New Jersey Statutes 54:5-113.3. Bond, note, obligation deemed asset of municipality
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Terms Used In New Jersey Statutes 54:5-113.3
- 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.
3. To the extent of its value, the bond, note or other obligation referred to in section 2 of P.L.1993, c.113 (C. 54:5-113.1) shall be deemed an asset of the municipality and, as such, be available to the municipality for appropriate use, including sale, publicly or privately, as approved by a vote of two-thirds of the full governing body of the municipality.
L.1993,c.325,s.3.