of sale;
d. An estimate of the proposed or maximum schedule of debt service payments required, and the impact thereof on the budget and financial condition of the authority and of the local unit;
e. The estimate of the annual cost of operating and maintaining the project as set forth in the engineering report or feasibility studies; and
f. The initial rate, rent, fee, or charge schedule proposed by the authority, or any other proposed method of raising the amounts required to finance the operations and payments of debt service on the obligations of the authority.
Notwithstanding any other provision of law to the contrary, an authority may, upon application to, and review and approval by, the Local Finance Board, incur indebtedness, borrow money, and authorize and issue negotiable refunding bonds to cover the cost of COVID-19 expenditures incurred for immediate preparation, response, recovery, and restoration of public services for a period not to exceed five years. As used herein, “COVID-19” means the coronavirus disease 2019, as announced by the World Health Organization on February 11, 2020, and first identified in Wuhan, China.
The Local Finance Board may examine the estimates, computations or calculations made in connection with the submission, may require the production of papers, documents, witnesses or information, may make or cause to be made an audit or investigation and may take any other action which it may deem necessary to its review of the submission.
L.1983, c.313, s.6; amended 1987, c.319, s.2; 2015, c.95, s.17; 2020, c.74, s.7.