{"data":{"id":"us-nj/n.j.-stat.-app.a-4-21","jurisdiction":"us-nj","citation":"N.J. Stat. § App.A:4-21","heading":"Maturity;  maximum amount;  debt statement or limitation","body":"3.  Each issue or series of bonds authorized under this act shall mature in  annual installments, the first of which shall be payable not later than two,  and the last of which shall be payable not later than twenty years from the  date of the bonds;  at least one-fifth of the principal amount of each authorized issue shall be payable not later than five years from the date of the bonds, and at least one-half of the principal amount of such authorized issue shall be payable not later than eleven years from the date of the bonds, and at least three-quarters of the principal amount of such authorized issue shall be payable not later than fifteen years from the date of the bonds.  No municipality shall issue bonds under this act which shall exceed in aggregate principal amount the amount of discount on the sale of any such bonds plus the aggregate amount of the outstanding indebtedness of such municipality or of the  collector of the taxing district as of the last day of the fiscal year next  preceding the date of the final passage of the first ordinance of the governing  body of such municipality authorizing the issuance of any bonds under this act,  in respect of tax anticipation bonds or notes, tax revenue bonds or notes, tax title bonds or notes, emergency bonds or notes, interest deficiency notes, whether due or to become due, unpaid and owing school, county, state and local  district taxes, and any unpaid indebtedness for the payment of which an  appropriation has been made in the budget or tax ordinance of such preceding or  any prior fiscal year, or shall at any time issue bonds under this act which,  together with any other bonds issued by such municipality under this act and  outstanding, shall exceed in aggregate principal amount the gross amount of  uncollected and unabated taxes of the next preceding four fiscal years,  including the amount of such taxes represented by tax titles standing in the  name of the municipality, which were unpaid and owing to the municipality or  the collector of the taxing district as of the last day of the next preceding  fiscal year.  No supplemental debt statement need be made or filed prior to the  introduction or final passage of any ordinance authorizing bonds under this  act.  The power of a municipality to authorize and issue bonds granted by this  act shall not be affected or limited by any limitation of indebtedness or by  the requirements of any other law, except as expressly provided in this act,  but any bonds issued under this act shall be included in any annual or supplemental debt statement thereafter made or filed in determining the power of a municipality issuing such bonds to become otherwise indebted, and shall not be deductible in determining such power.\n(L.1934, c. 60, s. 3, p. 165.)","path":["TITLE 59 CLAIMS AGAINST PUBLIC ENTITIES"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"720abe96b8797e2f99840b9575c85afd81e6b39f3832f225e94699a255d33698","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-app.a-4-20","next":"us-nj/n.j.-stat.-app.a-4-22"},"notice":"GroundRules: Original legal text. Not legal advice."}