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Terms Used In New Jersey Statutes 40A:4-3.4

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • director: means the Director of the Division of Local Government Services in the Department of Community Affairs. See New Jersey Statutes 40A:1-1
  • 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
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
1. On or before October 15, 1992 and for five years annually thereafter, the Director of the Division of Local Government Services in the Department of Community Affairs shall issue a preliminary report to the Legislature regarding which municipalities have adopted the State fiscal year, as authorized pursuant to P.L.1991, c.75 (C. 40A:4-3.1 et al.) during that calendar year. On or before February 1, next succeeding that calendar year and for five years annually thereafter, the director shall issue a final report to the Legislature for that previous calendar year. Data for any municipality for which complete data are not reported in the February 1 final report shall be reported in the succeeding October 15 preliminary report in those years in which a preliminary report is required to be issued, as set forth hereunder. On or before February 1, 1998 and annually thereafter, the division shall issue one annual report, which shall be included as part of the annual report of the Division of Local Government Services. The director shall set forth in the report those municipalities which have issued or in which an ordinance has been proposed authorizing the issuance of “fiscal year adjustment bonds,” as authorized pursuant to section 5 of that act, the following information:

a. the amount of the proposed or issued “fiscal year adjustment bonds”;

b. the amount of the actual or proposed issuance costs;

c. the amount of the actual or proposed total issue;

d. the amount of the proposed interest costs;

e. the proposed total costs of the issue;

f. the proposed or actual interest rate;

g. the proposed or actual term;

h. the current amount of tax anticipation notes outstanding;

i. the current credit ratings by Moody’s Investors Service and Standard & Poors Corporation;

j. whether there is bond insurance for the issue;

k. the method of issuance;

l. the amount of outstanding debt prior to issue;

m. the percentage of net debt prior to issue;

n. the percentage of net debt following issue;

o. the amounts paid or to be paid to the financial advisor, the bond counsel, the local attorney, the accountant, the auditor, and the underwriter;

p. the amounts paid or to be paid for any other issuance costs; and

q. identification of the financial advisor, the bond counsel, the local attorney, the accountant, the auditor, and the underwriter.

L.1992,c.26.

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